Which is better?

Here is a quote from Buffett himself: “A truly great business must have an enduring “moat” that protects excellent returns on invested capital.”

While reading Buffett’s Letters to Shareholders, I noticed he often talks about return on invested capital (ROIC).

There are few mentions of return on equity (ROE). But I discuss both in my write-up, "Think Like Warren Buffett," on our website.

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