In May 2018, Warren Buffett, the billionaire investor and CEO of Berkshire Hathaway, responded to a statement made by Elon Musk, the CEO of Tesla, that "moats are lame". Musk made the comment during a conference call with investors, in which he expressed his belief that companies that rely on a "moat" to protect their business are vulnerable to disruption.

Buffett, who is known for his investment strategy of seeking out companies with strong competitive advantages, or "moats", took issue with Musk's statement. In an interview with CNBC, Buffett said, "I don't think he'd want to take us on in candy."

Buffett was referring to Berkshire Hathaway's ownership of See's Candies, a confectionery company that has been a part of the conglomerate since 1972. See's Candies is a classic example of a business with a strong moat. The company has a loyal customer base, a recognizable brand, and a unique product that is difficult to replicate. As Buffett noted in his 2007 letter to shareholders, See's Candies has been able to raise its prices over time without losing customers, thanks to its strong brand and loyal fan base.

Buffett also pointed to other companies in Berkshire Hathaway's portfolio that have strong moats, including Coca-Cola and American Express. Both companies have well-established brands and customer bases, and have been able to maintain their competitive advantages over time.

In response to Musk's comment, Buffett argued that moats are essential for businesses that want to maintain their competitive edge. "If your only defense against invading armies is a moat, you will not last long," he said. "But if you have a castle with a moat, and you have a patent on the drawbridge, and you have a loyal army inside the castle, you're going to do pretty well."

Overall, Buffett's response to Musk's statement reflects his belief in the importance of investing in companies with strong competitive advantages. While Musk may be focused on disrupting industries and breaking down barriers, Buffett sees value in businesses that have built a strong foundation and are able to withstand challenges over time.