A moat is the durable advantage that keeps competitors out — a brand, a network, a licence, or the cost of switching. Warren Buffett popularised the word for businesses protected like a castle.
护城河 —— 把竞争者挡在外面的那种持久优势
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | SpaceX buys the last spectrum it needs to enter US mobile 护城河 —— 把竞争者挡在外面的那种持久优势 · 第 6 张术语卡 | The article's point is that a few megahertz of spectrum does not fill in the moat: the towers and fibre underneath take decades to replicate. 判断护城河要问「竞争对手花多少钱、多少年才复制得了」。牌照可以买（本文就是约 80 亿美元），但一张覆盖全国的基站与光纤网络要按年、按百亿美元计。所以新闻里「频谱被买走」听着吓人，真正的护城河却没那么容易被填平 —— 这是同日铁塔公司股价反而大涨、三大运营商跌幅没有继续扩大的原因。 |