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Chris Hohn on AI risk, moats, & disruption: “The world is changing so much that some of these moats, 𝐚𝐩𝐩𝐚𝐫𝐞𝐧𝐭 𝐦𝐨𝐚𝐭𝐬, 𝐚𝐫𝐞 𝐣𝐮𝐬𝐭 𝐛𝐞𝐢𝐧𝐠 𝐛𝐞𝐚𝐭𝐞𝐧 𝐝𝐨𝐰𝐧 𝐛𝐲 𝐀𝐈 and other disruption forces. So the forces of disruption are actually rising.” How does Hohn think about navigating that risk? “You...

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Dimitry Nakhla | Babylon Capital®

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Chris Hohn on why Aerospace sits firmly in his investable universe: “Aerospace is a sector we’ve come to understand where the barriers to entry are multiple… hard assets, contracts, network effects… intellectual property, contracts, installed base, regulatory switching costs.” ___ 𝐓𝐡𝐞 𝐥𝐞𝐬𝐬𝐨𝐧: 𝙏𝙝𝙚 𝙢𝙤𝙨𝙩 𝙙𝙪𝙧𝙖𝙗𝙡𝙚 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨𝙚𝙨 𝙙𝙤𝙣’𝙩 𝙧𝙚𝙡𝙮 𝙤𝙣 𝙤𝙣𝙚 𝙢𝙤𝙖𝙩 — 𝙩𝙝𝙚𝙮 𝙨𝙩𝙖𝙘𝙠 𝙢𝙪𝙡𝙩𝙞𝙥𝙡𝙚 𝙗𝙖𝙧𝙧𝙞𝙚𝙧𝙨 𝙩𝙤 𝙚𝙣𝙩𝙧𝙮. 𝙀𝙖𝙘𝙝 𝙡𝙖𝙮𝙚𝙧 𝙢𝙖𝙠𝙚𝙨 𝙙𝙞𝙨𝙧𝙪𝙥𝙩𝙞𝙤𝙣 𝙝𝙖𝙧𝙙𝙚𝙧; 𝙩𝙤𝙜𝙚𝙩𝙝𝙚𝙧, 𝙩𝙝𝙚𝙮 𝙘𝙧𝙚𝙖𝙩𝙚 𝙣𝙚𝙖𝙧-𝙞𝙢𝙢𝙪𝙣𝙞𝙩𝙮. ___ Why multiple barriers matter: 𝐇𝐚𝐫𝐝 𝐚𝐬𝐬𝐞𝐭𝐬 → capital intensity discourages new entrants 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐬 → long-dated agreements with OEMs & airlines 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 𝐞𝐟𝐟𝐞𝐜𝐭𝐬 → scale advantages in service, parts, and support 𝐈𝐧𝐭𝐞𝐥𝐥𝐞𝐜𝐭𝐮𝐚𝐥 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 → decades of engineering know-how that can’t be replicated quickly 𝐈𝐧𝐬𝐭𝐚𝐥𝐥𝐞𝐝 𝐛𝐚𝐬𝐞 → once equipment is flying, customers can’t easily switch 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧 & 𝐜𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 → enormous time, cost, and risk to gain approval 𝐒𝐰𝐢𝐭𝐜𝐡𝐢𝐧𝐠 𝐜𝐨𝐬𝐭𝐬 → safety, reliability, and downtime risks deter change 𝐄𝐚𝐜𝐡 𝐥𝐚𝐲𝐞𝐫 𝐦𝐚𝐤𝐞𝐬 𝐝𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐨𝐧 𝐡𝐚𝐫𝐝𝐞𝐫. ___ 5 High-Quality Aerospace businesses worth adding to your watchlist: 1. $GE GE Aerospace 3-Year CAGR: +58% 2. $HWM Howmet Aerospace 3-Year CAGR: +76% 3. $TDG TransDigm Group 3-Year CAGR: +20% 4. $HEI Heico 3-Year CAGR: +23% 5. $RTX RTX Corporation 3-Year CAGR: +27% When investors talk about “disruption risk,” sectors with layered moats like aerospace are often underestimated. Patience — and respect for barriers — tends to be rewarded. ___ Video: Norges Bank Investment Mangement | Investment Conference 2025 (07/23/2025)
0:43

