The Acquirers Podcast Todd Wenning on Flyover Stocks and Small Cap Moats $GMWKF, $ODFL, and $CPRT | S07 E43
27 snips
Dec 4, 2025 
Todd Wenning, founder of Flyover Stocks and principal at K&A Capital, specializes in small-cap companies with economic moats. He unveils his approach to identifying these 'flyover' stocks and discusses the significance of management quality in investment outcomes. Engaging insights include the unique growth dynamics of Games Workshop's Warhammer IP and the stable network moat of Old Dominion Freight. Todd emphasizes the importance of intellectual humility in investing and shares how ESG factors can play a role in moat evaluation.
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Invest In Under-Covered Quality Businesses
- Flyover Stocks focuses on under-covered, high-quality companies with economic moats and strong managers.
- Todd Wenning looks for predictable cash flow, high ROIC, and niche durable businesses outside coastal attention.
Apply A Five-Point Moat Checklist
- Use Morningstar's five-moat framework: switching costs, network effects, low-cost production, intangible assets, efficient scale.
- Prioritize businesses with multiple moat sources and strong management capital allocation.
Management Makes Or Breaks Small Caps
- Management quality often determines whether a small-cap moat converts into long-term value.
- Poor capital allocation or misaligned incentives can destroy otherwise solid niche businesses.
