A "moat" in business refers to a competitive advantage that protects a company from its rivals. This advantage can come from various sources, such as strong brand recognition, proprietary technology, or exclusive access to resources. Companies with effective moats can maintain their market position and profitability over time. Investors often look for companies with strong moats because they are more likely to succeed in the long run. For example, a company like Coca-Cola benefits from its well-known brand and extensive distribution network, making it difficult for new competitors to enter the market and gain market share.