• What are your right-to-win characteristics?

• Are you investing to expand your moats?

• The threat of disruption for whatever reason should be minimized

• Return on capital employed (RoCE) should not be optimised over building deep and wide moats. Don’t invite competition• RoCE should also be looked at more at the unit level. Investing behind growth is important to public market investors too

• Anything that doesn’t drive terminal value ultimately will end up like a value trap. A short-term investment at best