Investors looking for outsize returns often gravitate to stocks with wide "moats." Most people think of moats as deep ditches filled with water used to protect castles centuries ago.

However, investors use the term "economic moat" to describe businesses that competitors struggle to copy. Many investors credit Warren Buffett with popularizing this term, which he mentioned in his 1995 Berkshire Hathaway shareholder letter. Needless to say, he's generated hundreds of billions in returns through his deep understanding of such moats.

Unfortunately, his investment in Paramount Global (NASDAQ: PARA) seems to have fallen short because of the changing nature of its moat. Here's why.

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Source Fool.com