When it comes to
stocks, a
moat is a built - in advantage that allows a company to defend its territory and churn
out high profits, not just this year, but for decades.
That is, if the business is delivering far poorer performance than what you had envisaged earlier, and that performance is likely to continue because the
moat is impaired, then your original model needs to be re-worked and it may well turn
out to be the case that you should sell the
stock.