A message from Antonio
When we started Moat Investing, we wanted to do something simple and demanding at the same time: study businesses the way an owner would, and share that work openly.
Markets are remarkably good at pricing information quickly, but they are not always right about value. Every so often, a great company trades below what its sustainable earnings, or even its assets, are worth. Those moments are rare, and they reward the investor who has done the homework: the one who understands where a company’s competitive advantage comes from and how long it can last.
That is why every analysis we publish starts with the business, not the share price. We estimate what the company is worth, we explain the model behind that number, and we only get interested when there is a real margin of safety. If we cannot explain an idea clearly, we do not publish it.
Patience is part of the method. A thesis needs time, and so does the compounding that follows. Our job is to stay disciplined when the market is noisy, to admit when we are wrong and to keep learning, just as Benjamin Graham and Warren Buffett taught generations of investors.
Thank you for reading our work. I hope it helps you think more clearly about the businesses you own.
