Do your stocks have moats?

A dispute between Tesco and Unilever over the price of Marmite is a useful reminder of why economic moats matter, says Matthew Partridge.

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Love of the brand is a real if intangible asset

A dispute between Tesco and Unilever over the price of Marmite hit the headlines this week. Unilever demanded that Tesco pay more for its products including the popular yeast extract claiming that the weaker pound has pushed up its costs. Tesco refused. The two have since reached a deal, but the outcry over the prospect of Marmite-free supermarket shelves shows the importance of a key concept in investment the "economic moat".

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Dr Matthew Partridge
Shares editor, MoneyWeek

Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.

He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.

Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.

As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.

Follow Matthew on Twitter: @DrMatthewPartri