Chris Hohn on why Aerospace sits firmly in his investable universe: “Aerospace is a sector we’ve come to understand where the barriers to entry are multiple… hard assets, contracts, network effects… intellectual property, contracts, installed base, regulatory switching costs.” ___ 𝐓𝐡𝐞 𝐥𝐞𝐬𝐬𝐨𝐧: 𝙏𝙝𝙚 𝙢𝙤𝙨𝙩 𝙙𝙪𝙧𝙖𝙗𝙡𝙚 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨𝙚𝙨 𝙙𝙤𝙣’𝙩 𝙧𝙚𝙡𝙮 𝙤𝙣 𝙤𝙣𝙚 𝙢𝙤𝙖𝙩 — 𝙩𝙝𝙚𝙮 𝙨𝙩𝙖𝙘𝙠 𝙢𝙪𝙡𝙩𝙞𝙥𝙡𝙚 𝙗𝙖𝙧𝙧𝙞𝙚𝙧𝙨 𝙩𝙤 𝙚𝙣𝙩𝙧𝙮. 𝙀𝙖𝙘𝙝 𝙡𝙖𝙮𝙚𝙧 𝙢𝙖𝙠𝙚𝙨 𝙙𝙞𝙨𝙧𝙪𝙥𝙩𝙞𝙤𝙣 𝙝𝙖𝙧𝙙𝙚𝙧; 𝙩𝙤𝙜𝙚𝙩𝙝𝙚𝙧, 𝙩𝙝𝙚𝙮 𝙘𝙧𝙚𝙖𝙩𝙚 𝙣𝙚𝙖𝙧-𝙞𝙢𝙢𝙪𝙣𝙞𝙩𝙮. ___ Why multiple barriers matter: 𝐇𝐚𝐫𝐝 𝐚𝐬𝐬𝐞𝐭𝐬 → capital intensity discourages new entrants 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐬 → long-dated agreements with OEMs & airlines 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 𝐞𝐟𝐟𝐞𝐜𝐭𝐬 → scale advantages in service, parts, and support 𝐈𝐧𝐭𝐞𝐥𝐥𝐞𝐜𝐭𝐮𝐚𝐥 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 → decades of engineering know-how that can’t be replicated quickly 𝐈𝐧𝐬𝐭𝐚𝐥𝐥𝐞𝐝 𝐛𝐚𝐬𝐞 → once equipment is flying, customers can’t easily switch 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧 & 𝐜𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 → enormous time, cost, and risk to gain approval 𝐒𝐰𝐢𝐭𝐜𝐡𝐢𝐧𝐠 𝐜𝐨𝐬𝐭𝐬 → safety, reliability, and downtime risks deter change 𝐄𝐚𝐜𝐡 𝐥𝐚𝐲𝐞𝐫 𝐦𝐚𝐤𝐞𝐬 𝐝𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐨𝐧 𝐡𝐚𝐫𝐝𝐞𝐫. ___ 5 High-Quality Aerospace businesses worth adding to your watchlist: 1. $GE GE Aerospace 3-Year CAGR: +58% 2. $HWM Howmet Aerospace 3-Year CAGR: +76% 3. $TDG TransDigm Group 3-Year CAGR: +20% 4. $HEI Heico 3-Year CAGR: +23% 5. $RTX RTX Corporation 3-Year CAGR: +27% When investors talk about “disruption risk,” sectors with layered moats like aerospace are often underestimated. Patience — and respect for barriers — tends to be rewarded. ___ Video: Norges Bank Investment Mangement | Investment Conference 2025 (07/23/2025)

Dimitry Nakhla | Babylon Capital®

30,291 views • 6 months ago

Top 15 Stocks with Strongest Network Effects 🧵 Network effects one of the most durable moat in markets. Morningstar calls them one of the strongest economic moats. 👇 1) $META — Meta Platforms Meta operates the largest direct network effect ever built, anchored by 3.43 billion daily active users across Facebook, Instagram, WhatsApp, and Messenger. Social graphs, messaging history, groups, and content distribution create extreme switching costs that new platforms cannot replicate.
1:38

Top 15 Stocks with Strongest Network Effects 🧵 Network effects one of the most durable moat in markets. Morningstar calls them one of the strongest economic moats. 👇 1) $META — Meta Platforms Meta operates the largest direct network effect ever built, anchored by 3.43 billion daily active users across Facebook, Instagram, WhatsApp, and Messenger. Social graphs, messaging history, groups, and content distribution create extreme switching costs that new platforms cannot replicate.

