Warren Buffett has made much of his fortune by investing in companies with wide moats in periods during which they traded at reasonable prices. Unfortunately, the run-up in the prices of US stocks has made finding such companies at reasonable prices exceedingly difficult at the present time.
The Canadian market, however, currently hovers not too far from its 2009 highs, and remains well below its highs from 2011. As a result, the long-term investor is likely to find more bargains meeting the wide-moat/reasonable-price criteria.
Casino operator Great Canadian Gaming (OTCPK:GCGMF) appears to be a terrific example. Thanks to regulatory barriers to entry, the company has enjoyed operating margins averaging approximately 20% over the last several years. As a...
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