formula in finance tells you that the moat is 28 feet wide and 16 feet deep.
That's what drives the academics crazy. They can compute standard deviations
and betas, but they can't understand moats. ~ Warren Buffett
In security analysis the prime stress is
laid upon protection against untoward events. We obtain this protection by
insisting upon margins of safety, or values well in excess of the price
paid ~ Benjamin Graham
"Excellence is an art won by training and habitation. We do not act rightly beacuse we have virtue or excellence, but we rather have those beacuse we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit." - Aristotle