With an average historical return of 10% per year, investing in the S&P 500 has proven to be a smart way to build wealth over the long term. Buying index funds to match that broad market performance can be impactful -- even Warren Buffett thinks so. 

But some people still want to buy individual stocks in the hopes of beating the market. Among them, long-term investors typically fall into two camps: value investors vs. growth investors. 

But it doesn't matter which camp you fall into -- investors are best off if they look for an economic moat in every stock they're considering. Here's why. 

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Source Fool.com