Moats: understanding warren buffett’s key criteria for investment

When searching for businesses that can generate excess returns on a sustainable basis, the concept of a moat can be invaluable. How wide is the barrier between you and your competitors, and can it be maintained.

In this engaging and entertaining conversation, Morningstar equity analyst Matt Hodge covers:

• The five key characteristics of a valuable moat
• Stock picks that offer the most attractive moats for each characteristic
• Why he thinks Afterpay has no moat to defend, and
• Why ‘when a bad business and a great manager meet, it’s usually the bad business that wins’.