Moats! Does anyone have one anymore? Yes. Yes, they do. But only a small subset of what people call moats create real long-term value and defensibility. Not actually a moat: 1. Distribution: This does matter more than ever. Building products has gotten easier, but getting them to customers has not. Distribution, however, does not create durable defensibility. It helps create the raw ingredients for one, but it is not itself a moat. 2. Execution: Yes, speed is critical for startups. But a…