Finding Moats Investment Research

This blog is a small, personal project. Each month, I publish a deep dive with the same goal: to understand good businesses, slowly and in depth. It’s a quiet effort—but one that matters a lot to me and my family. Over the next few weeks, I’ll be sharing a few free in depth research pieces. If any of them resonate with you, I’d be truly grateful if you shared them. A small gesture can go a long way in helping this work reach others who might value it too. Thank you for reading—and for giving this project a little push forward.

@ClariFinance Do you think MSCI can raise prices indefinitely without pushback?

@Finding_Moats $FICO is showing that too I think $V $MA and $MSCI

Few businesses, such as $MCO or $SPGI, can plausibly argue that they would not lose meaningful market share even if competitors offered their services for free. Any other examples?

@AspiringChef1 Don't you think having few alternatives in some defense products and having pricing power are two different things? The government may need Lockheed, but it also controls the budget.

@_j__f Are you sure? Haven't competitors taken any meaningful share in recent years?

@Finding_Moats $INTU

When no amount of capital can displace you, you do not have a moat. You have a monopoly. Find those businesses.

If you’d like full access to all past and future in-depth research, you can subscribe here: findingmoats.substack.com If you’re curious about the kind of research I try to build at Finding Moats Investment Research, here are a few deep dives — free to read, no paywall: findingmoats.substack.com/s/sample-posts Traducir post

This month I'm publishing my in-depth research on Aena — issue #51. $AENA.MC

New long idea (in the usual place).

I’ve just published some reflections on 2025. You can find them in the usual place, for those interested.

@DurableCreators Airports, toll roads, ports/terminals, junkyards...

Any ideas on businesses with physical infrastructure/assets that shouldn't really be impacted by AI (or even benefit)? Some thoughts: Landfills - $WM $WCN $RSG Rails - $UNP $CP $CNI Quarries - $MLM $VMC Pipelines - $EPD $ENB Thinking about a basket that balances out semis/AI.

Seeing the blog at #18 Rising in Business at S*bstack genuinely means a lot. Thank you for backing this small, modest project (it really matters to me and my family).

@VelanEther I might forget to tag, but subscribers get an automatic notification when I publish it. 🙏

@Finding_Moats Looking forward to it. Please tag me when you do 🙏🏼

@DD17_Capital 100%

@Finding_Moats Yeah, the algorithm can be pretty wild sometimes. You post articles with barely any growth, and then suddenly something changes and you get new subscribers overnight.

Not sure what triggered the spike (or who recommended the blog), but I’m genuinely grateful especially after a stretch of posting only for paid subscribers. It’s honestly nice to know the blog still grabs attention, particularly when there are so many great analysts out there. 🙏

Curious how $CPRT, a boring junkyard auctioneer business, can generate a ~35% FCF margin (ahead of $GOOG, $RMS.PA and $LVMH.PA).

Closing the year with a new long idea from my portfolio. Link in bio. Wishing everyone a happy new year, and above all good health to you and your families.

The fun part of knowledge is realizing how much you were wrong.