Thanks for that Madbutcher. I get all that. Its exactly the sort of stuff I love, especially the cultural aspects and why I love and own ARB and to a lesser extent also own PTM, FLT and ONT (ONT was a recent addition), among a few others.
I have no doubt that culture is a crucial quality that can reduce the chances of dumb things being done to diminish the moat. But I'm not sure that culture IS the moat. So I guess I'm asking what is its moat and how sustainable is it going forward. Remember what Buffet says (to paraphrase), when good management meets a poor business, it's usually the business that keeps its reputation intact!
Ann: Change of Director's Interest Notice, page-8
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