Warren Buffett has spent decades proving that investing in high-quality companies with wide economic moats is a winning strategy.

Since taking control of Berkshire Hathaway (NYSE: BRK.B) in the 1960s, Buffett has delivered market-beating returns by focusing on businesses with sustainable competitive advantages.

Why wide economic moats matter

Buffett has long been a fan of businesses that have deep and durable competitive advantages. Whether it's brand strength, pricing power, economies of scale, or network effects, these qualities make it hard for rivals to take market share.

This allows a company to generate strong profits and reinvest in its growth, compounding returns over time.

As Buffett once said, "The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage."

By investing in ASX shares with strong economic moats, investors can position themselves for long-term success without needing to jump in and out of stocks or chase the latest market fads.

ASX shares with strong economic moats

The Australian share market is home to several companies with powerful competitive advantages. Here are four ASX stocks that might fit Buffett's investing principles:

• CSL Ltd (ASX: CSL): This global biotech giant dominates the plasma therapy market and has high barriers to entry due to its extensive R&D, regulatory approvals, and manufacturing capabilities. Its pricing power and ability to innovate keep it ahead of competitors.
• Goodman Group (ASX: GMG): As a leader in industrial property development, Goodman benefits from long-term demand for logistics hubs and data centres. Its strategic locations and strong tenant relationships should create a lasting edge over rivals.
• WiseTech Global Ltd (ASX: WTC): This logistics software provider has established itself as a global force in freight management technology. Its powerful network effects—where more users make the platform even more valuable—help it maintain a dominant position in the market.
• Xero Ltd (ASX: XRO): The cloud accounting leader has entrenched itself in the small-business sector with a sticky customer base and continuous innovation. Once businesses adopt Xero's platform, they are unlikely to switch, giving the company reliable long-term revenues.

Buying at fair value is enough

Buffett has also made it clear that investors don't need to wait for a once-in-a-lifetime buying opportunity to invest in great companies. He once quipped, "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."

This is particularly true for ASX shares with wide economic moats. The very best businesses tend to stay expensive because the market recognises their quality. Instead of trying to time the market perfectly, investors can steadily accumulate shares when these companies are trading at reasonable valuations.

Foolish takeaway

Warren Buffett's strategy of investing in companies with strong economic moats has stood the test of time.

By focusing on dominant ASX shares like CSL, Goodman Group, WiseTech Global, and Xero, investors can build a portfolio of high-quality stocks that have the potential to compound wealth over the long term.

And rather than waiting for the perfect price, simply buying at fair value and holding for years can be a winning formula. After all, as Buffett has shown, time in the market beats trying to time the market.