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← Competitive Moats and Intrinsic Value
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Question
What does Warren Buffett mean by an "economic moat"?
1
A company's ability to generate revenue in multiple geographic markets simultaneously
2
A diversified product portfolio that insulates a company from downturns in any single market
3
A sustainable competitive advantage that protects a business from competition and allows it to earn returns above its cost of capital for extended periods
4
The amount of cash a company holds relative to its debt, providing a buffer against financial distress
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