Stevie said every investor asks what protects a business, and she is a big believer that strong execution is the only real moat that can be built in many cases. Mark partly disagreed: he said you don't always need a moat and can outpace competitors without one, but a moat is a huge advantage if you have it, and pointed to Porter's barriers to entry.

“strong execution is the only real moat that you can build in many cases.”

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