NY Times July 30, 1987:
- Microsoft buys Forethought, maker of PowerPoint, for $14M in cash
- PowerPoint has 500M users
- Microsoft Office is $30B+ revenue per year
- $14M of Microsoft stock from July 1987 would be worth ~$10B today
This is a good example of the “moat” Warren Buffett always talks about.
In a way Bill Gates has also done it through his acquisitions, however he has limited himself only to the Tech field and hence not usually perceived in the same way. It’s more obvious in case of Warren Buffett’s diverse portfolio