Done well, or Doing well?
It is easy to get excited about how a company has done well and therefore chase winners. Indeed, good historical financial results will form the basis for shortlisting what could be a great company.
Good results show a company has DONE well. Its moat tells you whether it will continue DOING well.
Of course, the above only answers the 1st of 2 questions I always ask. WHAT to invest in. There is still the PRICE to pay (ie valuation).
Are you living in the PAST TENSE, or investing in the FUTURE TENSE?