Lens family
119 analysesMoat Anatomy ✕
Zoom Had a Brilliant Product and a Borrowed Moat. Then the Bill Came Due.
Zoom
Airbnb's Moat Isn't the Listings. It's That You'll Sleep in a Stranger's Bed.
Airbnb
Airbnb Turned Off Half a Billion Dollars of Marketing. Almost Nobody Stopped Coming.
Airbnb
Honda's Famous Independence Is a Slogan From 2001 — and Its Last Deal Proves It.
Honda
Toyota's Real Moat Isn't the Production System. It's Whether Anyone Still Runs It.
Toyota
Tesla's Lead Was Never a Moat. It Was a Head Start - and Head Starts Get Caught.
Tesla
BMW's Most Famous Moat Was Written by an Ad Agency for One Continent
BMW
Ferrari Makes 13,752 Cars a Year. Wall Street Prices It Like a Handbag House.
Ferrari
JPMorgan's Moat Isn't Being Big. It's Being Big Enough to Make Size Free.
JPMorgan Chase
L'Oreal's Moat Isn't Its 37 Brands. It's the 3% You Never See.
L'Oreal
Diageo's Moat Is 180 Countries Deep. The Cracks Run Right Through the Flagship.
Diageo
Hershey Doesn't Own Cadbury in America. That Borrowed Brand Is Its Best Defense.
Hershey
PepsiCo's Real Moat Isn't the Chip. It's the Truck That Beats You to the Shelf.
PepsiCo
Red Bull Invented Nothing. It Just Owns the Word.
Red Bull
Intuitive's Patents Expired. Its Installed Base Kept Growing Anyway.
Intuitive Surgical
Medtronic's Best Moat Is a Surgeon's Hands. Some of It the DOJ Has Already Drained.
Medtronic
GEICO's Best Year Ever Was Also a Warning. The Moat Is Real. The Record Was Borrowed.
Geico
FedEx Built the Widest Moat in Logistics. It's Wide in the Wrong Place.
FedEx
LVMH's Moat Isn't 170 Years Old. It's 40, and It Was Bought at a Discount.
LVMH
Spotify Finally Turned a Profit. It Didn't Win a Single Inch Back From the Labels.
Spotify
Netflix's Moat Wasn't Being First. It Was Surviving Long Enough to Get Big.
Netflix
Amex's Moat Isn't Rich Customers. It's a Legal Shield and a Closed Loop.
American Express
Mastercard's Moat Wasn't Built by Network Effects. It Was Built by Rules.
Mastercard
Visa's Real Moat Isn't Technology. It's a 1970 Ownership Trick Nobody Can Copy.
Visa
Coinbase's Moat Isn't Crypto. It's a Filing Cabinet of Licenses That a New Administration Can Reopen.
Coinbase
Lilly's Real Moat Isn't the Molecule. It's the Concrete It Poured Before Anyone Said Yes.
Eli Lilly
Moderna Has a Platform and a Boom. Only One of Them Is Still Generating Revenue.
Moderna
Novo Nordisk Built a 100-Year Moat. Its Newest Wing Sits on One Molecule.
Novo Nordisk
Kirkland Signature Isn't a Store Brand. It's a Threat Costco Makes to Every Supplier.
Costco
AMD Didn't Invent the Chiplet. It Invented the Six-Year Head Start.
AMD