Every analysis we've published.

Stripe's Moat Isn't the Beautiful API. It's the Cost of Leaving It.

Pinterest's Moat Isn't Network Effects. It's a Pile of Labeled Pictures Nobody Else Has.

Epic Won the War It Wasn't Fighting and Lost the One It Started

Nintendo's Moat Isn't Mario. It's the Trap You Step Into to Play Him.

Booking's Moat Isn't the Brand. It's a Density No Rival Can Reach.

Anyone Can Match Walmart's Price. Nobody Can Match Walmart's Map.

Best Buy Didn't Bypass the Channel. It Fired the Salesman and Bought the Leverage.

Macy's Didn't Bypass the Channel. It Was the Channel — In 1858.

Nordstrom Didn't Bypass the Channel. It Got the Brands Who Hated the Channel to Pick It.

TJX's Moat Isn't the Treasure Hunt. It's Being the Only Buyer Big Enough to Take the Whole Pile.

Etsy's Moat Isn't the Network. It's Your Self-Image.

Lululemon's Moat Isn't the Fabric. It's the Fact That No One Else Touches the Price.

Ralph Lauren's Moat Isn't the Pony. It's the Price You Pay for It.

Diageo's Real Moat Isn't the Brand. It's a Law It Doesn't Control.

BMW's Moat Is Wide in the West and Cracking Where It Sells Most

Mastercard's Moat Isn't the Brand. It's the Thing No One Can Cold-Start.

JPMorgan's Moat Isn't Its Balance Sheet. It's the $10 Trillion It Sees Move Every Day.

Geico's Moat Isn't the Gecko. It's Float That Costs Less Than Nothing.

Moderna's Patent Fortress Has No Walls. What It Has Is Harder to Copy.

Medtronic Has a Real Moat. The Problem Is It Isn't Earning Anything From It.

Universal Music's Moat Is Real. It's Also Cracked in Three Places You Were Told Not to Look.

Live Nation's Moat Isn't Ticketmaster. It's a Loop You Can't See.

Hilton Doesn't Run a Rewards Program. It Runs a Switching-Cost Machine.

Delta Isn't Protected by Being a Good Airline. It's Protected by Three Things That Have Nothing to Do With Flying.

Everyone Says Subsidies Protect Emirates. The Real Moat Is Where Dubai Sits on a Map.

FedEx's Moat Isn't Speed or Brand. It's a Network Nobody Can Afford to Rebuild.

There Are Only Two Companies on Earth That Can Build a Big Jet. That's the Moat - and the Fragility.

Delta Sells You a Lie-Flat Seat. It Profits From Your Credit Card.

Adidas Just Beat Nike at Its Own Game. It Still Doesn't Have a Moat.

Crocs Doesn't Sell Clogs. It Rents You a Blank Canvas — and Charms by the Handful.