A moat gets built accidentally in a small sliver of businesses that survive long-term competitive pressure; founders often didn't expect their businesses would develop as durable a moat as they eventually did, making moat-building unpredictable and rare.

factualpending

Speaker

Monish Pabrai

Evidence Quote

In a very small sliver of businesses accidentally a moat gets built... these were businesses that started with no moats. The founders themselves did not expect... they become.

Source

Mohnish Pabrai's Brutally Honest Thoughts on the Stock Market.New Money
Created: 8/12/2026, 6:21:10 PM

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