Value investor Connor Leonard successfully filters business opportunities into four subsets. We explore Reinvestment Moats – entrenched flywheels where management can redeploy capital at high incremental rates of return.
Contrary to popular mythology, technological disruption very rarely happens in a singular flash of brilliance. The image of a disheveled, genius tech founder, manically coding a brilliant new idea in a garage, has a disruptive vision, and lays waste to incumbent operators is a romantic notion. But unfortunately, it’s rarely true.