The phrase "strong moat" means having a significant advantage or barrier that protects a business from competition or threats. It refers to the factors that make it difficult for others to replicate or damage the company's success. Full definition
This category includes companies that have strong moats around their current business, but rather than simply paying out excess cash to shareholders they deploy cash opportunistically across various strategies, including mergers and acquisitions. (intrinsicinvesting.com)
Also, truly great business franchises protected by strong moats are on sale periodically when entire markets plummet. (dhandho.dk)
I found Tweedy & Browne emphasis on buying numerous group of bargain securities easier compared to buying selected few companies with strong moat at fair prices as emphasized by Warren Buffet [But gradually over last few months I am moving towards concentrated portfolio with a mix of both quality companies & special situations]. (safalniveshak.com)