MOATS

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

If you want to create and capture lasting value, don't build an undifferentiated commodity business.

If a company needs a brilliant CEO to succeed, the business model is the problem. I want businesses that can be run by a ham sandwich.

A cheap stock without a moat is a value trap. An expensive stock with a wide moat is often the better buy.

A moat is not just an advantage. It is a durable advantage. Most advantages disappear in five years. Moats last decades.

There are four sources of moats: network effects, switching costs, intangible assets, and cost advantages. That is the entire framework.

We are one of the few AI companies building our own models. That is expensive. It is also the only defensible position in enterprise AI.

The best businesses own the infrastructure that other businesses depend on.

In sports and entertainment, emotional connection is the moat. No algorithm can replicate it.

The partner ecosystem is Shopify's moat. 50,000 developers building on your platform means merchants never leave.

The strongest moat a company can have is a community that would be heartbroken if it disappeared.