Market downturns have a way of testing even the most disciplined investors. Portfolios shrink, headlines turn bleak and fear can quickly replace long-term thinking. Yet through recessions, crashes and periods of economic uncertainty, Warren Buffett has not only preserved his wealth but consistently grown it. Buffett’s approach is not built on market timing or complex strategies. Instead, it rests on a set of principles he has repeated for decades in interviews, shareholder letters and annual meetings (th ...

Long-term investors should look for companies that have durable competitive advantages, which are also called "economic moats." There are a variety of types, such as high switching costs, barriers to entry that impede newcomers, or cost advantages, but what they all have in common is that they help businesses succeed over extended periods of time. When it comes to wide moats, however, a network effect is arguably the greatest advantage a business can have. These eight companies possess this valuable attri ...