Buy businesses you can hold for a decade.

The default operating layer of white-collar work — identity, cloud, and the desktop, sold as one system.

A global toll on electronic payments with near-zero incremental cost per swipe.

Visa’s twin — slightly smaller, slightly more services-heavy, same tollbooth economics.

A luxury consumer hardware company with a services annuity bolted to a billion devices.

An oligopoly on the opinion that unlocks the bond market, plus a growing analytics/data arm.

The only company that can print the leading edge of logic and memory. A true monopoly in EUV.

The default map of human intent, plus YouTube, plus a real cloud — still priced like a business in decline.

A logistics empire that throws off a high-ROIC cloud, and a cloud that subsidizes the logistics empire.

CUDA is the switching-cost moat. The GPUs are the cyclical product the moat sells.

One half of the EDA duopoly that every serious chip is designed in. Picks and shovels for silicon.

The foundry of record for anyone who needs a leading-edge chip and does not own a competitive fab.

A membership club that sells trust by the pallet — and keeps the take from the card, not the carton.

Attention plus a self-serve ads machine, with Reality Labs as a long-dated call option — or a leak.

TurboTax and QuickBooks — annual rituals with data lock-in, plus a credit franchise on top.

The other half of the EDA duopoly — same essential toolchain, slightly different mix.

Landfill permits and route density — a dull fortress that throws off cash.

The original longhold: insurance float funding a collection of cash-generative operating companies and equities.

The canonical wide-moat brand — slow growth, global distribution, pricing power in a bottle.

A collection of must-have semiconductor franchises plus VMware — run with private-equity discipline.

A closed-loop payments brand that underwrites the spender and bills the merchant — premium economics.

A portfolio of daily-use brands with distribution and incremental innovation — the household compounder.

The system of record for how work is ticketed, automated, and approved inside large companies.

The creative professional’s toolchain — still a wide moat, now under a real generative-AI assault.

Scale in insurance plus Optum’s care and data machinery — a wide moat with political weather.

A diversified med-tech and pharma compounder — slower, litigated, still wide.

The pro contractor’s warehouse — scale, density, and a relationship that survives housing cycles.

Database lock-in, now being re-underwritten as a cloud and AI-infrastructure landlord.

A cybersecurity platform trying to become the operating system of the corporate perimeter — and beyond it.

The strongest global streaming brand, still fighting a content arms race with improving pricing power.

Endpoint telemetry as a cloud platform — a real cyber moat, with the scars of a very public outage.

The CRM system of record — a real moat diluted by a decade of acquisition sprawl and a rich multiple.

A liquidity network in rides and meals that has finally printed real free cash flow.

Parks and characters remain a fortress; the rest of the empire is a capital-allocation problem.

A third-place brand with a loyalty graph — under operational and China stress.

One of the great global brands, currently earning the right to be called wide again.

A checkout brand that lost the wallet war — still cash-generative, no longer a fortress.

A former fortress that lost process leadership. A turnaround, not a ten-year compounder — yet.