Finding Moats Investment Research | FindingMoats | Substack

My Investment Philosophy and What You Can Expect from Finding Moats Investment Research

May 18, 2025 • FindingMoats

In-Depth Company Research

Distribution at Scale, from Poland into Fragmented Europe: How Operational Execution Meets Market Inefficiency

Oct 30, 2025 • FindingMoats

Anatomy of a Healthcare Dependency: Chronic conditions, surgical loyalty, and routine consumption as the foundation of a hard-to-replicate competitive…

Sep 30, 2025 • FindingMoats

Alimentation Couche-Tard

Discipline at Scale: Turning fragmentation into structural advantage while preserving store economics under the EV transition

Aug 28, 2025 • FindingMoats

Beyond the Lift Ticket: How Vail Resorts built a recurring revenue empire on the world’s rarest assets

Jul 30, 2025 • FindingMoats

Built to Transmit, Poised to Endure: American Tower’s Strategic Positioning in a Wireless World

Apr 30, 2025 • FindingMoats

Chapters Group, Software Circle and Sygnity

The Moat You Can't See: Leadership, Incentives and Capital Allocation Across Europe’s VMS Consolidators

Feb 24, 2025 • FindingMoats

The Reinvestment Machine Meets the Cycle: A strategic pause on Instalco

Feb 6, 2025 • FindingMoats

Steam and Strategy: Spirax Group’s Enduring Industrial Edge

Dec 30, 2024 • FindingMoats

Engineering Nature: Bakkafrost’s Vertical Advantage

Oct 29, 2024 • FindingMoats

The Art of Selling Beauty: Inside Ulta’s Strategic Model

Sep 23, 2024 • FindingMoats

Evolution and Judges Scientific

Fragile Brilliance vs Durable Discipline: A Strategic Deep Dive Into Evolution and Judges Scientific

Jul 30, 2024 • FindingMoats

Built for the Vertical Century: Otis and the Future of Urban Mobility

May 28, 2024 • FindingMoats

Free Sample Posts

Beyond Blood Sugar: Novo Nordisk's Push to Redefine Obesity

Jun 26, 2025 • FindingMoats

Crafting Beauty for a Century: How L’Oréal Leverages Scale, Innovation, and Brand Equity for Long-Term Growth

May 31, 2025 • FindingMoats

Crafting Worlds, Building Value: The Games Workshop Playbook

Nov 29, 2024 • FindingMoats

Time Is Luxury. How Hermès Masters Scarcity, Craft, and Desire

Jan 18, 2023 • FindingMoats

Portfolio

Portfolio Update - Q3 2025

Some reflections on the impact of AI on the vertical software market

Nov 17, 2025 • FindingMoats

Portfolio Update - Q2 2025

Conviction Over Comfort: Rebalancing a long-term portfolio when good is not good enough.

Jul 3, 2025 • FindingMoats

Portfolio Update - Q1 2025

When Volatility Tests Conviction

Apr 8, 2025 • FindingMoats

2024 Annual Letter

Six Years In: Lessons, Gratitude, and the Path Ahead

Jan 12, 2025 • FindingMoats

Long Ideas

New Investment Idea #3 (2025)

A leader in an oligopolistic market with high barriers to success.

Dec 30, 2025 • FindingMoats

New Investment Idea #2 (2025)

A highly specialized industrial business with a unique and difficult-to-replicate position within its customers’ value chains.

Dec 4, 2025 • FindingMoats

New Investment Idea (2025)

Today I’m sharing a new investment idea that has rapidly become a core holding in my portfolio.

Mar 31, 2025 • FindingMoats

New Investment Idea #2 (2024)

Small-cap with little coverage that has comfortably and consistently beaten the S&P 500 over 5, 10, 15, and 20-year periods.

Aug 26, 2024 • FindingMoats

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