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You shall not pass. These are some of the largest companies by market cap that have strong competitive advantage or unique edge over competitors and have a large market share (over 20% of industry sales). 

Wide moats

The term “moat” was popularized by Warren Buffet, when he said he looks for companies with a “wide and long-lasting moat ... protecting a terrific economic castle.” He believes the moat, which is the competitive advantage a company has, will enable the company to be around long term and generate cash for its investors.

The term “moat” was popularized by [[link1]], when he said he looks for companies with a “wide and long-lasting moat ... protecting a terrific economic castle.” He believes the moat, which is the competitive advantage a company has, will enable the company to be around long term and generate cash for its investors.

 caution that the idea of a \“moat\” reflects the quality of a business, but not the value of its stock. They find that companies with wide moats actually underperformed companies with no moats over a 17 year period.

[[link2]] caution that the idea of a “moat” reflects the quality of a business, but not the value of its stock. They find that companies with wide moats actually underperformed companies with no moats over a 17 year period.