Charlie Munger Moats Quotations

Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.

How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.

In fact I've probably never seen such a wide moat.