Should I buy all the banks and Telstra and Woolworths and Wesfarmers like everyone else or is that stupid?

I recently had a question from a Member - Should I buy all the banks and Telstra and Woolworths and Wesfarmers like everyone else or is that stupid? I wrote about this back in 1995 when I had just arrived from London. About time I updated it. The basic attraction of these stocks is that they have quasi monopolies (oligopolies) or as Morningstar put it, wide moats. They dominate their space and its very hard to compete with them. Full article: (VIEW LINK)