Tag Archives: value trap

Even The Widest Moat Won’t Stop A Helicopter

By | July 4, 2012

There is no doubt that the wide moat stands as one of the most durable metaphors of investing. It’s important to remember, however, that a moat will only repel a ground assault. The invention of aircraft pretty much made moats and trenches worthless in warfare. Similarly, moats around businesses can give investors and management  a false sense of… Read More »