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5 pieces
2026
What Makes a Business Defensible?
Most discussions of moats treat them as binary — you either have one or you don't. The more useful question is: what is the mechanism, how durable is it, and what is it actually defending?
Stripe's Infrastructure Moat
A deep look at how Stripe has built compounding technical and distribution advantages that make it structurally difficult to displace — and what the right frame for the business actually is.
How I Read Annual Reports
Annual reports are designed to be read by lawyers and regulators. Here's how to read them as an analyst — where the signal is, where the noise is, and what to look for that management doesn't highlight.
AI's Picks-and-Shovels Moment
An analysis of the infrastructure layer in AI — why the obvious beneficiaries may not be the durable ones, and where structural advantage is actually accumulating.
Poor Charlie's Almanack
Core frameworks from Munger's collected speeches — the mental model latticework, psychological biases, and the basics of good thinking applied to business and investing.