Honestly, many people misunderstand the concept of the moat.

**The Truth About Moats**

Brands, channels, technology, patents... These things seem solid, but in reality, they all have a shelf life. Traditional moats will become outdated—that's an iron law. So what is a real moat? Just one—entrepreneurs continuously innovate and keep creating long-term value. The moment they stop pushing forward, decline begins.

**The Only Constant Is Change Itself**

Moats can never remain unchanged. If you're still doing business the way you did yesterday, you're just waiting to be eliminated. The moat I admire most is held by visionary entrepreneurs who constantly explore in practice and dynamically adjust according to market conditions. That’s what true moat is.

**Great Companies Dare to Disrupt Themselves**

Truly impressive companies share a common trait—they dare to break their own monopolies from within. Not being hostage to success, they build open, mutually beneficial ecosystems. Companies trapped by their own past successes will only stagnate. To put it plainly: "Die early, be reborn early," continuously reinventing themselves from within.

**Investing Also Requires Restraint**

Reduce unnecessary trades. The ancients said, "Knowing warfare from ancient times does not mean loving war," and the same applies to investing. Don’t waste time researching real opportunities just because you’re fixated on market fluctuations. The key is "aiming," not rushing to "fire."

**The Highest Strategy Is Patience**

There’s no need to force action when opportunities aren’t present. Before a good opportunity arrives, rest when needed, think when necessary. This is a fundamental principle that’s often overlooked.