Thinking: VCs invest in businesses that have moats, and yet, what moats exist within VC, if any? And if any (besides brand), who has them?
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Brand is the real moat, so dismissing it offhand is a bit unfair. See https://twitter.com/naval/status/964373521492094976?s=21 … The other advantages mentioned are work-based so not real moats. A moat is revealed when two teams of equal capabilities run two firms, one with and one without the moat.
