A Moat Built of Time, Not Just Tech
New companies talk a big game about their "competitive moat". Usually, it’s a clever bit of code or a patent that a rival will probably figure out how to copy in a few years. The moats protecting these century-old giants, however, are different. They are dug over generations, filled with brand loyalty, and patrolled by global supply chains that are almost impossible to replicate.
Take a company like Coca-Cola. A competitor could, in theory, create a similar fizzy brown drink. But could they replicate a distribution network that has spent over a century worming its way into nearly every village, town, and city on the planet? Not overnight, they couldn’t. That’s a moat built of time, relationships, and sheer, stubborn persistence. It’s the kind of advantage that doesn’t show up neatly on a balance sheet but is immensely valuable, especially when markets get choppy.