What constitutes a 'moat'? Under the premise of stabilizing market share, it is the capacity to maintain a high and steady rate of return on invested capital (ROIC) over the long haul. Both these conditions need to be fulfilled concurrently for a business to be deemed as having a 'moat'. There are those who assert that Starbucks enjoys such a 'moat', yet I am not in agreement.
Firstly, does any emp...