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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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Cedric Chin

@ejames_c

Sep 17, 2020

Does Snowflake have a benefit or a moat?

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Cedric Chin

@ejames_c

Replying to

@NirantK

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.’

6:12 AM · Sep 20, 2020Twitter Web App

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and

It’s a fascinating topic that I mostly don’t allow myself to write about. Again, one of the problems of keeping to a specific topic in my blog 🙃

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