Market share is another moat. Coke is great example, as well as a lesser-known name like Titan International ( TWI), which is the market leader in extra-large tires for industrial and agricultural uses. Being the lowest cost producer is another great moat, if it can be sustained, and names like Chesapeake Energy ( CHK) in natural gas and Potash in fertilizer come to mind. Wal-Mart ( WMT), through its sheer size and price advantage, has created its own moat. It's no coincidence that if you examine the multiyear returns of companies with moats, you are likely going to observe very favorable results, especially the longer the period under examination. And that is the real value of moats -- truly long-term value creation for the business and, most importantly, for stakeholders.