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Moody's: An Impenetrable Moat? (Ticker: MCO) with Joe Kowaleski

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Do You Think Moody's Will Ever Get to That Level?

The ratings business is so good. It's been the same for 50 years. So it's hard to mess up. If you listen to their conferences, that they emphasize a lot on the analytics side, it's really tough. And they do spend a lot of money. I just had it right up today on Visa and Visa is much more capital efficient, also very high margin business. But Moody's, it's something to pay attention to. You don't want your free cash flow being spent on junk.

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