This is the second long idea I’m sharing on the blog. Good opportunities are limited and unpredictable, so I prefer to sit down and write only when I think such an opportunity arises.
Vertical integration and some strategic assets
Switching costs, cloud and competition
Hermès' family vision and aura of exclusivity, craftsmanship model and vertical integration
2022 recap and updated portfolio to face 2023
OEM's bargaining power, aftermarket unit economics, barriers to entry, PMA risks, M&A opportunities and TransDigm's culture
Main portfolio changes
Benefits of scale, aftermarket, SEER, distribution rights and OEMs veto power
See all

Finding Moats International, Investment Research Service