If you don't have a moat, you don't have a competitive advantage. If you don't have a competitive advantage, you have no edge. Networks are one type of moat. I just read a post on four types and wanted to journal it to remind myself:
1. Physical network like pipelines
2. Platform network like Windows or Android
3. Data network like NFLX or Google
4. Marketplace network like Amazon or Airbnb
It does not matter how big or small of a company you are looking at. It's fine to gamble, but to have an edge, you have to have a moat/competitive advantage.
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