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Finding Wide Moat Stocks with Yuri Khodjamirian

In this episode of Excess Returns, we talk Moat investing with Yuri Khodjamirian, CIO of Tema ETFs. We discuss his unique approach to identifying companies with durable competitive advantages and how it differs from traditional Moat investing. We also look at the various types of moats, such as economies of scale, strong network effects, non-replicable physical assets, regulation, and high switching costs, and how these advantages apply to different industries. Yuri also shared insights on Tema's investment process, which blends quantitative and qualitative analysis to construct portfolios of these high-quality companies. 00:00 - Introduction 02:15 - Advantages of investing in companies with moats 04:30 - Tema's unique approach to defining moats 07:00 - Different types of barriers to entry 07:45 - Economies of scale 11:30 - Strong network effects 16:30 - Non-replicable physical assets 19:30 - Regulation as a barrier to entry 22:30 - High switching costs 25:00 - Blending quantitative and qualitative analysis in the investment process 31:00 - Cashflow return on invested capital (CFROI) 34:30 - Challenges to moats and monitoring risks 37:00 - Antitrust investigations and their impact on moat companies 41:00 - Balancing quantitative and qualitative factors in the investment process 44:30 - Moat companies and their performance during inflationary periods 46:45 - Valuation considerations for moat companies 50:30 - Portfolio construction and position sizing 56:00 - International exposure in the fund 1:01:00 - Closing question: The most important lesson for the average investor 1:03:00 - Where to find more information about Tema ETFs 1:04:00 - Closing remarks MORE ABOUT TEMA ETFS https://temaetfs.com/ MORE INFORMATION ABOUT TOLL https://temaetfs.com/toll SEE LATEST EPISODES https://www.excessreturnspod.com FIND OUT MORE ABOUT VALIDEA https://www.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter:   / practicalquant   LinkedIn:   / jack-forehand-8015094   FOLLOW JUSTIN Twitter:   / jjcarbonneau   LinkedIn:   / jcarbonneau