FULL THESIS
Deep Business Research
We break down the business model, moat, financials, management, risks, and the narrative the market is getting wrong.
Business model
Moat
Numbers
Risks
HATED MOATS
Markets Panic. We Prepare.
Fundamental Research. Business Valuation. Your new edge in investing.
WHAT YOU GET
Serious Research. Clear Valuation. Better Decisions.
Deep dives, valuation work, earnings reviews, portfolio updates, and visual tools - built to help you understand the business, the price, and the thesis.
VALUATION WORK
DCF. Reverse DCF. Scenarios.
We translate assumptions into value ranges and show what the market is already pricing in.
DCFriday
Reverse DCF
Bear / Base / Bull
ONGOING COVERAGE
Earnings Reviews
What changed, what mattered, what was noise, and whether the thesis still holds.
PORTFOLIO
Updates & Watchlist
What we own, what we are watching, and why the opportunity is or is not actionable.
MOAT LABS
Valuation Map
A visual map of our coverage universe: price, value, upside, downside, and links to the full thesis.
Portfolios
Hated Moats Portfolio
My Private Portfolio
Portfolio Value
$100,000
Normalised base
GAIN/LOSS
--
Since inception
Largest Holding
--
By weight
Positions
--
Active holdings
Portfolio Allocation
Portfolio Performance
ALL benchmarks are cash-flow adjusted. Shorter-period portfolio returns are unitized; S&P 500 / QQQ show pure index returns.
Individual Holdings
| Company | Ticker | Avg. Price | Current Price | % Gain/Loss | % of Portfolio | Holding Time |
|---|---|---|---|---|---|---|
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Asset Allocation Heatmap
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Methodology: How We Track Performance
1. The “Shadow” Benchmark
Most benchmarks are “lump sum” fantasies. Real investors add money over time. For lifetime performance, we use Shadow Benchmarking: every time we deposit cash, the system simulates buying the equivalent amount of S&P 500 and QQQ on that exact day.
2. The Cash Drag Test
Our portfolio includes the drag of holding cash. The benchmark is simulated as fully invested. This measures both stock picking and capital allocation discipline: being in cash can protect capital in drawdowns, but it also creates drag when markets rise.
3. Chart Logic
1M / YTD / 1Y / 3Y / 5Y: The portfolio return is unitized, meaning deposits do not artificially boost performance. New deposits buy new portfolio units, but they are not counted as investment gains. S&P 500 and QQQ are shown as pure index returns for intuitive short-period comparison.
ALL: We use cash-flow-adjusted shadow benchmarks. Each deposit is assumed to buy SPY / QQQ on the original deposit date, so the benchmark reflects the same contribution history as the portfolio.
Since Launch fallback: If the selected period is longer than the portfolio’s actual history, the chart and Gain/Loss card show performance since launch instead of pretending a full 1Y or 5Y record exists.
4. Privacy & Normalisation
The private portfolio is displayed using a normalised base of $100,000. Percentage returns, allocation weights, holdings, and trade timings remain real.
Latest Research
Deep dives, valuations, earnings reviews, and portfolio updates.
Who is Behind the Moat?
We are a team of two private investors and psychiatrists. This combination allows us to view the market not just as a financial machine, but as a psychological one.
While Wall Street obsesses over the next quarter's earnings, we obsess over the behavioral inefficiencies that cause investors to dump great companies at the wrong time.
We built Hated Moats to share our own research notes. We don't sell courses. We don't manage outside money. We simply share exactly what we are buying and why.
"The best edge you have as a retail investor is not information. It is temperament and patience."
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