Hello Community,

Warren Buffett once said: "The key to investing is not assessing how much an industry will impact society or how much it will grow, but determining the competitive advantage of a particular company and, more importantly, the durability of that advantage."

It is precisely this competitive advantage that he called the "moat". In this article, we break down the most important concept for long-term stock market success in detail.

The 4 types of impregnable moats:

👑 1. intangible assets:

These are invisible but extremely powerful assets. They include brands that create an emotional bond and pricing power (as with $RACE (-0,52 %) ), or patents that lock out competitors for years (as with $NOVO B (+2,18 %) in the pharmaceutical sector). Companies with this moat can often charge higher prices and thus achieve higher margins.

🔒 2. high switching costs:

Perhaps the most underestimated moat. A company has this moat if the customer would have to put up with massive disadvantages to switch providers. My AI infrastructure cluster is full of them: $SNOW (+2,46 %) , $CRWD (+1,33 %) and $DDOG (-0,07 %) integrate themselves so deeply into their customers' IT systems that switching would be tantamount to operational hara-kiri. Customers stay, even if prices rise. The "net retention rate" is the key figure here.

🌐 3. network effects:

The business model becomes exponentially stronger with each new user. My best example of this is $MELI (-1,04 %) . Every new seller makes the platform more attractive for buyers, and every new buyer makes it more attractive for sellers. Mercado Pago, the payment system, amplifies this effect. This moat is extremely difficult to attack once a critical mass is reached.

📉 4. cost advantages:

The ability to consistently produce or deliver at a lower cost than the competition. This can be achieved through economies of scale or, as in the case of $1211 (+3,12 %) through superior vertical integration. Because BYD manufactures its own batteries, the company can wage price wars that are ruinous for the competition.

Conclusion for your strategy:

Analyzing the moat should be the first step in any stock analysis. Before you look at quarterly figures or the P/E ratio, ask yourself the question:

"What's stopping a competitor from doing exactly the same thing tomorrow, only cheaper?"

If you can't find a good answer, the company probably doesn't have a moat.

#Burggraben
#Moat
#WarrenBuffett
#Investieren
#Aktienanalyse
#Qualitätsaktien
#Wettbewerbsvorteil
#DerSpekulant
#Ferrari
#Snowflake
#MercadoLibre

August gave us another real midsummer and showed its best side on some days. For me, it was the perfect opportunity to pursue one of my hobbies: Swimming, swimming and swimming again. I enjoyed every minute in the now cooler water. There was no hiking this month, but the swimming made up for it completely. I'm slowly looking forward to cooler temperatures again, because the cold adaptation for ice swimming is already calling! But before we head into fall, it's time for a look back.

Overall performance

After the brief consolidation caused by the new Trump tariffs, my portfolio recovered quickly and showed a stable, slightly positive performance in August. The prospect of interest rate cuts by the Fed provided a small boost, but there were no major movements. Typical summer slump. But, as expected, what had to come arrived on time: the distributions. My key performance indicators for my overall portfolio at a glance:

• TTWROR (month of August): +1.01 % (previous month: +3.82 %)
• TTWROR (since inception): +73,69 %
• IZF (month of August): +12.50 % (previous month: +46.14 %)
• IZF (since inception): +10,79 %
• Delta: +794.74 €
• Absolute change: +1,850.61 €

Performance & volume

My class leader continues to expand its dominance. If this continues, it will soon become a decisive factor in overall performance. The $BOA rises into the top 5 by volume, $SAP (-2,55 %) falls back. Rising in terms of performance$MAIN (-0,66 %) and there, too, the$SAP (-2,55 %) falls back. I also notice something about the winners of the red lantern in terms of performance:$NOVO B (+2,18 %) has reached the bottom basement, once one of my very strongest stocks. So the tide is turning. Opportunity to buy more? Instead$CPB (-1,29 %) has risen from the cellar. But this share still has a long way to go.

