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Own companies with an unfair advantage
Moody's is an oligopoly— they have 95% market share in the credit rating industry.

They have a sustainable moat in pricing power: There has been an average 3.5% rate increase per annum for the past 15 years.

Moody's has a moat because if you want to issue credit globally you are required to get a credit rating from one of the three credit rating agencies.

  • Regulation is their moat
  • They've been in business over 100 years
  • The data they've accumulated over all these years is now turning into a SaaS business where customers buy their data

I've bought twice in the last year⤵

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