Moat is a mighty subject in the investment space. Quite understandably, any discussion around that is likely to be an animated one. The reason why it raises mercury in much of the debates is because it is so intangible and yet so powerful in its effect on financials and cash flow. While it is a highly debatable subject, in some cases such as consumer brands, moats are more obvious. But the flip side is, when it is more obvious, less is the opportunity for investors as it gets fully priced. Less-obvious moats are where one can spot hidden gems.