Deciding whether or not a company has an economic moat is certainly more art than science. It largely involves looking at qualitative factors that influence competitive positioning. But those qualitative factors that we spoke of in Lessons 205 and 206 can, in fact, be measured by analyzing select numbers found in the financial statements. It is most certainly prudent to make sure a company you are interested in does indeed have a moat before buying. In this lesson, we'll tell you what to look for.

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