ask: In addition to big, tall walls, where can I build deep moats? That is, old-economy barriers that are expensive and take a long time to dredge (and for competitors to cross). Apple has done this superbly, continually investing in the world’s best brand, and in stores. Amazon, also going for moats, is building a hundred-plus expensive and slow-to-get-built warehouses. How old economy! A good bet is Amazon will open thousands before they are done.
