The moat comment depends on the company, not all or even most businesses depend on actual innovation as their moat. Also, I think we’re agreeing here, but ther

The moat comment depends on the company, not all or even most businesses depend on actual innovation as their moat. Also, I think we’re agreeing here, but there are a huge set of things that you may need to build an application that aren’t the core value prop of your company. Buying into a more mature ecosystem makes it more likely that you don’t have to build those things and can spend more time on the moat stuff.