In short: BOUGHT — the non-American twin of the MOAT add: €500 at a stated price of €32.8, same "tomorrow at the market opening" timing. Held at 15.0% of the non-American book, where it is the worst of the paired positions — roughly +21% against MOAT's +34% on the American side, the widest gap between the two portfolios in the comparison chart. The post does not comment on that divergence.
The same idea as MOAT, but worldwide and in a European wrapper, because readers outside the United States are not permitted to buy US-domiciled funds (and Americans cannot buy this one). €500 goes in at the next open, at a quoted €32.8.
The detail worth noticing is in the comparison chart rather than the text. Of all the paired positions, this is where the two portfolios diverge most in the American book's favour: the global version has returned roughly 21% against roughly 34% for the US-only version. A global moat basket has been the weaker way to own the same idea, and the letter's only comment on any such gap is a general expectation that "over time… both portfolios [will] generate similar returns."
In short: BOUGHT — €500 at the Monday open, current price €31.61. The European twin of the MOAT purchase, bought because "if you live outside the US, you can't buy US ETFs." 13.4% of the non-American portfolio; three prior purchases (December 2023 at €23.58, March 2024 at €25.25, March 2025 at €29.50) stand at +35.02%, +26.09% and +7.92%.
This is the European version of the wide-moat fund, and it exists in the portfolio for a purely regulatory reason: investors outside the United States generally cannot buy American ETFs, and Americans cannot buy European ones. So the same idea has to be implemented twice, and the newsletter runs two parallel portfolios.
Its remit is global rather than American, holding companies worldwide judged to have durable advantages and to be trading below fair value. It is 13.4% of the non-American portfolio, and the three earlier purchases are up 35%, 26% and 8%.
The new purchase is €500 at the Monday opening, at €31.61 — the same fixed-amount discipline as the American side.
In short: Disclosed holding, not re-rated. The smallest position in the non-American book at 10.8%, at roughly +11% against MOAT's +19%. The non-American twin of the wide-moat screen.
In short: Disclosed holding, not re-rated. Three purchases: December 2023 at €23.58 (+38.57%), March 2024 at €25.25 (+29.40%) and March 2025 at €29.50 (+10.76%), marked at €32.67. The non-American twin of MOAT.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.