Following Berkshire Hathaway’s annual shareholder meeting, Warren Buffett and Charlie Munger (later joined by Bill Gates) have a tradition of doing more than a few interviews. Here’s a snippet from their 07-May-2018 interview (video, transcript) with CNBC’s Becky Quick on “Squawk Box,”

You’ve gotta have a product that’s strong enough that the realer—retailer has to carry it to some degree and where their private label, even though it’s priced below it, does not draw volume away. And if you take Heinz Ketchup, it’s very, very, very hard to take share away from Heinz Ketchup. It’s hard to take share away from Philadelphia cream cheese, but I could name some other products which are—where it’s easier to take share away. And the consumer is going—the consumer votes every day. And some things are affecting the consumer like the feeling that the other things are healthier or something of the sort. Price affects the consumer. But just the prevalence and strength of the retailer can affect the consumer, too… If you’ve got a brand that’s kind of lost out there or something of the sort, it’s hard to get shelf space. And the retailer is going to stock what will move. And sometimes that involves price. And what you—what you want to have is a product the retailer has to have.

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But some products have terrific moats. Probably Elmer’s Glue does. You know, WD-40. I mean, there you go. You can—there’s just certain things that you are not much inclined to be dissatisfied with…