Ann: Trading and Sales Update, page-153

"To expand on what I said earlier about businesses being able to do well without moats. First from personal experience, I have run businesses all my life. Every one of those was very profitable and not one had any sort of a moat. I always had competitors but as long as you find ways to differentiate, offer excellent customer service and innovate then you can always do well. MWR has already announced that new products are on the way even before we face any strong competition from a product of the same quality and with the same level of security.FMG is a great example."This is a quote from Chuk superwipe previously. AH regret to inform you chuk but if you had taken the time to see FMG share price over the last 5 years u would realise it hasn't grown at all. Hardly an example of constant growth without an economic moat. Do you know what u are talking about. What sort business did you run -a fishnchip shop?