城堡要有河。经济商誉能以极少增量资本，持续赚取高回报。
英文为原文摘录；中文标「译文」。点击年份打开本站 letters/ 中的官方文件。
“We own several businesses that possess economic Goodwill (which is properly includable in intrinsic business value) far larger than the accounting Goodwill that is carried on our balance sheet and reflected in book value.”译文 我们拥有的若干企业，其经济商誉（理应计入内在商业价值）远大于账上会计商誉。
“...maintain or even widen the protective moat surrounding our economic castle.”译文 ……维护甚至拓宽环绕我们经济城堡的护城河。
flowchart LR
C[城堡] --> M[护城河]
M --> T{趋势}
T -->|加宽| H[可长持]
T -->|收窄| W[重估]
示意图是阅读辅助，不是巴菲特原图。