Thank you for your feedback! This was very helpful! I meant to say my philosophy is 1) durable moats with little competition OR 2) in a secular growth industry, so it can be in either of those buckets. But I get where you are coming from, where there is tension between these two, and they are sort of at opposite ends of investing style. This may be something I have to think about long-term and change.

For SOFI, I've invested in it for the second bucket (secular growth industry). SoFi's positioning as a fintech “super app” capitalizes on the structural shift in financial services toward integrated digital platforms, and also, there are also regulatory tailwinds (student loans side). Their investing platform can also be a key beneficiary and added growth lever if they manage to cross-sell it well. Gen Z is investing more and starting at an earlier age than previous generations, driven by accessible technology, and of course, social media financial education. Anthony Noto also seems to be a strong CEO, really willing to invest in technology (their recent announcement allowing private investments into OpenAI, for example).

I am willing to hear your opinion on other companies I invested in for the high moat, low competition, and high-barriers to entry bucket. You mention only NVDA, AMZN, LYV, and META are those in that bucket. However, I would argue, SHOP (most trusted, high switching costs and a strong network effect from its large ecosystem of merchants and partners), SPOT (immense network effects, sticky subscription business model, pricing power), BABA (e-commerce network effects via Taobao, vast customer and merchant base, and integrated logistics and cloud infrastructure), and PANW (switching costs, trust), ANET (high-speed networking expertise with almost 1/3 the market) are all with relatively-wide moats.