It is, absolutely, but it’s a lot more shallow a moat than having a product quality moat.

> Lego prices will drop as soon as they are forced to by competition, and not before, and this is fine.

I agree, they’ll survive quite well. But the large profit margin they’ve grown accustomed to might disappear, and that probably doesn’t bode well for their management.

And heck, maybe they’ll stop shipping stickers on expensive sets, too. That would be nice.