Thank you for the shout out, Giuliano!

A company with a true moat should be earning a higher return on capital thanks to that moat... and therefore it will always be under attack by competitors. That's why I find it so important to understand potentially disruptive technologies, even if they're not necessarily in my portfolio.

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No problem Geoff! That's a very interesting realization, I still have to meditate on the matter. Thank you for sharing.

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