The brevity of this statement belies the prescience of it. Back in my former life in PE, businesses with industry moats were actively hunted down and targeted,

The brevity of this statement belies the prescience of it. Back in my former life in PE, businesses with industry moats were actively hunted down and targeted, regardless of location. That obviously led to the three basic necessities of man - healthcare, education and housing - being the most affected sectors.