Sergey

23,597 views • 8 months ago

Investor Chris Hohn (2,924% returns since 2004) on 7 types of "moats" as Warren Buffett calls them: First Hohn clarifies that a "moat" means a business that is difficult to replace & compete with: "Those are…two risks: substitution risk & competition risk. They become very difficult to overcome long-term. And why is that so important? Competition kills profits…Substitution eliminates your business." Next, Hohn on the 7 moats: 1. Irreplaceable Physical Assets "One which most people don't look at—most investors don't really look at, interestingly—is irreplaceable physical assets. We're in a world where people just look at earnings. They don't look at asset value or physical assets. So we like quite a bit of infrastructure. Airports, for example, one of our investments has been the airport group in Spain that the government privatized, AENA. You can never build a second airport in Madrid or anywhere else. These are natural monopolies. That also applies to toll roads, railroads, and telecom towers." 2. Intellectual Property "A second [moat] is Intellectual Property that is so advanced it's very difficult to replicate. One space we like is aircraft engines. It's a very complicated product: the materials complexity, the temperatures these engines run at, the metals that would otherwise melt, the thousands of complex parts that all have to come together. That's a business where there are only two players in narrowbody engines and two in widebody, and there have been no new entrants for more than 50 years. The last new entrant was GE. It's a big industry, but it's so complex it's very hard to enter." 3. "Installed Base" "Another barrier to entry is Installed Base, which also applies to the aircraft engine business. Once those engines are there, you get the spare parts business that comes with them." 4. Scale "Scale is another barrier, though that's not a guarantee of a competitive moat." 5. Network Effects "Network Effects are another important barrier. You can see this in assets like Visa and Meta." 6. Brands "And Brands are another barrier to entry, though not every brand is powerful. A McDonald's has real value. Some brands are powerful and sustainable, but not all." 7. Customer Switching Costs "One more moat worth mentioning: Customer Switching costs. Take mission-critical software. Once it's installed, companies are very reluctant to mess with it and switch because of the complexity."
0:31

Investor Chris Hohn (2,924% returns since 2004) on 7 types of "moats" as Warren Buffett calls them: First Hohn clarifies that a "moat" means a business that is difficult to replace & compete with: "Those are…two risks: substitution risk & competition risk. They become very difficult to overcome long-term. And why is that so important? Competition kills profits…Substitution eliminates your business." Next, Hohn on the 7 moats: 1. Irreplaceable Physical Assets "One which most people don't look at—most investors don't really look at, interestingly—is irreplaceable physical assets. We're in a world where people just look at earnings. They don't look at asset value or physical assets. So we like quite a bit of infrastructure. Airports, for example, one of our investments has been the airport group in Spain that the government privatized, AENA. You can never build a second airport in Madrid or anywhere else. These are natural monopolies. That also applies to toll roads, railroads, and telecom towers." 2. Intellectual Property "A second [moat] is Intellectual Property that is so advanced it's very difficult to replicate. One space we like is aircraft engines. It's a very complicated product: the materials complexity, the temperatures these engines run at, the metals that would otherwise melt, the thousands of complex parts that all have to come together. That's a business where there are only two players in narrowbody engines and two in widebody, and there have been no new entrants for more than 50 years. The last new entrant was GE. It's a big industry, but it's so complex it's very hard to enter." 3. "Installed Base" "Another barrier to entry is Installed Base, which also applies to the aircraft engine business. Once those engines are there, you get the spare parts business that comes with them." 4. Scale "Scale is another barrier, though that's not a guarantee of a competitive moat." 5. Network Effects "Network Effects are another important barrier. You can see this in assets like Visa and Meta." 6. Brands "And Brands are another barrier to entry, though not every brand is powerful. A McDonald's has real value. Some brands are powerful and sustainable, but not all." 7. Customer Switching Costs "One more moat worth mentioning: Customer Switching costs. Take mission-critical software. Once it's installed, companies are very reluctant to mess with it and switch because of the complexity."

