This article is, in my opinion, the most important chapter of the entire Microsoft series. If the first two chapters discussed what Microsoft is and how it makes money, this chapter explains: why it is difficult for others to defeat Microsoft. Many investors believe that Microsoft's moat lies in Windows or Office. However, I consider that to be an answer from ten years ago. Today, Microsoft's true moat has changed. Microsoft Research Series Part 3: The Biggest Moat of Microsoft - Summarized in one sentence: Microsoft's biggest moat is not a single product, but its enterprise digital ecosystem...