CBRE:  Using An Industry Deep Dive to Detect an Emerging Moat

November 17, 2016 Moats 8 Comments

“Future profitability of the industry will be determined by current competitive characteristics, not past ones. Many managers have been slow to recognize this. It’s not only generals that prefer to fight the last war. Most business and investment analysis also…

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A Cautionary Tale: Trump Hotels & Casino Resorts (DJT)

August 19, 2016 No Moat 8 Comments

From June 7, 1995 to September 27, 2004, Trump Hotels & Casino Resorts (DJT) was a publically traded corporation listed on the NYSE.  These 10 years were not particularly auspicious.  After a decade in which it never earned a penny,…

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Winmark & The Evolving Retail Industry

July 13, 2016 Moats 1 Comment

 “Retailing is a tough, tough business, partly because your competitors are always attempting and very frequently successfully attempting to copy anything you do that's working. And so the world keeps moving. It's hard to establish a permanent moat that your…

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Blackbaud: A Wonderful Little Niche

September 26, 2013 Moats 3 Comments

This is the first of what I hope will be a series of articles on the software industry.  Why?  Quite simply, the software industry possesses very attractive economics.  The first company we will look at is Blackbaud, Inc. (BLKB). Blackbaud…

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See’s Candy – The Prototype of the Wide Moat Company

July 2, 2013 Moats 6 Comments

Buffett often holds out See’s Candy as the prototype of the wide moat company.  What lessons can be learned from this case study? Background See’s Candy manufactures, distributes and sells high quality candy through retail outlets.  These retail locations are…

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