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Industry is not alway solid. Changes happen occasion. The history of a company doesn't always predict future cash comes. The business landscape can change, affecting the company drastically. Warren Buffet calls this plan - buying stocks by using a Ko66 wide mote. Old time castles had motes around them made use of make it difficult for invaders to cross at days of war. On companies nowadays in this day which the company has created business that has to be very hard for competitors to re-create and compete against. Warren buys stock in brands like Coca Cola and Gillet