BELLAMY'S DOWNSIDE RISKS, page-11

The Brand is the moat people, organic is a small moat, Australian made is a small moat. You can't go out tomorrow and buy 4,000 distribution points, you can't go out tomorrow and buy 70k Facebook followers (ok maybe you can), you can't go out into the market place and buy organic milk powder at a reasonable price (because people like BAL has stitched up the diary's with long term contracts). You can't buy the trust of your customers...

It's called first mover advantage people! Google it!