What’s the most important thing in investing? Competition! 1. Companies without a moat can’t be valued Maybe today you’re way ahead, but tomorrow another company suddenly comes up with new tech or a new model and completely knocks you out. 2. The outcome of intense competition It’s like sharks smelling blood and swarming in. Endless discounts, traffic wars, and price battles will quickly eat up all the profits that were originally yours, leaving you with nothing. 3. Running fast isn’t enough; holding your ground is what’s impressive If your growth relies on temporary trends, subsidies, hype, or burning cash, then your growth is likely just paving the way for someone else. What’s a real moat? Strong brand loyalty, user network effects, cost advantages, and compounding growth. Those who get it are all Buffett fans #Investing #Competition #Moat