Moats per se are not useful. The direction is - are they strengthening or fading. Also moats should be seen as a consequence of multiple dynamics - industry, m

Moats per se are not useful. The direction is - are they strengthening or fading. Also moats should be seen as a consequence of multiple dynamics - industry, management, etc - not as a cause. A business that is growing and by growing is reinforcing their moat is a powerful multiplier.