AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Building a Moat Powered by Brand
Charlie Munger says a moat powered by brand is something very different from one created via supply side or demand side economies of scale. American Express is an example of a company in the Berkshire portfolio with network effect benefits. If they already know who you are, they're more likely to buy another product from you. That concept expansion expands their moat.