Evaluating competitive advantages, scalability, and sustainability.
This scope is designed to help you build a practical understanding of Business Models & Moats. Lessons move from core definitions to real-world context and common failure points.
Reading in order is recommended, but each lesson stands on its own.
Regulatory moats are durable competitive advantages created or reinforced by laws, licenses, approvals, and oversight. This article defines regulatory moats, explains how analysts evaluate their durability, and shows how they influence long-term cash flows and intrinsic value through practical examples from utilities, healthcare, telecom, transport…
A rigorous overview of business model durability as a core element of fundamental analysis, explaining how enduring competitive strengths, unit economics, and industry structure inform long-horizon cash flow expectations and intrinsic value estimation.
A structured guide to comparing business models in fundamental analysis, linking operating design, moats, and financial statements to long-term intrinsic value. The article provides a rigorous framework, practical examples, and pointers for translating business-model differences into cash flow and valuation assumptions.
A structured explanation of disruption risk in fundamental analysis, focusing on how changing technologies and business models can erode moats, alter cash flow durability, and reshape intrinsic value estimates over the long horizon. This article defines disruption risk, maps it to common sources of competitive advantage, and shows how analysts inc…
An in-depth examination of the limits of economic moat analysis, how to apply it in fundamental valuation, and where it can mislead. The article explains practical diagnostics, common blind spots, and real-world contexts where moats have weakened or proved narrower than expected.
