PepsiCo Inc., with a $169.5 billion market capitalization, is a global wide moat company that deals in soft drinks and snacks. It is, of course, true, as for Coca-Cola, that the displacement of such an enterprise by a new competitor would be extraordinarily difficult. However, the company can't be protected from the tastes and desires of customers. The consumption desire or capacity of the people of this planet for soft drinks and snacks is not infinite. Moreover, the ability of the company to extract operating profit from this base of sales also has its limits. This is easily visualized in the accompanying table, which provides essentially the same multi-year revenue and profit progression as Kellogg — none.