FedEx's integrated global air-ground network and brand franchise create a structural moat because no competitor can replicate the scale, reach, and reliability of this infrastructure without decades of capital investment, enabling FedEx to maintain pricing power on time-definite shipments where reliability is mission-critical
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s