June is a natural moment for mid-year reflection. Short-term traders are squaring quarterly books, but long-term investors should be doing something different: Stepping back to ask which businesses have already produced multi-decade compounding, and whether the moats that drove those returns are still intact today. Past performance does not guarantee future returns. Durable competitive advantages, however, tend to persist, and the three names below have spent decades widening theirs.
This post originally appeared at 24/7 Wall St.
