In discussing the latest news surrounding Facebook Inc (NASDAQ:FB), I can’t help but think of the iconic film Glory. Featuring the 54th Regiment Massachusetts Volunteer Infantry, the first African-American military unit during the Civil War, Glory showcased the regiment’s trials and triumphs, culminating in a final battle against the Confederate stronghold, Fort Wagner.

Hollywood typically makes movies where the “good guys” win. Glory was one of the first films that I’ve seen where the good guys failed. The producers rightfully characterized the story as an overall victory, but nevertheless, our heroes were devastatingly eliminated.

Fort Wagner proved too tough for even the most courageous Union soldier, which is why FB stock comes to mind.

Investors are worried that the runup in the Nasdaq is unsustainable. Companies like Apple Inc. (NASDAQ:AAPL) and Netflix, Inc. (NASDAQ:NFLX), with their robust gains, have contributed to that fear. Looking at the FB stock price, many analysts are also expecting at least some corrective action.

I can certainly appreciate these concerns. When FB stock first launched publicly, I wasn’t a believer. I thought social media was a silly fad, an activity engaged by people with too much time on their hands. Prominent voices also joined in on the bearish bandwagon. Of course, I regret my earlier pessimism. My only saving grace is that I wasn’t a bear in public.

Here’s the reason I was wrong: Facebook, like Fort Wagner, is a moat. All the talk about the FB stock price rising too far, too fast is largely irrelevant.

FB Stock Has Universal Appeal

Whenever people discuss Facebook’s investment potential, inevitably, the number 2 billion comes up. This number references the social media firm’s active users tally. President Trump might say that this is a “bigly” or big-league number, the greatest number in the world.

It is extremely important. But, it’s not the most important barometer to measure Facebook’s dominance.

Too many people get into the size argument when they debate the FB stock price relative to Snap Inc (NYSE:SNAP) and Twitter Inc (NYSE:TWTR). Sure, these metrics are useful for bragging rights. However, it’s not the size of the user base, but the windfall from the eyeballs. In that respect, 34 million is Facebook’s most important number.

That’s the total amount of Facebook users aged 55 and older. It’s significant because few people (not including celebrities) outside of their late-20s find use for either Twitter or Snapchat. In contrast, almost everyone finds at least some value for Facebook. This key difference is the reason why the FB stock price will keep rising, while competitors will struggle with traction.

More importantly, Facebook has gradations; that is, the platform scales itself to individual demands. Need a job? Facebook is a great place to gain inside information on your target companies. Want to look for an old friend? Because every demographic is represented in Facebook, that endeavor is a whole lot easier.

This unique aspect of FB’s game makes it superior to everything else, particularly when it comes to advertising revenue. Let’s face it: Young people are fickle, and they’re typically less compensated. For an advertiser looking for strong returns-on-investment, a youth-centric platform isn’t always economically viable.

Don’t Let the FB Stock Price Fool You

I’m not necessarily laying out my bullish argument for FB stock to dissuade against SNAP or TWTR. A popular argument exists that the latter two represent better bang-for-the-buck than the former. Certainly from a speculator’s perspective, I don’t disagree.

But to say that Facebook is in a bubble because of the elevated FB stock price is where I take a contrasting opinion. Nominally and comparatively speaking, Facebook shares are in the stratosphere. But it’s the same reason why a Ferrari costs more than a Fiat. Just because both are Italian cars doesn’t mean they have the same appeal.

Furthermore, it’s tempting to believe that FB stock hit its peak considering the aggressive competition. Perhaps it will grow at a slower rate than before. That doesn’t by itself green-light an investment towards its rivals. Shelling Fort Wagner from afar is one thing. Taking it by brute force is quite another.

However you want to interpret the FB stock price, this much is clear: Facebook has built itself a near-impenetrable fortress. Its social-media network is ingrained deeply into every fabric of society. Most critically, if older folks find it useful and entertaining, you know that younger people absolutely will.

As of this writing, Josh Enomoto did not hold a position in any of the aforementioned securities.