In short: Korea's premier skincare name — women worldwide envy Korean skin — and it has done extremely well, but as an investment "the moat is a little bit shallow": constant attack from rivals and customers who always want the next, better treatment. A great product without a durable brand moat "may not make it."
Amorepacific is Korea's leading skincare and cosmetics company — and Korean skincare is envied worldwide, so it has done very well. But Pabrai uses it as his example of a shallow moat. Beauty is a brutally competitive market: countless rivals keep attacking, and customers are never satisfied — they always want the next, newer, better treatment.
His point is that a great product without a durable, hard-to-copy brand advantage can still struggle over time. So despite its success, he'd be cautious owning it as a long-term investment — it fails his "durable moat" test.
28:38— Oh, can't. So, women all over the world want their skins to be like Korean women's skin. — Oh, you're talking about Amora Pacific. — Amora Pacific. — Oh, definitely. Definitely. — Are you a customer? — Oh, very loyal. — All right. Very loyal. There you go. Okay. Now, the thing is women all over the world — Mhm.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.