Buying stock is like getting clothes from Nordstrom Rack. The moment you walked into the showroom, you start to search for the items shipped from Nordstrom Department stores's shelfs, ignore the ones from special "nordstrom rack lines", and find some to try on. If fits, it is a good buy! You will enjoy the new clothes for many years to come; in stock term, profit will come in couple years.
This is what Buffet said,
"Whether socks or stocks, I like buying quality merchandise when it is marked down."
About a business's economic moat, Buffet's angle --- "for a company to have a truly wide moat, its product must directly cater to basic human preferences that will endure for decades". Here, "basic" is the keyword. So, no paradigm shifts in customer preferences.
This is what Buffet said,
"Whether socks or stocks, I like buying quality merchandise when it is marked down."
About a business's economic moat, Buffet's angle --- "for a company to have a truly wide moat, its product must directly cater to basic human preferences that will endure for decades". Here, "basic" is the keyword. So, no paradigm shifts in customer preferences.
