Building Uncopyable Moats

The concept of the economic moat—a durable competitive advantage that protects a business from rivals—was popularized by Warren Buffett, who described it as "the ability to keep competitors at bay for an extended period." For decades, the playbook for building moats was well understood: proprietary technology, economies of scale, network effects, brand power, and regulatory barriers were the canonical defenses that allowed companies to sustain above-market returns. That playbook is under existential threat.