The concept of moat is temporary for most industries. Xero could...

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.