Size of individual share positions by volume in the overall portfolio:

Share (%) of total portfolio and associated portfolio:

• $AVGO (+0,55 %) : 3.30 % (main share portfolio)
• $NFLX (-0,12 %) 1.98 % (main share portfolio)
• $WMT (+0,14 %) 1.72 % (main share portfolio)
• $FAST (+0,2 %) s: 1.69 % (main share portfolio)
• $BOA 1.45 % (main share portfolio)

Smallest individual share positions by volume in the overall portfolio:

Share proportion (%) of the total portfolio and associated securities account:

• $SHEL (-0,22 %) : 0.42 % (crypto follow-on portfolio)
• $NOVO B (+2,18 %) 0.49 % (main share portfolio)
• $HSBA (+0,68 %) 0.54 % (crypto follow-on portfolio)
• $TGT (-1,41 %) 0.57 % (main share portfolio)
• $GIS (-0,49 %) 0.61 % (main share portfolio)

Top-performing individual stocks

Shares with performance since initial purchase (%) and the respective portfolio:

• $AVGO (+0,55 %) : +328 % (main share portfolio)
• $NFLX (-0,12 %) : +176 % (main share portfolio)
• $FAST (+0,2 %) +83 % (main share portfolio)
• $MAIN (-0,66 %) : +79 % (main share portfolio)
• $SAP (-2,55 %) +74 % (main share portfolio)

Flop performer individual stocks

Shares with performance since initial purchase (%) and the respective portfolio:

• $TGT (-1,41 %) : -36 % (main share portfolio)
• $GIS (-0,49 %) -31 % (main share portfolio)
• $UPS (+0,39 %) -26 % (main share portfolio)
• $NKE (-0,06 %) -25 % (main share portfolio)
• $NOVO B (+2,18 %) -21 % (main share portfolio)

Asset allocation

My asset allocation is as follows:

• ETFs: 38.3 %
• Equities: 59.0 %
• Crypto: 2.60%
• P2P: less than 0.01%

Investments and subsequent purchases

Here is a small overview of what I have invested via savings plans according to my fixed planning.

• Planned savings plan amount from the fixed net salary: €1,030
• Planned savings plan amount from the fixed net salary, incl. reinvested dividends: €1,140
• Savings ratio of the savings plans to the fixed net salary: 49.75

In addition, there were the following additional investments from returns, refunds, cashback, etc. as one-off savings plans/repurchases:

• Subsequent purchases/one-off savings plans as cashback annuities from refunds: € 79.00
• Subsequent purchases/one-off savings plans as a cashback annuity from bonuses/incentives from the KK: € 20.00
• Subsequent purchases from other surpluses: € 30.00
• Automatically reinvested dividends by the broker: € 3.01 (this function is only activated for an old custody account, as I otherwise prefer to manage the reinvestment myself)

Additional purchases were made:

• Number of additional purchases: 3
• 55.00 € for $JEGP (-0,66 %)
• 
  44.00 € for $GGRP (+0,24 %)
• 
  30.00 € for $FGEQ (+0,34 %)
• 
  295.08 € for $DXSA (+0,53 %) (funds from the sale of a $ETH (-2,89 %) tranche)

If you want to know how my cashback pension tops up my share and ETF pension, please write it in the comments.

Passive income from dividends

My income from dividends amounted to €128.42 (€92.61 in the same month last year). This corresponds to an increase of +38,67 % compared to the same month last year. The following is further key data on the distributions:

• Number of dividend payments: 22
• Number of payment days: 12 days
• Average dividend per payment: € 5.83
• average dividend per payment day: € 10.70

The top three payers are:

• $IWDP (+0,19 %)
• 
  $ISPA (+0,18 %)
• 
  $ZPRG (+0,04 %)

My passive income from dividends (and some interest) mathematically covered 14.94% of my expenses in the month under review.

Crypto performance

My crypto portfolio was characterized by the partial sale of a $ETH (-2,89 %) tranche as part of my "crypto succession strategy". Around € 298 in Etherium was taken off the table.

