forge appoints administrators, page-87

companies that have a wide moat and can pick their own prices are the ones to look out for.

Eg, rail, building new train lines will be a massive difficulty for any new competitors, rail is cheaper than trucks, so if there is a rail asset that is in a spot where they are needed, that is a huge moat.

an airport in sydney is the same, or some utiities. obviously one must then study the balance sheet and do more research, but if the first rule is not to lose money, stocks that provide a service without competition stand out as safe (except when govt regulates)