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Please skip the following introduction if you have read my previous articles.
Introduction
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
"Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down."
- Warren Buffett
What is a wonderful company, and what is 'quality merchandise' from an investing standpoint? The most constructive definition to address this question is Warren Buffett's concept of "economic moat", a long-lasting