THE ONLY MOATS THAT MATTER NOW

Summary from the TLDR Founders newsletter

AI is compressing the value of "hard to do" but not "hard to get." Five moats that still hold up: compounding proprietary data, network effects, regulatory permission, capital at scale, and physical infrastructure. If your moat is complexity or execution speed, it's shrinking. If it's access to something scarce, it's probably getting stronger.