Warren BuffettBerkshire Hathaway letters
A durable competitive advantage protecting a business the way a moat protects a castle — pricing power, brands, switching costs and low-cost production that competitors cannot easily cross.
Bruce GreenwaldCompetition Demystified, 2005
True barriers to entry reduce to a few sources — customer captivity, proprietary technology and economies of scale; without them, only operational efficiency remains.
The EclipseFrontiers® LensDig the moat while the sun is shining. Sieges come unannounced.