Berkshire Letter1977-03-0012 min read
The Moat Speech - 1977
One of the most important letters in Berkshire history. Buffett introduced the "economic moat" concept - describing competitive advantage as a "城堡" (castle) with a protective moat. This letter laid out the framework for evaluating business quality that would guide Berkshire for decades.
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Key Quotes
“The essential economic test is whether a business has a durable competitive advantage - a moat.”
“The most durable moat is one that is difficult to replication or imitation.”
“We try to buy businesses that have wide moats protecting them.”
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