The business moat remains fundamentally sound, and the brand name is strong. To understand its fundamental moat, I will quote what Warren Buffett said about the business. As usual, the man has the insights to cut to the essence of seemingly complex businesses and the ability to communicate in clear (and even entertaining) ways.

It's kind of nice to be able to recycle Snow White every seven or eight years. You hit a different crowd. It's like having an oil field where you pump out all the oil and sell it. And then it all seeps back in over seven or eight years.

The nice thing about the mouse is that he doesn't have an agent. He is not in there renegotiating every week or every month' If you own the mouse, you own the mouse.

If I thought the children of the world were going to want to be entertained 10 or 20 years from now, and I was betting on who is going to have a special place in the minds of those kids and their parents, I would probably bet on Disney.

He made these comments back in 1996~1997, and the essence has remained unchanged since then.

seekingalpha.com - Disney stock outlook after hitting year low