Investment Wisdom

26,399 views • 3 months ago

Network effects in financial infrastructure are slow at first. Then they aren't. Every Zone that connects makes every other Zone more valuable. The network compounds. The market is global Finance. All of it.
0:22

Network effects in financial infrastructure are slow at first. Then they aren't. Every Zone that connects makes every other Zone more valuable. The network compounds. The market is global Finance. All of it.

ZKsync

34,835 views • 3 months ago

Hohn’s strategy essentially redefines quality as extreme resilience against substitution and competition over a multi-decade timeline. Hohn targets super-companies where physical, non-replicable assets create monopolistic barriers to entry, rendering executive talent largely irrelevant to the underlying cash flows. He deliberately avoids high-growth sectors vulnerable to disruption, viewing terminal value as the greatest source of alpha missed by short-term analysts. For instance, in infrastructure, he targets assets like cell towers, rail lines, and literal toll roads where tenancy ratios allow for near-100% margin expansion on zero-cost additions, and cash flow yields are contractually linked to inflation. In aerospace, his conviction is absolute. TCI's largest holding is $GE Aerospace. Hohn categorizes this as an unbreakable moat because the complexity of building aircraft engines has prevented any new market entrants in over 50 years. The true economic value, however, is not the engine itself, but the captive aftermarket spare parts and servicing ecosystem. Once an airline adopts an engine, the switching costs are effectively insurmountable, guaranteeing decades of highly predictable, high-margin revenue. Hohn’s view on moats is dynamic. He believes even the strongest moats can erode. In a definitive move in early 2026, TCI slashed a large portion of its $8B stake in $MSFT, which is a position held for nearly a decade. Hohn explicitly cited that the rapid advancement of Generative AI posed an existential risk to Microsoft's core Office and Azure moats, proving that he will mercilessly abandon a historically 'high quality' asset the moment technological disruption threatens its terminal value.
2:12

Hohn’s strategy essentially redefines quality as extreme resilience against substitution and competition over a multi-decade timeline. Hohn targets super-companies where physical, non-replicable assets create monopolistic barriers to entry, rendering executive talent largely irrelevant to the underlying cash flows. He deliberately avoids high-growth sectors vulnerable to disruption, viewing terminal value as the greatest source of alpha missed by short-term analysts. For instance, in infrastructure, he targets assets like cell towers, rail lines, and literal toll roads where tenancy ratios allow for near-100% margin expansion on zero-cost additions, and cash flow yields are contractually linked to inflation. In aerospace, his conviction is absolute. TCI's largest holding is $GE Aerospace. Hohn categorizes this as an unbreakable moat because the complexity of building aircraft engines has prevented any new market entrants in over 50 years. The true economic value, however, is not the engine itself, but the captive aftermarket spare parts and servicing ecosystem. Once an airline adopts an engine, the switching costs are effectively insurmountable, guaranteeing decades of highly predictable, high-margin revenue. Hohn’s view on moats is dynamic. He believes even the strongest moats can erode. In a definitive move in early 2026, TCI slashed a large portion of its $8B stake in $MSFT, which is a position held for nearly a decade. Hohn explicitly cited that the rapid advancement of Generative AI posed an existential risk to Microsoft's core Office and Azure moats, proving that he will mercilessly abandon a historically 'high quality' asset the moment technological disruption threatens its terminal value.

