Economic moats and business models are fundamental concepts in evaluating the long-term sustainability and competitive advantage of a company. An economic moat, a term popularized by Warren Buffett, refers to a sustainable competitive advantage that protects a company's long-term profits and market share from rival firms. These moats can take various forms: network effects (e.g., social media platforms), intangible assets (e.g., strong brands, patents), switching costs (e.g., enterprise software), cost advantages (e.g., superior production processes), and efficient scale (e.g., natural monopolies). A wide and deep moat allows a company to generate superior returns on capital over extended periods. A business model describes how a company creates, delivers, and captures value. It outlines the company's customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure. Understanding a company's business model explains how it operates and earns money, while identifying its economic moat reveals its resilience against competition. Both concepts are crucial for investors seeking durable, high-quality businesses with strong potential for long-term compounding returns.