> There's no technical moat around online sales. And lots of companies sell online. But Amazon is still the biggest (by a long long way) (at least in the US). T

> There's no technical moat around online sales. And lots of companies sell online. But Amazon is still the biggest (by a long long way) (at least in the US). Their "moat" is in public minds here. I don't think that's true. I think it's actually the opposite. Global physical logistic is way harder than software to scale. That's Amazon's moat