EVERY MOAT BECOMES MOOT

Summary from the TLDR Founders newsletter

A good reframe of what a moat actually is. It's not a static wall like a patent or a network effect, it's an engine that only keeps working if you stay willing to do the uncomfortable, repetitive thing rivals won't. Amazon is the example, the thin margins that look like weakness are the wall, because fat margins are really just a fund for your competitors' R&D. The moat that lasts isn't any single advantage, it's being able to build the next one faster than the current one erodes.