A moat and long-term, a long-term moat is the essence of investing through cycles! Buffett and Munger's lives have taught us an important lesson: in the business world, truly powerful companies not only have a moat, but their moats also strengthen over time, becoming increasingly difficult to breach. Will the moat of the companies we invest in remain strong in 10 or 20 years? Can it deter your competitors? Buying stocks means buying companies; what kind of companies are worth investing in? Those with moats. So what is a moat? It's differentiation! It's the ability to withstand price wars! It's the business model! This understanding is paramount. What is the long-lasting gene of a moat? It's the commitment to do the right things and to do things right! And the essence of maintaining this capability is: corporate culture! In the midst of the bustling stock market, only by maintaining this rational and cognitive mindset can you avoid losing, or significantly increase your chances of winning if you truly understand it! Don't be swayed by so-called big shots and experts; stick to your own principles and have your own 'Dao'! Understand clearly and then dedicate your life to uphold it! This is the philosophy, this is the Dao!