Archived research. The era-1 framework is part of the Runchey Research archive (methodology era 1) and is no longer actively updated. Everything remains published at its original URL. Browse the archive
Moat Mapper
Is the competitive advantage real and durable?
Additional derived signals may emerge during analysis based on company-specific findings.
The Moat Mapper evaluates whether a company possesses a sustainable competitive advantage — the economic moat that protects profits from competitive erosion.
This lens asks: "What stops a well-funded competitor from taking this business?" The goal is to map genuine structural advantages vs. temporary market positions or management claims.
Signals Produced
What This Lens Catches
Network effects
Example: User value increases with more users (marketplaces, social)
Look for: User growth curves, engagement metrics
High switching costs
Example: Customers locked in via integration, data, training
Look for: Customer retention, implementation complexity
Cost advantages
Example: Structural cost position that competitors cannot replicate
Look for: Margin comparison to peers
Intangible assets
Example: Brands, patents, regulatory licenses
Look for: IP portfolio, brand recognition
Efficient scale
Example: Natural monopoly dynamics in limited markets
Look for: Market share in defined niches
Commoditization
Example: No pricing power, competition on price alone
Look for: Price trends, margin pressure
Disruption risk
Example: New technology or business model threatening core
Look for: Emerging competitors, technology shifts
Analysis Stages
Moat Identification
What is the claimed competitive advantage?
Moat Evidence
Is the advantage real and measurable?
Moat Trajectory
Is the moat widening, stable, or eroding?
Competitive Response
What could disrupt the advantage?
- Assess financial health or accounting (that's Fugazi Filter)
- Assess management quality beyond competitive strategy
- Predict market share changes or timing
- Make buy/sell recommendations
- Assess valuation relative to moat quality