Tech stocks just lost more than $1 trillion in a day—a gothic horror test for the ‘moats’ Warren Buffett taught Wall Street to love

Markets are ushering in a particularly gothic Halloween as the AI trade exposes a crumbling aristocratic pile of early 21st century capitalism. Wall Street has been describing itself in castle-adjacent terms for years. Jamie Dimon has long talked to JPMorgan shareholders about the bank’s “fortress balance sheet.” His 2015 letter set aside a section to answer the question of what the phrase even meant. By 2021, he’d added a second castle word, warning that “the moats that protect this company are not particularly deep.” The moat came from Warren Buffett.

Source: Fortune Crypto