$2.$ Endurable competitive advantages, or moat, are often mentioned by financial analysts. What are the two strategies that often used to gain competitive advantages? Please provide an example $($a real company$)$ for each strategy.

$3.$ The estimated Betas for JP Morgan is $1\mathrm{.}50.$ The risk free rate of return is $4\mathrm{.}35\%,$ and equity risk premium is $8\mathrm{.}04\%.$ What is the required rates of return for JPM stock using the CAPM? Please use adjusted Beta to answer this question.