This is a talk Rob gave at Bob Miles' Value Investor Conference in Omaha on 3 May 2024.

The talk is called Five Moat Myths and discusses five commonly held beliefs about moats that may be incorrect.

Rob first spoke at the Value Investor Conference in May 2014 when he discussed the topic of valuation in a talk called Mistakes of Omission.

Rob spoke the second time in 2017 when he discussed the topic of management in a talk called Identifying Managers with Talent and Integrity.

His original plan was to talk about moats in 2020, however, the small matter of a pandemic put paid to that idea. The good news is that four additional myths occurred to him in the intervening period (vs one he had originally intended to speak about).

The slides accompanying the talk are not visible on the video. They are not necessary to follow the talk, but they can be downloaded here.

Fly the Flag Proudly say Former PMs – February 12, 2025