HeyJaredMoats & Multiples
Welcome to Moats & Multiples! This page is dedicated to the gods of compound interest and the businesses which make it happen. Follow my twitter to stay in touch! @moats_multiples
- Indexed issues, last 90 days
- 3
- Latest publication
- Aug 11, 2026
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- Earliest in this view
- Jul 7, 2026
Latest issues
Uber – The Toll Booth in an Autonomous World (opens the original)
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In 1953, American Airlines president C.R. Smith boarded a flight and happened to sit beside an IBM salesman named Blair Smith. The conversation that followed would change the economics of air travel.American was buying increasingly sophisticated aircraft and carrying more passengers than ever before. Yet behind the technological marvel of modern aviation sat a remarkably primitive system. Reservations were recorded manually, availability was difficult to track, and filling thousands of seats eff
Chris Hohn Gave Up on This Stock After a Year. I Think He's Wrong. (opens the original)
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So, you really enjoyed reading my last article on TCI? Well buckle-up, I’ve got another one for you.This time, I got my hands on TCI’s June 2026 update and whilst there have been very minimal changes to the portfolio, the one notable exit (or material reduction) is that of SAP.The stock now represents a de minimis position in their portfolio which indicates Chris Hohn has all but given up on the stock, having only held the position for about a year. Whilst there wasn’t any explicit explanation o
Terry Smith Just Broke His Own Golden Rule (opens the original)
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Oh boy, where do I begin?For those of you who haven’t read Fundsmith’s semi-annual letter, I suggest you do so before reading the rest of this post. For those unfamiliar with Fundsmith, it is one of the UK’s largest and most successful long-only boutique managers, established by Terry Smith in 2010 and currently managing somewhere around £12bn (don’t quote me on this). Smith is well regarded in quality investing circles and has been heralded for simplifying investing for the layperson. His three
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