Quotes About Moats

You know, my degrees are in computer engineering. I spent a lot of time in the tech industry. And I like to say that I don't invest in tech because I spent time in it. And I saw firsthand that the durability of technology moats is many times an oxymoron.

You dwell in whitened castles with deep and poisoned moats and cannot hear the curses which fill your children's throats.

Aunt Beulah could hear the dust moats collide in a sunbeam.

The building I most admire is the Doges Palace in Venice, both by day and by night. Looking at it from the lagoon, it resembles a floating kilim carpet. I love all the bridges which connect houses, people, gardens and palaces. I also love moats to isolate yourself. A ha-ha for secrecy, as in every English country garden.

Thinking about moats can protect your investment capital in a number of ways. For one thing, it enforces investment discipline, making it less likely that you will overpay for a hot company with a shaky competitive advantage. High returns on capital will always be competed away eventually, and for most companies—and their investors—the regression is fast and painful.