In this episode of Excess Returns, we talk Moat investing with Yuri Khodjamirian, CIO of Tema ETFs. We discuss his unique approach to identifying companies with durable competitive advantages and how it differs from traditional Moat investing. We also look at the various types of moats, such as economies of scale, strong network effects, non-replicable physical assets, regulation, and high switching costs, and how these advantages apply to different industries. Yuri also shared insights on Tema's investment process, which blends quantitative and qualitative analysis to construct portfolios of these high-quality companies.

00:00 - Introduction
02:15 - Advantages of investing in companies with moats
04:30 - Tema's unique approach to defining moats
07:00 - Different types of barriers to entry
07:45 - Economies of scale
11:30 - Strong network effects
16:30 - Non-replicable physical assets
19:30 - Regulation as a barrier to entry
22:30 - High switching costs
25:00 - Blending quantitative and qualitative analysis in the investment process
31:00 - Cashflow return on invested capital (CFROI)
34:30 - Challenges to moats and monitoring risks
37:00 - Antitrust investigations and their impact on moat companies
41:00 - Balancing quantitative and qualitative factors in the investment process
44:30 - Moat companies and their performance during inflationary periods
46:45 - Valuation considerations for moat companies
50:30 - Portfolio construction and position sizing
56:00 - International exposure in the fund
1:01:00 - Closing question: The most important lesson for the average investor
1:03:00 - Where to find more information about Tema ETFs
1:04:00 - Closing remarks

MORE ABOUT TEMA ETFS
https://temaetfs.com/

MORE INFORMATION ABOUT TOLL
https://temaetfs.com/toll

SEE LATEST EPISODES
https://www.excessreturnspod.com

FIND OUT MORE ABOUT VALIDEA
https://www.validea.com

FIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.com

FOLLOW JACK
Twitter:   / practicalquant  
LinkedIn:   / jack-forehand-8015094  

FOLLOW JUSTIN
Twitter:   / jjcarbonneau  
LinkedIn:   / jcarbonneau