Deffensibility from the Outset (Proprietary IP, Government Lisence (Wireless Spectrum), Favorable Location (retail), Favorable Long-Term Contract, Minimum Efficient Scale Facility (Market Can't Support More), Access to (Proprietary) Data (e.g Facebook, Google, Bloomberg)
If you do some effect that you have will cause cumtomer say we will not take that flow about the business that we workig it, thats moat.
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