"C'mon MarsC, there a numerous businesses that are badly run at some stage of their lives but which survive it, and recover. Sure, they suffer temporary losses from mismanagement or poor capital allocation, but they live on to fight another day."
Yes, the business will likely live on. But if you pay a price that fully values the wonderful moat, your investment return may look decidedly less illustrious than the surviving moat.
It's personal thing, perhaps.
DLX Price at posting:
$6.28 Sentiment: None Disclosure: Not Held
