Would you mind explaining what does "a moat" mean in this context?

Warren Buffet talks about "moats" all the time. Basically a business with a moat is just a business with a defensible advantage.

If you think of your business as a castle, a moat is something that stops others from taking your castle from you. This could be anything from a network effect (Facebook, LinkedIn), economies of scale (Amazon, Walmart), to patents (most biotech companies) to brand (Coke).

The way he put it was something like, "If you gave me 100 billion dollars to take Coke's market, I can't. They've been investing in infrastructure and brand all over the world for decades. Even if I could make a better tasting beverage, people would still buy Coke. They have a moat".

http://www.valuewalk.com/2015/09/warren-buffett-on-economic-...

Platform lock-in.

It's a ditch dug around a castle to stop people getting in. i.e. the 'wall' in the walled garden.

So, "wall" != "moat" Some castles had a wall and a moat. Anywho. I think there is a differences in kind here that is material to the discussion.

A moat is a competitive advantage that's hard for competitors reproduce or otherwise overcome. Coke's moat is its near universal brand awareness and affinity. Comcast's moat is its infrastructure and political clout. Crossing a moat in any conventional way is very resource intensive and often leaves the challenger vulnerable.

You can make an alright pile of money without the moat. Perhaps the problem is the kool-aid level in the companies making this stuff...

Though they are making good things, so it's hard to be too critical.