At the Daily Journal Corporation shareholder meeting, Charlie Munger was asked this question – “What is the least talked about or most misunderstood moat?”
Charlie’s response was:
“You basically want me to explain you a difficult subject of identifying moats. It reminds me a story. One man came to Mozart and asked him how to write a symphony. Mozart replied: “You are too young to write a symphony”. The man said: “You were writing symphonies when you were 10 years of age, and I am 21”. Mozart said: “Yes, but I didn’t run around asking people how to do it”.”