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.
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