Invest in
Moats,
Not Markets.
A high-conviction portfolio of 25 businesses scored across moat strength, growth trajectory, and live valuation — built to compound in the AI era.
25
Portfolio Holdings
60+
Stocks Analyzed
≥ 80
Score Required
10%
Max Position Weight
The Thesis
Why systematic moat investing?
Economic Moats Compound
The best businesses become harder to compete with over time. Pricing power, switching costs, and network effects strengthen as the business scales, delivering above-market returns on capital for decades.
AI Rewrites the Playbook
Most competitive advantages are AI-vulnerable. We weight proprietary data, regulatory lock-in, and network effects 60% more heavily — the moats AI cannot replicate or destroy.
Concentration Beats Diversification
Owning 500 companies means funding mediocrity at scale. 25 high-conviction positions, each earning its place by scoring ≥75/100, concentrate capital where it compounds fastest.
The Scoring Framework
How every stock earns its score
10 weighted moat types. Resilient moats 60%, vulnerable 40%. Breadth bonus up to +4 pts.
Estimated 3-5 year revenue CAGR with named adjustments:
Price vs. scenario targets with live price feeds:
The 10 Moat Model
Not all moats survive the AI era
Every business is scored across 10 competitive advantages. Five are AI-resilient (60% of the score) because AI cannot replicate them; five are AI-vulnerable (40%) because intelligent agents can increasingly substitute for them. Each moat is rated strong (100) · intact (75) · weakened (50) · destroyed (10).
Network Effects
Value compounds with every new participant
Following Metcalfe's Law, value scales with the square of participants. Every new user makes the network more valuable for all existing users — an enormous structural disadvantage for any challenger.
Proprietary Data
Private, compounding data flywheels
Data that accumulates privately over time and cannot be purchased or replicated. The longer the company operates, the harder it becomes to catch up. Think HealthKit biometrics, Palantir's classified datasets, or Visa's transaction graph.
System of Record
The authoritative source of truth
The company's data store is the canonical reference all downstream systems defer to. Replacing it requires migrating years of history and retraining every workflow built on top — so customers never voluntarily leave.
Regulatory Lock-In
Government licences, certifications & mandates
Advantages granted by law: FDA approvals, financial licences, index inclusion, spectrum rights. These cannot be automated away; the certification process itself is the moat.
Transaction Embedding
Sitting inside the payment layer
The business is embedded directly in the financial flow of every transaction. Removing it requires rebuilding critical infrastructure — not just switching a preference.
Business Logic
Embedded operational workflows
The software encodes years of accumulated business rules that employees rely on daily. While this creates significant switching costs today, AI can increasingly model and reproduce business logic, gradually eroding the cost of migration.
Bundling
Value from combining complementary products
Multiple products packaged together create convenience that point solutions can't match. AI-driven software commoditises features rapidly, making it easier for focused challengers to replicate any single element.
Learned Interfaces
Fluency built through years of UI habit
Users invest time mastering a specific interface — keyboard shortcuts, mental models, workflows. AI agents increasingly abstract away the interface layer, letting users command outcomes without learning a specific UI.
Talent Scarcity
Rare human expertise as competitive advantage
The business depends on a small pool of specialists whose skills are hard to find. AI augments and in some domains replaces highly skilled human work, compressing the scarcity premium over time.
Public Data Access
Privileged access to publicly available information
The company has a head-start aggregating data that is technically public but expensive to compile. AI web-crawlers and LLMs rapidly close this gap by training on the same underlying sources.
Each moat is rated strong (100) · intact (75) · weakened (50) · destroyed (10). N/A moats are excluded and weight redistributed within the group. A breadth bonus of +1 to +4 rewards businesses with more applicable moats, producing the Moat Score (40% of composite).
Common Questions
Questions worth asking
Ready to explore?
View the portfolio
Explore the current 25-stock allocation, browse all 60+ analyzed assets, or dive into individual company reports with moat scores, scenarios, and live valuations.