Their products do not do well outside they US, where their penetration has topped out.

I am baffled by that comment. After having from time to time emailed with Jim about both of us wanting to own Nestlé but always finding it too expensive yesterday I finally bought my first ever Nestlé shares, something I was waiting for 2 decades, and intend to accumulate more.

I am baffled because I am travelling a lot and no matter whether I am in any European country, in a Southeasian one, or as at the moment in Aussie/New Zealand, there is no supermarket where Nestlé does not dominate the shelves with snacks, water or pet food. I always was baffled why French, Portugiese, Singaporeans or whatever nationalities peoples pay a premium for a simple bottle of water the fine print says "Nestlé", but they do --- while with pet and many other foods they actually have choice than to buy something with that label on it. As a friend told me in Switzerland they have a saying "Von der Wiege bis zum Kästle, Nestlé" (From birth to grave, Nestlé) --- which is true for most or all of the world.

Nestlé is a global dominating food giant. This for me is a company with a huge moat. It always was, it still is, and I can't see that this will ever change during my lifetime. It's not a growth company, yes, but because of it's worldwide penetration, unavoidability and resulting moat for me it's the only company I put with respect to durability on the same level as Berkshire.