American Express (NYSE: AXP) is the third-largest stock in Berkshire Hathaway's portfolio, with a fair value of $35 billion at the end of the second quarter. What makes it stand out for Chief Executive Officer Warren Buffett and his team is its substantial competitive advantages and robust economic moat.

But over the past several months, investor concerns have shifted toward slowing consumer spending and rising charge-offs and delinquencies in the banking sector. With American Express up about 60% since last November, is now a good time to buy the stock? Let's dive into the business to find out.

One of the first things that stands out about American Express is its strong brand. The company has spent years carefully crafting its image to create an association with luxury and the finer things in life. In an interview with Bloomberg a couple of years ago, Buffett said, "You can't create another American Express. I could create another shoe store, I could create another business publication, I could do all kinds of things with hundreds of billions of dollars, but I can't put in the minds of people what is in their minds about American Express."

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Source Fool.com