Here are some key figures:

• Monthly performance portfolio: +0.29 %
• Performance since inception: +134.35 %
• Share of holdings for which the tax holding period has expired: 98.55 %.
• Crypto share of the total portfolio: 2.20 %

The sale of the tranche explains the decline in the crypto share from 2.6% to 2.2%

As a "follower" of the crypto cycle, I am increasingly accepting the idea that the cycle is still in tact, but is expanding. The reason for this should be the ETF purchases and the activities of the crypto treasury companies. Retail still seems to be asleep. The playing field is very exciting, if only from a macroeconomic perspective. I can only advise looking into the cycle and issues such as money creation and the correlation between the M2 money supply and $BTC. Although I am not a fan of cryptocurrencies, I think they are a sensible component of a balanced portfolio.

Performance comparison: portfolio vs. benchmarks

A comparison of my portfolio with two important ETFs shows

• TTWROR (current month): +1,01 %
• $VWRL (+0,52 %) : -0,33 %
• $VUSA (+0,35 %) : -1,13 %

Outlook and a private bonus

My Carousel posts of the portfolio review and budget review always start on the hook slide with a background image from my month. These are usually places I've visited or moments that have moved me. This time it's the same, although a CT scan would almost be more appropriate.

A chest CT confirmed what I had been wondering about for some time: my ascending aorta is dilated. This is a consequence of my congenital heart valve defect. Fortunately, it was discovered early before it could develop into an aneurysm, dissection or even rupture. A classic chance discovery, a stroke of luck. I was able to keep the heart valve "in check" for a long time, and fortunately there are currently no worse findings for it. But the diagnosis of the ascending aorta now brings certainty: an operation will certainly be necessary at some point.

Why am I sharing this here? Because it has taught me humility once again. The diagnosis isn't nice, but it's not a surprise either. Perhaps my v. A. more active lifestyle since corona has contributed to the fact that it is stable today and still allows me to do a lot: sporting activity, which I have fought my way back over the years. The restrictions that already apply to avoid pressure peaks on the aorta are minimal. My quality of life is still very high.

My conclusion: Keep fit, go for check-ups and take your body seriously. Invest in your health and fitness. Our deposits are only worth as much as our health allows us to enjoy them.

So I will be able to visit the cardiologist and radiologist even more regularly in future, an honor! (irony off). Everything will be fine!

👉 You want my review as an Instagram post?

Then follow me on Instagram:

📲 In addition to the portfolio and extra budget review, you'll also find regular posts there: @frugalfreisein

Please pay close attention to the spelling, unfortunately there are too many fake and phishing accounts on social media. I have already been "copied" several times.

👉 How was your August at the depot? Do you have any tops and flops to report?

Leave your thoughts in the comments!

This consists of dividend shareswhose distributions are automatically reinvested.

In addition to my ETFs (MSCI World, Nasdaq), I would like to use this approach a little more return deliberately with slightly higher risk.

Diversification is the key for me: ETFs for the broad base, dividends for the extra boost.

$MAIN (-0,66 %)

$BRK.B (-0,49 %)

$MSFT (+0,1 %)

$GOOGL (+4,52 %)

$RKLB (+0,89 %)

$FRE (+0,16 %)

$HIMS (+0,57 %)

$NOVO B (+2,18 %)

$RR. (+1,51 %)

$MC (+2,55 %)

Our problem child $NOVO B (+2,18 %) comes today once again with a forecast reduction around the corner, instead of 10-16% profit growth it should now be only 4-10% are expected.

This is due to the planned restructuring programwhich will cost approx. 1 billion is expected to cost. This is how much the management wants to save annually from 2026 through redundancies.

The share is initially sold off on the stock market. However, I think that, as is so often the case with such news, the share could recover when the stock market opens at 9:00 a.m. and even turn positive over the course of the day. This is because cost savings are being received positively by the market. In addition, the new CEO is likely to start work straight away.

What is your opinion on this?

