Wide-Moat Investing Summit is a fully online annual investment conference that brings together the best minds from the MOI Global network of intelligent investors, with a focus on timely and actionable wide-moat investment ideas. Participation is complimentary and exclusive to members of MOI Global.

Wide-Moat Investing Summit 2018 took place from June 27-29, 2018.

Access past conferences: 2018, 2017, 2016, 2015, 2014, 2013

Par Pacific: Energy and Infrastructure Firm with Attractive Assets (TRANSCRIPT NOW AVAILABLE)

Howard Punch of Punch and Associates presented his in-depth investment thesis on Par Pacific Holdings (NYSE: PARR) at Wide-Moat Investing Summit 2018.

Ashford: Wide-Moat Hospitality Services Business (TRANSCRIPT NOW AVAILABLE)

Scott Miller of Greenhaven Road Capital presented his in-depth investment thesis on Ashford (NYSE American: AINC) at Wide-Moat Investing Summit 2018.

Three Case Studies in Wide-Moat Investing, Thesis on Almacenes Exito (TRANSCRIPT NOW AVAILABLE)

Amit Wadhwaney of Moerus Capital Management shared his insights into global value investing as well as his investment thesis on Almacenes Exito (Colombia: EXITO) at Wide-Moat Investing Summit 2018.

Transcontinental: Key Supplier of Flexible Packaging in North America (TRANSCRIPT NOW AVAILABLE)

Jim Zimmerman of Lowell Capital Management presented his in-depth investment thesis on Transcontinental (Toronto: TCL) at Wide-Moat Investing Summit 2018.

Formula One: Liberty-Supported Management Reinvesting in Brand (TRANSCRIPT NOW AVAILABLE)

Nathaniel Leach of LBW Wealth Management presented his in-depth investment thesis on Formula One Group (Nasdaq: FWONK) at Wide-Moat Investing Summit 2018.

Landstar System: Third-Party Logistics Leader in Trucking (TRANSCRIPT NOW AVAILABLE)

Sean Stannard-Stockton of Ensemble Capital Management: presented his in-depth investment thesis on Landstar System (Nasdaq: LSTR) at Wide-Moat Investing Summit 2018.

Compound Mispricings in Moated Businesses: Buzzi Unicem, Nexen, KT (TRANSCRIPT NOW AVAILABLE)

Keith Smith of Bonhoeffer Fund presented his in-depth investment theses on Buzzi Unicem (Italy: BZUR), Nexen Corporation (Korea: 005720), and KT Corporation (Korea: 030200) at Wide-Moat Investing Summit 2018.

Transocean: World Dominator of Offshore Drilling (TRANSCRIPT NOW AVAILABLE)

Arvind Mallik and Jonathon Fite of KMF Investments presented their in-depth investment thesis on Transocean (NYSE: RIG) at Wide-Moat Investing Summit 2018.

Bunzl: Customer-Obsessed Business with Strong Corporate Culture (TRANSCRIPT NOW AVAILABLE)

Henrik Andersson of Didner & Gerge presented his in-depth investment thesis on Bunzl (London: BNZL) at Wide-Moat Investing Summit 2018.

Facebook: Growth to Exceed Expectations for Years to Come (TRANSCRIPT NOW AVAILABLE)

Niraj Gupta of GCI Partners presented his in-depth investment thesis on Facebook (Nasdaq: FB) at Wide-Moat Investing Summit 2018.

Moats: Measuring, Exploitations and Challenges, Quality vs. Price (TRANSCRIPT NOW AVAILABLE)

Michael Lee of Hypotenuse Capital Management shared his wisdom and insights into the nature and features of moats at Wide-Moat Investing Summit 2018.

TripAdvisor: Strong Network Effect with Monetization Opportunities (TRANSCRIPT NOW AVAILABLE)

Thomas Bushey of Sunderland Capital Partners presented his in-depth investment thesis on TripAdvisor (Nasdaq: TRIP) at Wide-Moat Investing Summit 2018.

BofI: Compounding Machine in Form of Branchless Pure-Play Internet Bank (TRANSCRIPT NOW AVAILABLE)

Kaushal Majmudar and Sam Namiri of Ridgewood Investments presented their in-depth investment thesis on BofI Holding (Nasdaq: BOFI) at Wide-Moat Investing Summit 2018.

Cargojet: Air Cargo Leader Nearing End of Capex Cycle, FCF to Accelerate (TRANSCRIPT NOW AVAILABLE)

Reno Giancola and Jeff Hales of Alignvest Capital Management presented their in-depth investment thesis on Cargojet (Toronto: CJT) at Wide-Moat Investing Summit 2018.

Trupanion: Moat Based on Proprietary Data and Virtuous Cycle Flywheels (TRANSCRIPT NOW AVAILABLE)

Artem Fokin of Caro-Kann Capital presented his in-depth investment thesis on Trupanion (Nasdaq: TRUP) at Wide-Moat Investing Summit 2018.

