A "moat" is a term used in business and investing to describe a competitive advantage that protects a company from its rivals. This advantage can come from various factors, such as strong brand recognition, proprietary technology, or exclusive access to resources. A company with a solid moat can maintain its market position and profitability over time. In the context of investing, Warren Buffett often emphasizes the importance of identifying companies with strong moats. These companies are more likely to withstand competition and economic downturns, making them attractive long-term investments. A well-defined moat can lead to sustained growth and higher returns for investors.