Great breakdown. The point about MidCap’s moat being built on relationships and consistency rather than scale alone really stood out. Trust and cycle-tested experience are hard to replicate, and that’s what makes this model durable.
The AI narrative is powerful, but I believe the real winners will be those who combine innovation with durable economics. I wrote about this in my recent review — showing how thesis-driven investing captured both AI and energy transitions. Happy to share here
Great breakdown. The point about MidCap’s moat being built on relationships and consistency rather than scale alone really stood out. Trust and cycle-tested experience are hard to replicate, and that’s what makes this model durable.
Keep up the good work!
Thanks Alan :)
Let’s Connect. I love your content.
The AI narrative is powerful, but I believe the real winners will be those who combine innovation with durable economics. I wrote about this in my recent review — showing how thesis-driven investing captured both AI and energy transitions. Happy to share here
https://thesisrationale.substack.com/p/annual-investment-review-20242025?r=48cf8j&utm_medium=ios
Building a Moat
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MoAT ( Moat on Assets Total)
= ROA