If EPV >> asset value → the moat is real.
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The PDF forces you to answer one question before you buy any stock: "If the stock market closed for 10 years, would this business survive and generate cash?" If EPV >> asset value → the moat is real
Most growth outside of a protected franchise is actually value-neutral or even destructive because it requires massive capital reinvestment. Key Strategic Concepts Barriers to Entry If EPV >