CapexAndChill

27,269 views • 3 months ago

Eight moats of a sustainable company in 2026: Gokul Rajaram 1. Data (Google) 2. Workflow (Veeva) 3. Regulatory (Coinbase) 4. Distribution (Intuit) 5. Ecosystem (Shopify) 6. Network (Facebook) 7. Physical infrastructure (Amazon) 8. Scale (NVIDIA) What is the most important for you Ho Nam Keith Rabois Shaun Maguire Jared Sleeper Karim Atiyeh?
2:44

Eight moats of a sustainable company in 2026: Gokul Rajaram 1. Data (Google) 2. Workflow (Veeva) 3. Regulatory (Coinbase) 4. Distribution (Intuit) 5. Ecosystem (Shopify) 6. Network (Facebook) 7. Physical infrastructure (Amazon) 8. Scale (NVIDIA) What is the most important for you Ho Nam Keith Rabois Shaun Maguire Jared Sleeper Karim Atiyeh?

Harry Stebbings

169,680 views • 5 months ago

Chris Hohn: "Most industries are bad industries. Maybe there are 200 companies that we consider to be high-quality and investable." "The one important thing that I've learned in my time in investing is [that] investors underestimate the forces of competition and disruption."
0:56

Chris Hohn: "Most industries are bad industries. Maybe there are 200 companies that we consider to be high-quality and investable." "The one important thing that I've learned in my time in investing is [that] investors underestimate the forces of competition and disruption."

Kevin Carpenter

46,935 views • 2 months ago

California Democrats have increased regulatory costs to grow lettuce 1,400% New data shows groceries are getting more expensive is because farming is getting more expensive A Cal Poly study tracked the regulatory costs of a California lettuce farm - In 2006, it was $109 an acre - Today, it's more than $1,600 an acre - That's a 1,400% increase in regulatory costs I looked more into this and it’s absolutely correct The study tracked a large scale commercial lettuce grower in the Salinas Valley across 2006, 2017, and 2024 2006: Regulatory compliance costs = $109.15 per acre (about 1.26% of total production costs) 2017: Rose to $977 per acre (795% increase from 2006; 8.9% of production costs) 2024: $1,600+ per acre (63.7% increase from 2017; 1,366% overall increase since 2006; now 12.6% of total production costs). The state produces 70% of US lettuce “That dramatic rise has come from layer upon layer of regulation, nearly two dozen of them related to food safety, air and water quality, worker health and safety, and wages.” California needs to vote Red and stop with all these insane revaluations
1:15

California Democrats have increased regulatory costs to grow lettuce 1,400% New data shows groceries are getting more expensive is because farming is getting more expensive A Cal Poly study tracked the regulatory costs of a California lettuce farm - In 2006, it was $109 an acre - Today, it's more than $1,600 an acre - That's a 1,400% increase in regulatory costs I looked more into this and it’s absolutely correct The study tracked a large scale commercial lettuce grower in the Salinas Valley across 2006, 2017, and 2024 2006: Regulatory compliance costs = $109.15 per acre (about 1.26% of total production costs) 2017: Rose to $977 per acre (795% increase from 2006; 8.9% of production costs) 2024: $1,600+ per acre (63.7% increase from 2017; 1,366% overall increase since 2006; now 12.6% of total production costs). The state produces 70% of US lettuce “That dramatic rise has come from layer upon layer of regulation, nearly two dozen of them related to food safety, air and water quality, worker health and safety, and wages.” California needs to vote Red and stop with all these insane revaluations

Wall Street Apes

127,606 views • 3 months ago

$HASHAI is Ahead of the Curve ✅ Today’s Amazon Web Services outage highlights the advantage of truly decentralised, reliable infrastructure. 🔹Hash AI’s Node network is purpose-built for real-world, high-performance computing, built on Ethereum. From training and deploying AI models to executing complex data processing and ETL workflows. 🔹Experience lower costs, higher reliability, and complete freedom from vendor lock-in with infrastructure engineered for scale, speed, and resilience. Rent now → Learn more →
0:41

$HASHAI is Ahead of the Curve ✅ Today’s Amazon Web Services outage highlights the advantage of truly decentralised, reliable infrastructure. 🔹Hash AI’s Node network is purpose-built for real-world, high-performance computing, built on Ethereum. From training and deploying AI models to executing complex data processing and ETL workflows. 🔹Experience lower costs, higher reliability, and complete freedom from vendor lock-in with infrastructure engineered for scale, speed, and resilience. Rent now → Learn more →

