In the last episode of the year, my guest Heavy Moat Investments and I unpack a mix of ideas that shaped our thinking between 2025 and 2026. We kick off with the most interesting things we’ve been reading, watching, and listening to lately – the signals that made us pause, rethink, or double-click on a business or a stock market trend.
Then we reflect on 2025 itself: the biggest lessons learned, the moments that felt like personal breakthroughs, and why Liberation Day became a mental bookmark for a year of shedding old assumptions.
A major part of the conversation revolves around AI and software moats & economics. We explore businesses with vertical, ecosystem-style moats like VMS providers, which are often deeply entrenched in their customers’ workflow. How strong are competitive barriers here? And is the market rightfully punishing “anything software?”
We also touch on portfolio construction and the constant reshuffling that may come with being a learning machine. Finally, we step into 2026 with bold predictions that might look obvious in hindsight but feel uncomfortable today. Not because we think we can forecast the future perfectly, but because it’s simply a fun exercise.
If you enjoy investing through the lens of business quality, evolving moats, and better decision-making, this episode may be for you.
