Charles H. Dow says companies with wide moats are difficult to duplicate
“It will always be easier to duplicate an industrial plant than a railway plant, and on this account industrial profits cannot be quite as stable as railroad profits (Dow, Charles H. Wall Street Journal. Review and Outlook. October 12, 1900)."
Who was Charles H. Dow?
“Charles Henry Dow was an American journalist who co-founded Dow Jones & Company with Edward Jones and Charles Bergstresser. Dow also founded The Wall Street Journal, which has become one of the most respected financial publications in the world. He also invented the Dow Jones Industrial Average as part of his research into market movements. He developed a series of principles for understanding and analyzing market behavior which later became known as Dow theory, the groundwork for technical analysis (source: Wikipedia.org).”