Moats and Floats (Buffett and Munger). Good blog on Moats
Thanks to readers for these contributions on Moats.
An excellent case study on how Buffett learned to love float from the Fundoo Professor: Floats and Moats_Munger and Buffett Worth a study! And read more:http://fundooprofessor.wordpress.com/
An interesting blog: http://25iq.com/2012/12/06/charlie-munger-on-moats-first-of-the-four-essential-filters/
For easier reading: Blog on Moats
As you may realize, Buffett and Munger seek the stable or durable companies. Note where change is disruptive: http://www.businessinsider.com/mary-meeker-2012-internet-trends-year-end-update-2012-12#-48