One of my main pillars when comparing or choosing a stock to invest in is understanding the business model. Understanding the model, its strength, weakness, threats and opportunity goes a long way in

1. Estimating the predictability of cash flow (lumpy or consistent)
2. sustainability of a conservative estimate of cash flow (e.g. In down times can it still pay X minimum amount of dividend I require)
3. Business continuation in next 10 years
   1. How susceptible is it to substitute
   2. Could company lose its business advantage
   3. Would people still expect to use so much of thee goods/services
4. Risk management (how can you kill this goose?)

Economic Moat talks about,if a company/industry/segment have an advantage over others, how we they can protect this advantage to earn better returns

Good Management = Moat?

Today we focus on management. Many people will think a good management is an advantage. You essentially buy a good ......