Is GetSwift the Real Deal?, page-88

The concept of moat is temporary for most industries. Xero could easily get disrupted in terms of accounting software, which I have used and has some serious limitations.

I don't recall me saying GSW had a moat and had to review my comments.

People use the word moat to indicate a company is a good investment and there is a margin of safety (on the upside). If a company remains a going concern and their ROIC keeps diminishing, it may have a moat in that it will be around but it is not a great investment.