Distribution is valuable. No doubt
But surely the equity prices we see will be compressed due to the phenomenon of AI driven growth efficiency?
The software driven moat or defensibility is gone
Discussion
Well that software was never defensible over the last 10 years.
It could always have been replicated for a 100k. That fact you could replicate for a 1k isn’t necessarily that different for a multi billion valuation surely?
So I’d say the premium is all network affect of people believing this is a trust worthy signing solutionnn
So distribution amped by network effect = defence
Nice
And very true
So interesting analysing these things