Warren Buffett's 10-Minute Test to Find Companies with Unbeatable Moats (The Exact Framework)

Warren Buffett's 10-Minute Test to Find Companies with Unbeatable Moats (The Exact Framework)




You know, people always ask me what's the secret to picking great companies—and I tell them it's not complicated: just ten minutes and the right questions.

In this video, I walk you through the exact 10-question framework Charlie Munger and I have used for over 70 years to identify businesses with real, durable competitive advantages—what we call economic moats—using simple examples like See's Candies, Coca-Cola, Apple, and lessons from mistakes I made with newspapers.

After watching this, you'll never look at stocks the same way—you'll understand why some businesses compound wealth for decades while others crumble, and you'll have a clear checklist to separate truly wonderful companies from the pretenders.

In This Video: • The 10 simple questions Warren Buffett asks to evaluate any company's competitive moat in just 10 minutes • Why pricing power is the #1 indicator of a real moat—and how See's Candies proved it for 50+ years • How to identify switching costs, network effects, and cost advantages that competitors can't replicate • Real examples: Why Apple has a moat, why newspapers lost theirs, and what American Express taught Buffett about durability • The "funeral test" for determining if customers would genuinely miss a product if it disappeared tomorrow

📍 TIMESTAMPS 0:00 - Introduction: The Simple Secret to Picking Great Companies 2:15 - What Is an Economic Moat? The Castle Analogy Explained 4:30 - Question 1: Can This Business Raise Prices Without Losing Customers? 8:45 - Question 2: How Much Would It Cost a Competitor to Replicate This? 12:20 - Question 3: The Funeral Test—Would Customers Really Miss This Product? 16:10 - Question 4: Does This Business Have a Structural Cost Advantage? 20:05 - Question 5: Are Customers Locked In by High Switching Costs? 24:30 - Question 6: Does the Business Benefit from Network Effects? 28:15 - Question 7: Is This Business Protected by Regulation or Licenses? 31:50 - Question 8: How Long Has This Advantage Existed? 35:40 - Question 9: Can the Business Grow Without Massive Capital Investment? 39:20 - Question 10: Would You Bet Your Own Money This Advantage Lasts 10 Years? 43:00 - Real Example: Why Berkshire Owns Apple (Running Through All 10 Questions) 48:30 - Cautionary Tale: How Newspapers Lost Their Moats Overnight 52:15 - Practical Advice: How to Use This Test in Your Own Investing 56:40 - Warren Buffett's Key Lesson: The Power of Patience and Compounding 59:10 - Conclusion & Final Thoughts: Stay Within Your Circle of Competence

🔗 RESOURCES • Watch More Warren Buffett Wisdom: [Link to related investing principles video] • Read Warren Buffett's Annual Letters: https://www.berkshirehathaway.com/let... • Learn About Berkshire Hathaway: https://www.berkshirehathaway.com

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This is a fan-made channel dedicated to preserving and sharing the wisdom, ideas, and investment philosophy of Warren Edward Buffett, the legendary "Oracle of Omaha." All content is created for educational, inspirational, and entertainment purposes.

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Important: This content does not constitute financial advice. Always conduct your own research and consult with licensed financial professionals before making investment decisions. Past performance does not guarantee future results.



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