Helmut, I agree, wide moats offer the best chance of success for investors.  However, really good deals (5 stars) on wide moat stocks are few and far between, and in some industries wide moats are scarce or non existent.  My general rule is that individual stocks should have at least a narrow moat or I pass.  Out of 47 stocks in my portfolio, I have made only one exception to this rule. 

Individual stocks make up the bulk of my portfolio.  Investors, who are only supplementing their portfolio with dividend paying stocks, would IMO, benefit by choosing only wide moat stocks, as you advocate. 

Bruce, I agree with your comments.  WFMI's period of super high growth (30%/yr)  is likely over.  However, WFMI is still growing  2 to 3 times faster than "normal" supermarkets, and IMO, deserves a price premium.  WFMI current PEG ratio is 1.1 per M* which indicates it is not over priced, assuming it's current growth rate doesn't go down the tubes. 

My observation is that WFMI's core customers are somewhat fanatical and will pay premium prices for perceived quality.  There is a certain amount of trust involved when buying organic food and WFMI has that trust.  I'm not sure a regular supermarket will ever achieve the same level of consumer confidence. 

You were very astute to have invested in WFMI during their growth years and even more astute to realize when the party was over.  Congratulations.

Regards,
Russ