The Last Competitive Advantage

Every familiar business moat is draining. The enduring advantage is human—and earning it is harder, slower, and more consequential than installing another system.

In brief: Every familiar business moat is draining. The enduring advantage is human—and earning it is harder, slower, and more consequential than installing another system.

This Veritas edition provides a concise doorway into the essay’s central argument. The complete original includes Michael Shenher’s full analysis, examples, and conclusions.

Read ideas slowly enough to test them—and practically enough to use them.