- Warren Buffett’s Philosophy of Castle Walls and Enduring Moats
- The Watsons' IBM Was more than Brick and Mortar, and Deep Ditches
- IBM Needs to Inspire Enthusiasm, Engagement and Passion in its Stakeholders
“A truly great business must have an enduring ‘moat’ that protects excellent returns on invested capital. The dynamics of capitalism guarantee that competitors will repeatedly assault any business ‘castle’ that is earning high returns. Therefore, a formidable barrier such as a company’s being the low-cost producer … or possessing a powerful world-wide brand … is essential for sustained success.”
Warren E. Buffett, Letter to the Shareholders of Berkshire Hathaway, Inc.
Its walls and moats were defended by enthusiastic, engaged and passionate stakeholders: customers, employees, shareholders and their supportive societies.