whats the most objective measure of "moat"? imo it's fees/revenue. everything else is a vanity metric. if ur business has durable moats and operates in a growing space, it should earn more revenue over time. conversely, if it doesn't have moats, either it loses market share to competitors, or it maintains market share by engaging in price wars. both situations lead to flat or lower fees over time. (note that just because a business has no moat doesn't mean it's not valuable. it just means that it passes value to customers rather than keeping it for itself. in fact, this is true for the vast majority of businesses in the world.)