Ep 382. Franchise Value, The Secret to Geoff Gannon’s Investing, and Analyzing Airline Stocks
Focused Compounding
00:00
Is There a Moat?
A lot of times people say, oh, this thing must have a moat because it has a high return on invested capital. That's not how Buffett thinks about it. The things that are going to collapse the most are businesses that have very high returns on capital. And then something comes in and then brings those returns down.
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