📉 • 3m
Totally fair point - execution is absolutely king in early stages. Uber and Airbnb are great examples of products that scaled before their moats crystallized. My take is that while early moats aren't always visible, the intention to build defensibility should be there from Day 1. Smart investors don't need the moat to be complete - but they do want to know you're thinking strategically about how you'll win and sustain it. Appreciate the pushback!
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1. What is a moat really: A moat is a company’s ability to earn returns well above its cost of capital and keep doing it for years. Two things matter. One is how large those returns are. The other is how long they’ll last before competition catches u
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