Wide-Moat Investing Summit 2018 is an online investment conference that brought together the best minds from the MOI Global network of intelligent investors, with a focus on timely and actionable wide-moat ideas. Highlights.

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Par Pacific: Energy and Infrastructure Firm with Attractive Assets

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

Harley Davidson: 10+% FCF Yield Being Paid Out in Dividends and Buybacks

Steve Gorelik of Firebird Management presented his in-depth investment thesis on Harley Davidson (NYSE: HOG) at Wide-Moat Investing Summit 2018.

Cerner: Healthcare IT Leader to Grow in High Single-Digits in Coming Decade

Luis Sanchez of Overlook Rock Asset Management presented his in-depth investment thesis on Cerner (Nasdaq: CERN) at Wide-Moat Investing Summit 2018.

Canadian Agriculture Equipment Dealers Benefit from Consolidation

David Fleer of Bristlecone Value Partners presented his in-depth investment thesis on Rocky Mountain Dealerships (TSX: RME) and Cervus Equipment (TSX: CERV) at Wide-Moat Investing Summit 2018.

China Mobile: World’s Largest Telecom Provider, with 1+ Billion Users

A.J. Noronha of Desai Capital presented his in-depth investment thesis on China Mobile (NYSE: CHL) at Wide-Moat Investing Summit 2018.

Spirit MTA REIT: Classic So-Called Bad Bank, Spun from Spirit Realty

Chris McIntyre of McIntyre Partnerships presented his in-depth investment thesis on Spirit MTA REIT (NYSE: SMTA) at Wide-Moat Investing Summit 2018.

Central European Media Enterprises: Turnaround Progressing, with Catalysts Ahead

Amit Chokshi of Cross Island Advisors presented his in-depth investment thesis on Central European Media Enterprises (Nasdaq: CETV) at Wide-Moat Investing Summit 2018.

Monster Beverage: Energy Drinks Leader, Potential Coca-Cola Target

Joe Magyer of Lakehouse Capital presented his in-depth investment thesis on Monster Beverage (Nasdaq: MNST) 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.

Texhong Textile: World’s Dominant Producer of Spandex Yarn

Mike Kruger of MPK Partners presented his in-depth investment thesis on Texhong Textile (Hong Kong: 2678) 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.

Golar LNG: Owns Assets Crucial to Filling Gaps in Natural Gas Supply Chain

William Heard of Heard Capital presented his in-depth investment thesis on Golar LNG (Nasdaq: GLNG) at Wide-Moat Investing Summit 2018.

Hester Biosciences: India’s Second-Largest Domestic Poultry Vaccine Player

Gautam Baid of Summit Global Investments presented his in-depth investment thesis on Hester Biosciences (NSE: HESTERBIO, BOM: 524669) at Wide-Moat Investing Summit 2018.

School Specialty: Education Distributor with High FCF Yield and Catalysts

Patrick Retzer of Retzer Capital Management presented his in-depth investment thesis on School Specialty (OTC: SCOO) 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.

Credit Suisse: Earning Power Masked by Expensive Debt, Legacy Asset Costs

Taslim Ahmed of Eximus Partners presented his in-depth investment thesis on Credit Suisse Group (Swiss: CSGN) at Wide-Moat Investing Summit 2018.

ADO Group: Pure-Berlin Residential Real Estate Operator at Discount

Omri Velvart of Legacy Value Partners presented his in-depth investment thesis on ADO Group (Israel: ADO) at Wide-Moat Investing Summit 2018.

Marine Shipping: Industry Economics and Supply/Demand Outlook

Harsha Gowda of BlueShore Capital Management shared his research insights into the marine shipping industry 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.

Procter & Gamble: Fewer Brands, Leaner Supply Chain, Lower Costs

Bogumil Baranowski of Sicart Associates presented his in-depth investment thesis on Procter & Gamble (NYSE: PG) 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.

Charter: Fears of Slowdown in Core Broadband Business Overblown

Patrick Brennan of Brennan Asset Management presented his in-depth investment thesis on Charter Communications (Nasdaq: CHTR) 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.

Induced Demand within the Energy Complex

In the latter stages of a bull market, when valuations are generally rich, deep domain expertise can be especially critical in helping an investor recognize misunderstood pockets of the markets where mispriced assets present attractive long-term opportunities.

The Power of a Low-Cost Advantage

A competitive advantage can come in many different flavors, but my favorite might be a low-cost advantage. I don’t think it’s necessarily better than others, but for me it’s easier to understand.

Previewing Bunzl: A Family Company in Disguise

Bunzl sets a high bar in how a corporation slowly but steadily, with the highest ethical standards, year in and year out keeps expanding its business one well-served customer at a time. It is a grand example of what is today known as a compounding machine.

Previewing My Idea Presentation on School Specialty

The company that arguably has the widest and most effective moat is the company that has no true, head to head competitor. In addition, that company would ideally have high levels of recurring revenue, a large and growing addressable market with plenty of runway…

Previewing My Idea Presentation on Ferrovial

Ferrovial is a multinational infrastructure, services and construction group headquartered in Madrid, Spain. It owns significant stakes in Canada’s 407 ETR toll road (43% equity) and Heathrow airport (25% equity), plus four “managed lane” projects in the United States.

Previewing My Idea Presentation on BlackBerry

“Wait, I thought Blackberry didn’t exist anymore…” is a phrase I have heard quite often the past few months. I don’t blame these people as BB isn’t the smartphone manufacturer that many people in the world used to know.

Moats of Discipline, Moats of Control: Investing Beyond The Castle

In observing institutions such as schools, factories, hospitals, the army, and prisons, the twentieth-century French philosopher Michel Foucault became fascinated by disciplinary relationships — the relationships that produced subjects and exercised power.

A Tougher Game, and Perhaps Even a New Game

Lengthy bull markets, especially when they have spread far and wide, tend to create challenges for our investing approach. For one, it usually becomes increasingly difficult to find new investments selling for prices that I find attractive.

Data, the “New Oil”, Hits an Oil Slick

While news of Facebook’s shoddy data practices broke with respect to Cambridge Analytica and the 2016 election, we were patting ourselves on the back for having bought an under-the-radar data company playing an integral role in the online marketing ecosystem.

Untapped Pricing Power in a Global Low-Cost Producer

Just like we search for undervalued or mispriced stocks, we should also be on the lookout for undervalued or mispriced products or services which have “untapped” pricing power, as both situations eventually tend to correct themselves.

How to Lose Money: Top Five Mistakes of a Value Investor

I want to share with you my own mistakes in each of these categories from my 15+ years of professional investing experience that have taught me valuable lessons. My hope in sharing these with you is to help you avoid making these mistakes yourself.

Deserving Success

How can we know what businesses will be successful before the fact? This is quite literally the million dollar question. Although we can’t turn back the clock and invest retroactively, we can study the past to search for clues…

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