AI has completely inverted how we build and scale software, which begs the question: What exactly is a moat anymore? In this Freestyle Friday, recovering from jet lag and hiking through the beautiful hills of Salt Lake City, I’m breaking down a recent conversation with a VC friend about defensibility in the era of coding agents. I also look at this through Charlie Munger’s lens of "inversion" to figure out what isn't a moat anymore (spoiler: thin foundation model wrappers, "AI", and feature velocity are dead).I also dive into what is defensible today, from mission-critical systems of record like DuckDB and Postgres, to personal branding, to shifting SaaS pricing from per-seat to per-token.