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The Duxianna Foundation
If you look at a company like MasterCard, you can just look at numbers and see that it's a great business. And so moats generally will make themselves quite visible most of the time. The issue that comes in is that usually the businesses that are great are usually well recognized as such and are usually trading at either full price or overpriced. So it's a combination of finding a great business and maybe either misunderstood or facing some temporary headwinds which has designated the price. And then that circumstance you would step in and do quite well.