What Is Williams’ (WMB) Economic Moat, and Is It Steel or Permits?

A moat is usually described as something a competitor cannot copy. The test for The Williams Companies, Inc. (NYSE:WMB) is narrower than that. Nobody doubts a rival could weld pipe. The doubt is whether anyone could get permission to lay it. The stock closed at $71.28 on October 16. It has returned 0.5% during the […]