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How fast you turn versions of a product has nothing to do with a moat. That's execution. A moat is quantitative. Do you have barriers to entry that create returns that are greater than your cost of capital as proven over a period of years? Can the business survive a bad manager?
I think it was @verdadcap who recently referenced research showing that moats (in the form of market share) do not yield superior performance, but could be thinking of someone else.
Moats are not measured by market share. A business with high market share may have no moat. Moats are measured mathematically on two dimensions as Michael Mauboussin identifies here in this 73 page essay: https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=em&document_id=1066439791&serialid=RojFyPPuyB52GjdsfOiNhlbEB2L63HISLZqSTpL1p48%3d …pic.twitter.com/G8kUk9Sipe
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