Buying at a Discount to Fair Value

Even though you know about economic moats and have perhaps uncovered a company that has at least one good-sized moat, unfortunately, your work is only half done at this point.  (Quality & Management)

You cannot just go out and pay whatever the market is asking for this stock until you calculate what it's worth (the intrinsic value).  (Valuation)

Otherwise, you might end up having to hold the stock for many, many years to get a decent return on your money.

And in some cases, you might never get one.