This is an outstanding comment. Few people understand what Buffet and Munger mean when they discuss "moat" and even fewer understand the importance of cost of capital in BK's investment successes.
It may be possible to build a BK of the internet but it's not easy to imagine how.
Buffett has famously stayed out of tech companies because he (self admittedly) doesn't understand them.
A BK of the internet would buy ugly tech companies, turn them around, and sell them. Buffett is definitely not the only guy in that business, but he's probably been the most successful. An internet version of that would have to really really understand technology and the markets driving it, along with understanding the modern financial system and sources of capital (to finance buying the companies). It is kind of a weird combination.
However, I do think we're going to start seeing waves of consolidation in tech, and maybe some interesting turnarounds.
It may be possible to build a BK of the internet but it's not easy to imagine how.