I should probably remind myself that looking at history, many companies didn’t have a moat at IPO.
Intel didn’t have one (they were in memories).
Neither did Peopleware, nor Siebel. (They died.)
Moatiness seems to matter more for long term returns, but not for short term ones.
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Disagree. In the context of business, moat means a specific thing, which is ‘the ability to resist competitive arbitrage, that in most markets drives returns down to the opportunity cost of capital.’
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