[chaboud]

In a market with perfect price discovery, sure. However, over the years I have learned that even the best products for the job can (and will) lose without the right marketing, sales, distribution, etc.

Sometimes the entrenched default that collects an inertial premium doesn't get disrupted...

But, yes, anyone without a moat who operates with a presumption of retention runs the risk of being knocked off of their perch; their fate left to others.

[mayukh]

marketing, sales, distribution, branding, supply chain, intangibles... can all be moats.. as long as the owner of that moat gets it and others dont