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You didn't stress the most important part well enough:

> But when you bolt on other apps and 3rd-party APIs, it gets close to programming without code: a new way to build software.

SFDC is worth $100B not because it's a CRM. It's worth that much because it's a CRM platform. The "what it does" is not nearly as important as the ecosystem/platform aspect of it.

"What it does" has no moat. Platforms have a moat. That's the value of SFDC in a nutshell.

You could help highlight this by drawing attention to it earlier, and also by boldfacing the sentence just before my quote where you say "platform".



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