💬 [E1728] Companies whose moats are physical rather than intellectual win: Corning (fibre), Freeport-McMoRan (copper), gold miners, DHT/tankers, utilities with hard assets like nuclear plants.

🟢 [E1719] If Visser is right, the only assets with genuine long-duration residual claims are those whose value doesn't depend on business models: gold, land, copper, oil reserves, water rights, timber. Hard assets become the new equity.