“Welcome to Adult Life”: American Express, Synchrony Financial & the Changing Credit Card Landscape

March 8, 2016 Moats 22 Comments

Two years ago, I investigated the moat around American Express’s (AXP) business.  I assessed the moat as wide and identified a positive feedback loop at the heart of it.  The loop ran like this: Spending on Amex cards is higher…

Continue Reading

Live Nation Entertainment: An Unregulated Monopoly?

March 5, 2015 Moats 43 Comments

Full Disclosure:  I own shares of Live Nation Entertainment (LYV) In early 1982, a comedian turned lawyer turned CEO named Fred Rosen was looking for a strategy for taking on a powerful company called Ticketron.  Rosen’s young company, Ticketmaster, was…

Continue Reading

C.H. Robinson and Two-Sided Markets

October 31, 2014 Moats 28 Comments

Regular readers will notice that this is the first post in quite some time.  Thank you for all your emails asking where I had disappeared to.  I will now return to writing again regularly.  I hope you enjoy it.  As…

Continue Reading