Moat
Our Q3 report is almost ready to go, and in it we will publish the first part of a text called “Castles of Sand, Walls of Concrete” – we’ve been working with this text’s theme for a while. We were positively surprised by James Surowiecki in the New Yorker magazine (cover date October 18th 2010) with an article called “The Next Level” that has a lot to do with what we wrote.
Buffett was particularly expansive regarding his processes and methods, and this alone makes this video worth the time (some 90 minutes). The fact that it was October 1998, a pivotal time in the dot-com boom and just after the LTCM imbroglio makes it even more interesting.
