Mozart: "You're too young to write a symphony.”
Man: "You were writing symphonies when you were 10 years old."
Mozart: "Yes, but I didn’t have to ask people how to do it.”
Determining that business X has a moat is only one part on an investment process. It's an important step but isn't enough.
Munger points out that for an individual stock the trend isn't a tailwind. "The perfectly fabulous economics of a business can become grievously impaired.”
Buying moats at a discount to value is an objective. Buying a moats at a premium to value isn't wise.
"Once you’ve found the best investment, you measure everything against that because it’s your opportunity cost."