Follow the bottlenecks.
Each week I pick one company nobody seems able to compete with, read its filings, and take its moat apart: the physical chokepoints, the switching costs, and the decisions that made it unfair. Then I score it, and you argue with the score.
Three tests, 0 to 10.
Physical chokepoint
Can anyone physically route around them? Machines, materials, sites, capacity.
Switching cost
What does it cost a customer to leave, in money, time and redesign work?
Lock-in
Do buyers stay even when they could leave? Trust, habit, risk, reputation.
The moat score is the average of the three. The tier is my call, not a formula: roughly S at 8.5 and up, A from 7.5, B from 6, C below that. Every number behind a score is sourced on its episode page. See the full ranking →
ASML
The $380M machine nobody can copy.
Think a score is wrong?
Say which one, and why, in the video's comments. The best counter-argument each week gets featured here and in the next episode.