What is a Moat and Why do Moats Matter?

A moat is a sustainable competitive advantage and really we’re just trying to capture the idea that a company can earn excess returns for a long period into the future

Heather Brilliant, CFA 27 August, 2014 | 9:56AM
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Christine St Anne: Moats have been traditionally associated with castles. But as an investment concept, it was first pioneered by Warren Buffett. Well, Morningstar has just launched a book, all about moats, and today I am joined by the co-author of the book and CEO of Australian business, Heather Brilliant.

Heather, welcome.

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Heather Brilliant, CFA  Heather Brilliant, CFA, is the vice president of Global Equity and Credit Research at Morningstar.