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🏋️ Fantastic moats (and where to find them)

In this Investor Bootcamp episode on The Australian Investors Podcast, Owen Rask dives deep into finding, identifying and researching a company’s competitive advantage, otherwise known as a “moat”.

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Video version available now on Rask’s YouTube channel

Topics covered include:

  • What is a moat?
  • Morningstar’s 5 moat ratings:
    • Network effects
    • Efficient scale
    • Intangible assets
    • Cost advantage
    • Switching costs
  • Where wide, narrow and no moat companies are found
  • How moats are measured (ROIC – WACC)
  • Why the airline industry sucks… capital away from investors
  • How dominant wide-moat companies like Microsoft or Xero can grow more powerful as they grow

Some of the companies mentioned include:


  • Please see the Investor Bootcamp for images & graphics
  • Book: Gorilla Game: Investing in High Technology
  • Books from Porter: Competitive Strategy (1980), Competitive Advantage (1985) and Harvard Business Review’s 10 Must Reads – On Strategy
  • David Gardner Snap Test
  • Owen’s Value Investor Program
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At the time of recording Owen owns shares of Apple & Xero.