“这个赛道很卷，但我们有差异化打法和护城河。”其中“护城河”指？
“Crowded track, but we have differentiation and a 护城河 (moat).” What's a 护城河?
全球翻车率（内测预估）
A一笔融资储备金
yì bǐ róng zī chǔ bèi jīn · a funding buffer
B公司的法务团队
gōng sī de fǎ wù tuán duì · the legal team
✓对手难以复制的优势
duì shǒu nán yǐ fù zhì de yōu shì · a core advantage rivals can't copy
D公司周围真有一条河
gōng sī zhōu wéi zhēn yǒu yì tiáo hé · the river around the office
护城河源自巴菲特，到了中文创业圈，人人都说自己有一条，通常是条水沟。
From Buffett: a durable competitive advantage. In Chinese startup pitches everyone claims one; most are drainage ditches.