[lesuorac]

What's your definition of a moat?

There's a reason Norway makes a lot of money from oil while Greenland doesn't. I'm not sure why the word moat doesn't apply here?

Sure, with enough money you can overcome any moat but to me that's the whole argument behind a moat. We have something right now that a competitor would need to spend a lot to reach and during that time we can just get ahead of them.

If you have an existing iron mine and coal, to me you have a moat over generic competitor in creating steel because you already have suppliers for your steel mill lined up. Although some may argue that those are actually anchors and that you could import both of them for cheaper and then supply your mill that way.