Wed, 15 May 2013
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Berkshire's strong culture is a reminder that good management can help widen a moat , says Morningstar StockInvestor editor Matt Coffina.
Berkshire still has deep competitive advantages, but its size will cause its moat to narrow over time, says Morningstar's Gregg Warren.
Buffett has the discipline to guide capital back into his firm rather than use it for dividend payouts, but most companies are better off distributing excess cash to shareholders, says Morningstar's Josh Peters.
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