Do you have a moat?

I recently read Warren’s latest Letter to the Shareholders of Berkshire-Hathaway.  I recommend it to anyone who, like me, is starting up an e-commerce company.  

Why do I need to care?

Because in e-commerce, figuring out how to start making money is a lot easier than how to keep making money.  For the former, all I need is:

But everybody can put those three things together.  That’s why Buffett also wants to see:

(Side note:  Buffett doesn’t invest in technology companies, precisely because the ‘game’ changes so quickly in tech industries.  A strong moat can be gone tomorrow, if a new technology comes along to render the old ways obsolete.)

Next time I’ll talk about Moniker’s ‘moat’:  how I went about digging it and why I believe I can ‘hold the fort’ better than my competitors.