Hash AI

17,248 views • 10 months ago

In the early days, the only moat that startups have is speed. Once you make something people want, the question becomes what deeper moats can you build on to defend against the competition. On the Lightcone Podcast, Garry Tan, Harj Taggar, Diana, and Jared Friedman dive into Hamilton Helmer’s Seven Powers framework to find out how these moats show up in practice today in AI startups. 00:00 - The Moat Problem 01:30 - The Seven Powers Framework 04:20 - When to Think About Moats 08:40 - Forward Deployed Engineering 10:18 - Process Power 14:34 - Cornered Resources 19:30 - Switching Costs 24:54 - Counter Positioning 31:24 - The Workforce Displacement Reality 34:00 - Brand & Speed as Moats 37:30 - Network Economies 41:00 - Scale Economies 43:44 - Final Advice
45:05

In the early days, the only moat that startups have is speed. Once you make something people want, the question becomes what deeper moats can you build on to defend against the competition. On the Lightcone Podcast, Garry Tan, Harj Taggar, Diana, and Jared Friedman dive into Hamilton Helmer’s Seven Powers framework to find out how these moats show up in practice today in AI startups. 00:00 - The Moat Problem 01:30 - The Seven Powers Framework 04:20 - When to Think About Moats 08:40 - Forward Deployed Engineering 10:18 - Process Power 14:34 - Cornered Resources 19:30 - Switching Costs 24:54 - Counter Positioning 31:24 - The Workforce Displacement Reality 34:00 - Brand & Speed as Moats 37:30 - Network Economies 41:00 - Scale Economies 43:44 - Final Advice

Y Combinator

240,393 views • 11 months ago

A land and house package in Sydney will now cost you $1.3 Million. 49% of that is paid to government in the form of taxes and regulatory costs
1:27

A land and house package in Sydney will now cost you $1.3 Million. 49% of that is paid to government in the form of taxes and regulatory costs

Miss Madeleine

41,769 views • 9 months ago

Built a tiny custom app that lets me yell at my computer and turns it into coherent writing—instantly in my clipboard. Personal software is already here. Mass-market is next. The middle is death. AI differentiation will come down to: - Regulatory leverage - Real network effects - Proprietary data that compounds the experience
3:29

Built a tiny custom app that lets me yell at my computer and turns it into coherent writing—instantly in my clipboard. Personal software is already here. Mass-market is next. The middle is death. AI differentiation will come down to: - Regulatory leverage - Real network effects - Proprietary data that compounds the experience

Carl Rivera

18,928 views • 7 months ago

Renaissance founding president and B Capital chairman Howard L Morgan says SpaceX has a monopoly, but it doesn't benefit from network effects like Google or Facebook. "Right now, SpaceX's launch monopoly is a real monopoly, pretty much." "But little bits are being chipped away at the edge. And I think when Blue Origin gets it together, they'll be big. Because everybody wants to go elsewhere." "It's different than Google's search, where you had real network effects. There aren't real network effects in launch. And so they don't get the benefit of that." "Facebook got the benefit of network effects. Google got the benefit of network effects. SpaceX doesn't have the benefit of network effects." "And even in the data center world, there's no real network effect benefit. So there is room for competition."
1:14

Renaissance founding president and B Capital chairman Howard L Morgan says SpaceX has a monopoly, but it doesn't benefit from network effects like Google or Facebook. "Right now, SpaceX's launch monopoly is a real monopoly, pretty much." "But little bits are being chipped away at the edge. And I think when Blue Origin gets it together, they'll be big. Because everybody wants to go elsewhere." "It's different than Google's search, where you had real network effects. There aren't real network effects in launch. And so they don't get the benefit of that." "Facebook got the benefit of network effects. Google got the benefit of network effects. SpaceX doesn't have the benefit of network effects." "And even in the data center world, there's no real network effect benefit. So there is room for competition."

