Agree moat is becoming a abused word today, but at the current valuation I need to understand if it is worth the price and how well they are placed in the industry and moats if any exists. I believe approvals from regulatory bodies are important and cannot be undermined in the line of business in which Hester is. Perhaps it may not matter much when seen in isolation, but a combination of these (variety of approvals, trust and relationship with customers/vendors, patents, manufacturing capacity, etc.,) might result in a moat.
Disc: Tracking position, recently invested.
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