The Moat Anatomy

What this pack runs.

Most moat analysis is a retrospective explanation of why a company earns good returns, presented as a prediction that it will keep earning them. This pack replaces the taxonomy with an inequality: a moat is the gap between what a challenger would have to spend to take one of your customers and what that customer would then be worth to them. It names which of four sources produces that gap, what erodes each — in three cases out of four, somebody who is not competing with you — and computes the arithmetic where it actually lives, which is in the challenger's numbers rather than yours.

The casebooks these cases come from.

The pack reads nine sourced decisions through the framework. They are drawn from these casebooks, each one a set of verified records on a single decision type.

A verified record has passed a mechanical claim-versus-source check, a second model's read, and human approval. The count is what exists today, not a target.