I'm pretty sure that the concept of a "moat" applies to more than new entrants. For example, this definition [1] refers to competitors, not new entrants. 1: ht

I'm pretty sure that the concept of a "moat" applies to more than new entrants. For example, this definition [1] refers to competitors, not new entrants. 1: https://www.investopedia.com/terms/e/economicmoat.asp https://www.investopedia.com/terms/e/economicmoat.asp