It’s ironic that you chose Lamborghini and Nike because they are examples of brands that didn’t provide any appreciable moat for the first two decades of operat

It’s ironic that you chose Lamborghini and Nike because they are examples of brands that didn’t provide any appreciable moat for the first two decades of operation. Their value proposition almost entirely relied on selling for cheaper than their more famous, at the time, competitors. e.g. Ferarri, Adidas, etc. It’s only after many years of slowing building up credibility did the brand value start to matter.