Moats Before (Gross) Margins | Andreessen HorowitzIn 2019, long before the outbreak of COVID-19, many lower gross margin tech companies were not being well-received by the public markets, and an excessive spotlight was cast by many on company gross margins. In the present moment, that attention has only grown for both public and private companies. We’ve observed a bifurcation in the market of “haves” and “have nots”: those companies that have hig
