Economic moat
Fundamental analysisA durable structural advantage that protects a business from competition eroding its returns.
In plain terms
Test it: could a competitor with unlimited money replicate this in five years? If yes, it is not a moat.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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