Jack Kuhr

10,324 views • 2 months ago

Chris Hohn: "A lot of people think [a good investment] is about growth or something new. Neither of those things, to us, matter by themselves." "The most important thing, for the type of investing we do, is high barriers to entry. The moats that Warren Buffett has talked about." (h/t Nicolai Tangen)
1:35

Chris Hohn: "A lot of people think [a good investment] is about growth or something new. Neither of those things, to us, matter by themselves." "The most important thing, for the type of investing we do, is high barriers to entry. The moats that Warren Buffett has talked about." (h/t Nicolai Tangen)

Kevin Carpenter

37,406 views • 3 months ago

Wont somebody think of the data centres!!! Billy Kelleher defended the fact that households and SMEs are disporportionately funding grid infrastructure and for a decade subsidised electricity costs of large energy users. It's time they paid their fair share! #JustTransition
0:54

Wont somebody think of the data centres!!! Billy Kelleher defended the fact that households and SMEs are disporportionately funding grid infrastructure and for a decade subsidised electricity costs of large energy users. It's time they paid their fair share! #JustTransition

Lynn Boylan 🍷📖🐾

10,730 views • 1 year ago

Jensen explains why the install base of Cuda is Nvidia’s largest moat: ▫️millions developers over 20 years ▫️installed on 100m+ computers ▫️in every cloud, major company and country ▫️created trust, industry know Cuda 10x better every 6 months with chip cadence (massive switching costs)
3:11

Jensen explains why the install base of Cuda is Nvidia’s largest moat: ▫️millions developers over 20 years ▫️installed on 100m+ computers ▫️in every cloud, major company and country ▫️created trust, industry know Cuda 10x better every 6 months with chip cadence (massive switching costs)

Bearly AI

61,524 views • 5 months ago

Sebastian Siemiatkowski, the co-founder and CEO of Klarna: SaaS is Dead. "The cost of creating software is going down to zero. And that means everyone will be able to generate software at any point in time. " But the real threat to SaaS will shows up next when AI makes data migration one-click—no more hostage data models, no more painful switching costs. --- From '20VC with Harry Stebbings' YT channel ( link in comment)
1:17

Sebastian Siemiatkowski, the co-founder and CEO of Klarna: SaaS is Dead. "The cost of creating software is going down to zero. And that means everyone will be able to generate software at any point in time. " But the real threat to SaaS will shows up next when AI makes data migration one-click—no more hostage data models, no more painful switching costs. --- From '20VC with Harry Stebbings' YT channel ( link in comment)

Rohan Paul

93,489 views • 6 months ago

𝐂𝐡𝐫𝐢𝐬 𝐇𝐨𝐡𝐧 𝐨𝐧 𝐰𝐡𝐚𝐭 𝐭𝐲𝐩𝐞𝐬 𝐨𝐟 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐡𝐞 𝐰𝐨𝐮𝐥𝐝 𝐧𝐞𝐯𝐞𝐫 𝐢𝐧𝐯𝐞𝐬𝐭 𝐢𝐧: “We have a long list of companies we don’t invest in… banks, commodity businesses, most manufacturing industries, fossil fuels, utilities, airlines, wireless telecom, advertising agencies… Why? Because they’re competitive. And the most important thing I’ve learned in investing is that investors underestimate the forces of competition and disruption.” ___ 𝘐𝘯𝘥𝘶𝘴𝘵𝘳𝘪𝘦𝘴 𝘏𝘰𝘩𝘯 𝘦𝘹𝘱𝘭𝘪𝘤𝘪𝘵𝘭𝘺 𝘢𝘷𝘰𝘪𝘥𝘴: • Banks • Commodity businesses / manufacturing • Insurance • Tobacco • Fossil fuels • Utilities • Airlines • Wireless telecom • Advertising agencies • Most traditional manufacturing ___ Hohn’s point isn’t that money can’t be made in these areas — plenty of investors have done well in some of them. The deeper lesson: 𝙄𝙣𝙫𝙚𝙨𝙩𝙞𝙣𝙜 𝙞𝙨 𝙖𝙨 𝙢𝙪𝙘𝙝 𝙖𝙗𝙤𝙪𝙩 𝙙𝙚𝙘𝙞𝙙𝙞𝙣𝙜 𝙬𝙝𝙖𝙩 𝙣𝙤𝙩 𝙩𝙤 𝙤𝙬𝙣 𝙖𝙨 𝙞𝙩 𝙞𝙨 𝙖𝙗𝙤𝙪𝙩 𝙙𝙚𝙘𝙞𝙙𝙞𝙣𝙜 𝙬𝙝𝙖𝙩 𝙩𝙤 𝙤𝙬𝙣. Highly competitive industries tend to: • Erode returns on capital • Compress margins over time • Require constant reinvestment Contrast that with businesses that have: • Pricing power • High switching costs • Network effects • Structural barriers to entry Those are the environments where 𝘭𝘰𝘯𝘨-𝘵𝘦𝘳𝘮 compounding becomes far more predictable. ___ Another subtle takeaway: Most investors focus heavily on upside narratives. Great investors spend just as much time thinking about downside structures. ___ Source: In Good Company | Norges Bank Investment Management (05/14/2025)
3:47

