Singapore Press Holdings Limited (SGX: T39) (SPH) is one of the few blue-chip companies I’ve been avoiding investing in. Its core business has been severely crippled, eventually leading to the group announcing a restructuring plan to hive its media arm earlier this month. (Yes, that was the time when the word “umbrage” spread like wildfire, sparking many memes and merchandises.) Investors will be forgiven if they had taken umbrage with SPH’s share price decline of over 50% in the past 10 years or so, with the fall steepening from 2016. Source: Google Finance With that, there’s one important investing lesson I gleaned from watching SPH from the sidelines, and that is… A Company’s Moat Is Not Permanent World-famous investor Warren Buffett mentioned in his 1995 letter to Berkshire Hathaway shareholders that he looks out this thing in particular when it comes to investing: “In business, I look for economic castles protected by unbreachable ‘moats.’”...