“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.”

One of Buffett’s favorite characteristics to look for in companies he invests in is a durable competitive advantage. This could mean cost advantages, a strong brand name, or something else.

• “The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.”