Warren Buffet is well known for choosing stocks that enjoy so called "wide moat" against competition. Everyone knows what stocks he picked, but I know that any competitor can build a Brooklyn bridge across it if he cares to. It is just that nobody is trying as if everybody is going out of his way to please Warren. Warren is not alone , of course. It is just that too many stocks is enjoying "make pretend" moat that stakeholders are so happy to hold.
It makes me wonder about the real value of today's stock market as I can easily see so many undervalued ones as well as overvalued ones on an ongoing basis. You may ask why I never got rich, well, I can honestly tell you that I believe that there is delay tactics nearly everywhere but a few chosen ones. Here is a simple fact, money cannot chase every stock at same time so they rotate them but somewhat maintain so called the Darling 50 in a secular way.
This is not really honest because the favored ones are feeding off the many other good ones . it is just money changing..
Disclosure: The author is long AA.
Additional disclosure: AA is a true wide moat stock but is being suppressed by Wall Street through global overproduction of aluminium and depressed prices.