Today's guest is Kurt Winrich, Co-CEO and Portfolio Manager at WCM Investment Management, and he’s got a very different take on what a great long-term investment looks like. When Warren Buffett first started buying businesses with ‘moats’ in the 80s, such as Coca Cola, his disciples thought he was crazy. More than 30 years later, buying businesses with a moat is accepted wisdom. Morningstar even offers a 'moat rating' on thousands of stocks from around the world. WCM is a staff-owned firm in Laguna Beach in California that manages over AU$36B for clients globally. They act as the investment advisor for Contango's Global Growth LIC, and will shortly be launching an Exchange Traded Managed Fund on the ASX. In today’s podcast, we discuss the importance of culture, why the size of your moat doesn’t matter, and where the world’s biggest opportunities will come from in the coming years.