Hey Drew, I alluded to it a little in the article, but BB is the gold standard. However, a lot of users/teams don't need the full spectrum of data from a BB terminal that a HF analyst might, as an example. As such, the price is less justified; which is why Eikon, Factset, Ycharts, etc have been popular alternatives.
Advisors, RIAs, Family Offices, IR teams, teachers, individual investors, are just some of the personas we serve, and we offer similar data with a superior UI/UX to most of the BB alternatives at a fraction of the cost.
I've recorded a few demos over on our YouTube page recently, so people can view in their own time. Also had a webinar last week where we ran through a demo and some of the latest feature updates, and Q&A. FYI, i'd just pick one to watch, as there is a lot of overlap. Will link those below:
Awesome, I didn't know you were a member of the Koyfin team. Someday when I am no longer a pro investor, I will be on your platform. Also, do you offer an API? FYI, Howie is my adopted internet buddy.
Great article. One of the under-appreciated aspects of moats that I’ve found is that the herd spots them quickly and will rapidly deplete the attractiveness of the investment through premium valuations. I’ve been thinking recently about ways to identify moats before the wider investing public catches on. Curious if you have any thoughts there?
That's a great point. I think its pretty difficult, as irrational as the market can be, its pretty effective at pricing in information.
I'd need to give it more thought, but off the top of my head, I'd assume the smaller cap companies, which have less coverage, might be a riper area for "undiscovered" moats.
If you can find a small, moaty, business, the influx of attention only stands to serve you well.
There are 2 articles by mauboussin on moats and capital allocation that can provide further reading. Just go to mauboussin's website. Thanks for the article!
Great article! I couldn't help but notice how Evolution Gaming serves as a textbook example of moat stacking, demonstrating all of the key characteristics referenced in the article:
Thoughtful article, Conor. We look at the world from an accounting standpoint. Current GAAP does not call for the amortization of goodwill which is an attempt to value such factors as those you discuss. It gives all companies the benefit of the doubt that they have created something with an infinite life span. However, we have seen a lot more Lotus spreadsheets than we have Coca-Colas.
Cool article. I do software and moats are super hard. I’d be interested to chat on how you’re trying to niche in against the terminal.
Hey Drew, I alluded to it a little in the article, but BB is the gold standard. However, a lot of users/teams don't need the full spectrum of data from a BB terminal that a HF analyst might, as an example. As such, the price is less justified; which is why Eikon, Factset, Ycharts, etc have been popular alternatives.
Advisors, RIAs, Family Offices, IR teams, teachers, individual investors, are just some of the personas we serve, and we offer similar data with a superior UI/UX to most of the BB alternatives at a fraction of the cost.
Can I get a demo?
I've recorded a few demos over on our YouTube page recently, so people can view in their own time. Also had a webinar last week where we ran through a demo and some of the latest feature updates, and Q&A. FYI, i'd just pick one to watch, as there is a lot of overlap. Will link those below:
• Koyfin 2023 Demo: https://youtu.be/AW-G_Gqijrw?si=GJjp8M7R9QdcZf-Z
• November Webinar: https://youtu.be/C1Hv0DHtR4k?si=rbVEK9BiGVXSDLKe
Happy to hop on a call if you find you need it too.
Awesome, I didn't know you were a member of the Koyfin team. Someday when I am no longer a pro investor, I will be on your platform. Also, do you offer an API? FYI, Howie is my adopted internet buddy.
Sounds great! We don't offer an API today, but its a popular request.
Great article. One of the under-appreciated aspects of moats that I’ve found is that the herd spots them quickly and will rapidly deplete the attractiveness of the investment through premium valuations. I’ve been thinking recently about ways to identify moats before the wider investing public catches on. Curious if you have any thoughts there?
That's a great point. I think its pretty difficult, as irrational as the market can be, its pretty effective at pricing in information.
I'd need to give it more thought, but off the top of my head, I'd assume the smaller cap companies, which have less coverage, might be a riper area for "undiscovered" moats.
If you can find a small, moaty, business, the influx of attention only stands to serve you well.
There are 2 articles by mauboussin on moats and capital allocation that can provide further reading. Just go to mauboussin's website. Thanks for the article!
Consilient Observer? Or are you referring to his older stuff?
The older stuff, like measuring the MOAT from 2013 or his writings on capital allocation from 2014
Great point, i have that website saved in my folders somewhere, will have to revisit it. Thanks for the reminder, Kevin!
Great article! I couldn't help but notice how Evolution Gaming serves as a textbook example of moat stacking, demonstrating all of the key characteristics referenced in the article:
Intangible assets from intellectual property
Switching costs from dedicated table setup fees
Network effects from the number of users
Cost advantages through scale.
Thanks man!
Might have to have a look at Evo if thats true.
High ROC of +40% too before the impact of an acquisition. I can share a write up on it with you if you ever decide to take a look into it.
Yes please, would love to read it to get up to speed.
Thoughtful article, Conor. We look at the world from an accounting standpoint. Current GAAP does not call for the amortization of goodwill which is an attempt to value such factors as those you discuss. It gives all companies the benefit of the doubt that they have created something with an infinite life span. However, we have seen a lot more Lotus spreadsheets than we have Coca-Colas.
Thank you very much. To your point, I would think very few companies ought to be given the benefit of the doubt!