Quality Will Withstand

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An excerpt:

One of my favorite Warren Buffett quotes is, "It's only when the tide goes out that you learn who's been swimming naked." In the early part of 2006, it seemed that many were swimming in their birthday suits in the strong economy's high tide, plowing into everything from risky commodity companies to emerging markets with abandon. Now that the markets have taken a breather since May and the tide has started to roll out, the benefits of investing in wide-moat firms have made themselves more evident.