Subject: Re: Morningstar lowers moat rating
I wish someone would tell them that a wide moat is better than a narrow one

Morningstar:
"Berkshire’s combined operating businesses have generally provided the firm with a narrow moat, with its ability to produce additional excess returns from the cash flows thrown off by its disparate operations historically pushing our rating into wide territory.
But…
…, it has gotten harder to see Berkshire generating excess returns consistently beyond the next decade, leading us to lower our moat rating to narrow from wide."

Seems to me they got the analogy right. Operating businesses alone: narrow moat. Because of good reinvestment opportunities for excess profits: wide moat. Loss of that ability to profitably reinvest earnings: back to the narrow moat.

DTB