United States Lime & Minerals: Well-Positioned, with Strong Returns on Capital (TRANSCRIPT NOW AVAILABLE)

Jonathan Isaac of Quilt Investment Management presented his in-depth investment thesis on United States Lime & Minerals (Nasdaq: USLM) at Wide-Moat Investing Summit 2018.

BlackBerry: Transformed into Enterprise Software Security Firm

Rodrigo Lopez Buenrostro of KUE Capital presented his in-depth investment thesis on BlackBerry (NYSE: BB) at Wide-Moat Investing Summit 2018.

HolidayCheck: Growth to Accelerate at Leading German Hotel Review Site

Daniel Baldini of Oberon Asset Management presented his in-depth investment thesis on HolidayCheck Group (Germany: HOC) at Wide-Moat Investing Summit 2018.

Turning Point Brands: Leader in Other Tobacco Products Market at Discount

Dan Roller of Maran Capital Management presented his in-depth investment thesis on Turning Point Brands (NYSE: TPB) at Wide-Moat Investing Summit 2018.

Manhattan Associates: Transitioning to Recurring-Revenue Model

Adam Zuercher of Hixon Zuercher Capital Management presented his in-depth investment thesis on Manhattan Associates (Nasdaq: MANH) at Wide-Moat Investing Summit 2018.

Value Investing 3.0: Thoughts on the Evolution of Intelligent Investing

Dan Sheehan of Sheehan Associates and Credit River Partners shared his insights into the evolution of value investing at Wide-Moat Investing Summit 2018.

Ferrovial: Moat Supported by Exceptional Toll Road in Canada

Luis Garcia Alvarez of MAPFRE AM presented his in-depth investment thesis on Ferrovial (Spain: FER) at Wide-Moat Investing Summit 2018.

Maui Land & Pineapple: Under-the-Radar Land Bank with Catalysts

Nitin Sacheti of Papyrus Capital presented his in-depth investment thesis on Maui Land & Pineapple (NYSE: MLP) at Wide-Moat Investing Summit 2018.

Darling: Recurring Cash Flow and Longer-Term Societal Tailwinds

Ian Clark of Dichotomy Capital presented his in-depth investment thesis on Darling Ingredients (NYSE: DAR) at Wide-Moat Investing Summit 2018.

NIC: Well-Financed Provider of Digital Services to Governments

Chris Karlin of Aquitania Capital Management presented his in-depth investment thesis on NIC (Nasdaq: EGOV) at Wide-Moat Investing Summit 2018.

GrafTech: Graphite Electrode Producer with FCF Opportunity

William Thomson of Massif Capital presented his in-depth investment thesis on GrafTech (NYSE: EAF) at Wide-Moat Investing Summit 2018.

Allergan: Inelastic Demand, Growing Botox and Medical Aesthetics Franchises

Gary Mishuris of Silver Ring Value Partners presented his in-depth investment thesis on Allergan (NYSE: AGN) at Wide-Moat Investing Summit 2018.

Starbucks: International Growth Opportunity Remains Intact

Dave Sather of Sather Financial Group presented his in-depth investment thesis on Starbucks (NYSE: SBUX) at Wide-Moat Investing Summit 2018.

The Walt Disney Company: Streaming Service to Widen Moat

Francisco Olivera of Arevilo Capital Management presented his in-depth investment thesis on The Walt Disney Company (NYSE: DIS) at Wide-Moat Investing Summit 2018.

Case Studies: The Power of a Low-Cost Advantage

Phil Ordway of Anabatic Investment Partners shared his research and insights into the “power of a low-cost advantage” at Wide-Moat Investing Summit 2018.

OTC Markets: Small-Equities Market with Owner-Operator CEO

Chris Crawford of Crawford Fund Management presented his in-depth investment thesis on OTC Markets (OTC: OTCM) at Wide-Moat Investing Summit 2018.

Middleby, Freshii: Two Restaurant-Related Ideas Led by Missionaries

David Barr and Felix Narhi of PenderFund Management Capital presented their in-depth investment theses on Middleby (Nasdaq: MIDD) and Freshii (Toronto: FRII) at Wide-Moat Investing Summit 2018.

5N Plus: Transforming to High-Value Materials Technology Company

Shawn Kravetz of Esplanade Capital presented his in-depth investment thesis on 5N Plus (Canada: VNP) at Wide-Moat Investing Summit 2018.

IAC/InterActiveCorp: Great Capital Allocator at Negative Stub Value

Elliot Turner of RGA Investment Advisors presented his in-depth investment thesis on IAC/InterActiveCorp (Nasdaq: IAC) at Wide-Moat Investing Summit 2018.

A Man + Machine Process for Identifying Businesses with Moats

Our research strongly convinced us that we could identify quality companies through a carefully reasoned and tested quantitative approach, enhanced with human oversight. As Michael Mauboussin noted, moats can be measured even if they cannot be simply explained.

Compound Mispricings in Moated Businesses

Compound mispricings in moated businesses can create interesting opportunities. Compound mispricings are situations where an underlying business is mispriced and a security in the firm’s capital structure or a third-party derivative is also mispriced.