创新不是壁垒，数据、分发、优质产品才是壁垒。

创新不是壁垒，数据、分发、优质产品才是壁垒。 Emad: While this article fits with much of our thesis I think it has a misunderstanding of what moats actually are It is v difficult to build a business with innovation as a moat, base requirement is too high Data, distribution, great product are moats