Moats: Understanding Warren Buffett’s key criteria for investment

<p>When searching for businesses that can generate excess returns on a sustainable basis, the concept of a moat can be invaluable. How wide is the barrier between you and your competitors, and can it be maintained?</p> <p>----more----</p> <p>In this engaging and entertaining conversation, Morningstar equity analyst Matt Hodge covers:</p> <ul><li>The five key characteristics of a valuable moat</li> <li>Stock picks that offer the most attractive moats for each characteristic</li> <li>Why he thinks Afterpay has no moat to defend, and</li> <li>Why ‘when a bad business and a great manager meet, it’s usually the bad business that wins’.</li> </ul> You can access this and previous episodes of the Your Wealth podcast now on <a href='https://itunes.apple.com/au/podcast/your-wealth/id1325928571?mt=2&i=1000408628427'>iTunes</a>, <a href='https://nabtrade.podbean.com'>Podbean</a>, <a href='https://open.spotify.com/show/0AT15JJWlVfnX7JkeLndrb'>Spotify </a>or at <a href='https://www.nabtrade.com.au/yourwealth?ID=4826281763563771838'>nabtrade.com.au/yourwealth</a> <p>If you’re short on time, consider listening at 1.5-2x speed, which should be shown on the screen of your device as you listen. This won’t just reduce your listening time; it has also been shown to improve knowledge retention.</p>