Take your competitors’ clients (It isn’t stealing if you earn their business)

Warren Buffett’s annual letters to Berkshire Hathaway shareholders are pored over by millions of investors who hope to glean every ounce of wisdom the “Oracle of Omaha” has to offer. One philosophy Buffett has espoused for years is the idea of investing in companies that have an “economic moat” — a long-term competitive advantage that allows a company to earn oversized profits over time.

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