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Floats and Moats Presentation


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What kinds of businesses are those where suppliers and/or customers provide float? Those with moats.


I havent thought of it in this way before, but it makes perfect sense when you think about it.


Well, I guess FCF is the best kind of float: you are free invest it, without the need to ever give it back! :)

The larger and more durable the moat, the larger and more predictable the FCF. At least, that’s how I have always thought about the operations of my business.



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