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Incremental Insights #105
The best fo what I read, listened to, and watched during the week.
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The Invisible Monopoly in Every Commercial Jet
Nov 1, 2025
22
10
The Fintech Giant With an 80% Market Share That's Still Finding Ways to Grow
Sep 25, 2025
24
13
7 Central Nervous System Software Companies
May 8, 2025
22
20
ROIC Growers: November 13, 2025
Nov 13, 2025
21
1
9
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The Other Gold Rush & The Company That Sells The Shovels
Everyone's watching AI. Almost no one noticed the ~80%-recurring toll booth standing in front of nearly every biologic drug — now trading ~30% below…
Jul 2
2
1
When the Workflow Forces Adoption
A vertical SaaS company most investors are mispricing as a generic AI casualty with 95% gross revenue retention in one of the most underdigitized…
May 1
12
6
The Quiet Tollbooth at the Center of Global Travel
A two-sided network with switching costs, data leverage, and margins that keep climbing.
Mar 27
16
7
Competitive Advantages
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Does Anthropic Have an Economic Moat?
Switching costs, barriers to entry, network effects run against a $965 billion valuation.
Jul 17
12
2
7
Why Nobody Leaves LPL Financial
$2.4 trillion in assets, a 97% retention rate, and three stacked factors that make switching genuinely expensive.
Jun 12
15
7
The Paychex (PAYX) Bear Case
AI disruption, payroll competition, a jobs index below 100, and falling float income
May 15
11
8
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Outstanding Investor Position
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Portfolio Management, Behavioral Biases, Investing Lesson
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The Market Dispatch
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Capitalist Letters
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