HeyJaredFinding Moats Investment Research
Fundamental research. Focused on natural monopolies and oligopolies. Irreplaceable assets and high barriers to entry. Long-term thinking.
- Indexed issues, last 90 days
- 4
- Latest publication
- Sep 23, 2026
- Audience
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- Earliest in this view
- Jul 17, 2026
Latest issues
A short break from the blog (opens the original)
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Dear subscribers,My wife and I are about to welcome our second child in the next few days. Going by our experience with our first, the month or two right after a new baby arrives is pure exhaustion — so I’ll be stepping away from the blog during that time.In the meantime, I’m pausing all subscription billing. It’ll pick back up exactly where it left off, the day I return with the next analysis.Thanks to everyone who makes this little blog possible and for always supporting my work.See you when I
[Initiation · Undisclosed] (opens the original)
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What if playing it safe was the best strategy?A leading provider of critical, non-discretionary solutions that represent a tiny percentage of its customers’ total costs. Historically, it has raised prices by 4-5% annually, with highly predictable, recurring cash flows that hold up through the cycle, and minimal need for capital reinvestment.The company rarely loses a client thanks to extremely high switching costs and significant barriers to entry. Clients don’t switch based on price, and the in
Portfolio - Q2 2026 (opens the original)
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[Initiation · Undisclosed] (opens the original)
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More than 80% of EBITDA comes from unique, monopolistic assets in mature, stable geographies where customers have no comparable alternative.Pricing power well above inflation, EBITDA margins above 60% in its core business, and long-term growth of 2–3x GDP with minimal incremental capital requirements. Vertical integration enables the company to enter new markets and secure unique assets at lower cost and with greater control over execution risk than most competitors.A family-co
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