𝐂𝐡𝐫𝐢𝐬 𝐇𝐨𝐡𝐧 𝐨𝐧 𝐰𝐡𝐚𝐭 𝐭𝐲𝐩𝐞𝐬 𝐨𝐟 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐡𝐞 𝐰𝐨𝐮𝐥𝐝 𝐧𝐞𝐯𝐞𝐫 𝐢𝐧𝐯𝐞𝐬𝐭 𝐢𝐧: “We have a long list of companies we don’t invest in… banks, commodity businesses, most manufacturing industries, fossil fuels, utilities, airlines, wireless telecom, advertising agencies… Why? Because they’re competitive. And the most important thing I’ve learned in investing is that investors underestimate the forces of competition and disruption.” ___ 𝘐𝘯𝘥𝘶𝘴𝘵𝘳𝘪𝘦𝘴 𝘏𝘰𝘩𝘯 𝘦𝘹𝘱𝘭𝘪𝘤𝘪𝘵𝘭𝘺 𝘢𝘷𝘰𝘪𝘥𝘴: • Banks • Commodity businesses / manufacturing • Insurance • Tobacco • Fossil fuels • Utilities • Airlines • Wireless telecom • Advertising agencies • Most traditional manufacturing ___ Hohn’s point isn’t that money can’t be made in these areas — plenty of investors have done well in some of them. The deeper lesson: 𝙄𝙣𝙫𝙚𝙨𝙩𝙞𝙣𝙜 𝙞𝙨 𝙖𝙨 𝙢𝙪𝙘𝙝 𝙖𝙗𝙤𝙪𝙩 𝙙𝙚𝙘𝙞𝙙𝙞𝙣𝙜 𝙬𝙝𝙖𝙩 𝙣𝙤𝙩 𝙩𝙤 𝙤𝙬𝙣 𝙖𝙨 𝙞𝙩 𝙞𝙨 𝙖𝙗𝙤𝙪𝙩 𝙙𝙚𝙘𝙞𝙙𝙞𝙣𝙜 𝙬𝙝𝙖𝙩 𝙩𝙤 𝙤𝙬𝙣. Highly competitive industries tend to: • Erode returns on capital • Compress margins over time • Require constant reinvestment Contrast that with businesses that have: • Pricing power • High switching costs • Network effects • Structural barriers to entry Those are the environments where 𝘭𝘰𝘯𝘨-𝘵𝘦𝘳𝘮 compounding becomes far more predictable. ___ Another subtle takeaway: Most investors focus heavily on upside narratives. Great investors spend just as much time thinking about downside structures. ___ Source: In Good Company | Norges Bank Investment Management (05/14/2025)

Dimitry Nakhla | Babylon Capital®

78,952 views • 6 months ago

There’s been a ton of talk about building data centers in space. This means they’ll have to build this costly global infrastructure themselves… Or they can simply integrate and make use of a relay mesh network with open-sourced, growing network effects. Wonder who is building that… 👀
1:07

There’s been a ton of talk about building data centers in space. This means they’ll have to build this costly global infrastructure themselves… Or they can simply integrate and make use of a relay mesh network with open-sourced, growing network effects. Wonder who is building that… 👀

Spacecoin™ 🛰️

102,690 views • 8 months ago