Moat

“I really think it's important to think about moats from day one, and you might not actually develop a good moat until year two or year five or even year 10, but I think it's at least important to think about, you know, whether you could build a moat over time …”

“Well, I think the reason that moats are important is that they basically determine your profit margin over time. So if you build something that no one else can build, you can make 20 or 50 or maybe even 90% margins. But if what you're doing is easy to copy, th…”

“If few investors are interested, if you can cross that hurdle, it creates an incredible moat for you, because you can be the pioneer.”

“And I think the answer is the one that it's always been, which is better execution is the moat. If you can build a better CRM and get it into market, you can win, right?”

“If I look back, I go, like, never sell a single thing. If you could, and, you know, people have to live and People have various desires, but if you could, never sell a share. And I know we've gone through the up and the down cycle, but great companies, compani…”

“I think that the best moats aren't technological moats. They're not data moats. They're actually people moats. People and networks have the most friction to change.”

“Any one of these modes is not enough. But what you want to do is you want to take a company and score it across them. Maybe you assign one point to each mode they have. And I think anything four or more, you're pretty damn secure. But if you have a two or thre…”