$NVO (+2,03 %)
$NOVO B (+2,18 %)

$LLY (-0,55 %)
$HIMS (+0,57 %)

• Dismissal of 9,000 employees worldwide (11.5% of the global workforce).
• 5000 of these are expected in Denmark.
• One-off negative impact on operating profit in 2026 of DKK. 8bn.
• As a result, the forecast range for the operating result has been reduced by -6%.

$HIMS (+0,57 %)
$LLY (-0,55 %)
$NOVO B (+2,18 %)

Lee Rosebush (Chairman, OFA): "For a year now, we have heard from pharma manufacturers that it was illegal to compound GLP-1 medications. The FDA, through the acknowledgement of the green list, as well as their recent actions on adverse events, has implicitly acknowledged that compounding GLP-1s can occur."

Meanwhile, $LLY (-0,55 %) doubling down: "No one should be mass compounding tirzepatide."

Washington Post says U.S. anti-obesity market could reach $68B by 2034, citing Goldman Sachs.

https://t.co/y7AUfa1US1

Washington Post also notes (and it really is notable) that $NOVO B (+2,18 %) and $LLY (-0,55 %) have filed more than 100 lawsuits against compound manufacturers making GLP-1s... and not a single one on intellectual property violations.

Between the FDA's announcement of the Green List and this statement last week:

"FDA has received reports of adverse events associated with compounded versions of semaglutide and tirzepatide ... Many of the adverse events reported for compounded products appear to be consistent with adverse events associated with FDA-approved versions of these products."

"A compounded drug may be appropriate when a patient's medical need cannot be met by an FDA-approved drug or the FDA-approved drug is not commercially available."

While many media outlets and pharmaceutical companies are trying to portray the FDA's announcements as anti-compounding, it appears that the FDA has spoken out on whether this is possible ...

FDA concerns about unapproved GLP-1 weight loss drugs

Understanding unapproved versions of these drugs:

https://www.fda.gov/drugs/postmarket-drug-safety-information-patients-and-providers/fdas-concerns-unapproved-glp-1-drugs-used-weight-loss

The wsl. the $HIMS (+0,57 %) from $NOVO B (+2,18 %) has just dropped from 40% to 3%, any news?

Alphabet, Google's holding company, continues to be one of the most solid examples of long-term value creation. Although the risks associated with its business have been widely mentioned, notably the lawsuits threatening the sale of search and the impact of LLMs on the search engine's growth, the company has proved resilient.

Its business model combines scalability, profitability and a continuous commitment to innovation:

- Market dominance: it has more than 90% of the global search market and more than 2 billion active users on YouTube; 📊

- Highly profitable model: robust operating margins, cash generation capacity and an ROIC of over 35%; 📈

- Growing diversification: although 75% of revenue still comes from advertising, the accelerated growth of Google Cloud and digital subscriptions (YouTube Premium, Google One) is reducing this dependency; 🚀

- Betting on AI: Alphabet is integrating Gemini into Search, YouTube and Workspace, opening up new sources of monetization; 📌

- Robust cash reserves: more than 100 billion dollars in liquidity, making it possible to finance massive investments in AI and infrastructure without compromising financial strength; 💼

- Long-term strategic options: through Other Bets, it maintains exposure to emerging areas with high growth potential, such as autonomous mobility (Waymo), digital health (Verily) and longevity (Calico).

This balance between highly profitable core business, growth diversification and disruptive strategic bets is what makes Alphabet a unique company and an investment that continues to deserve attention.

🔎 If you want to know more about this investment opportunity visit the full analysis at: https://open.substack.com/pub/dalemcapital/p/alphabet-inc-analise-completa

$AMZN (+1,25 %)
$GOOG (+4,48 %)
$CRM (-0,6 %)
$NOVO B (+2,18 %)
$NVDA (-1,37 %)
$ASML (+5,06 %)
$PLTR (-2,15 %)
$O (-0,14 %)
$PEP (-1,41 %)
$VICI (-0,21 %)
$META (+0,1 %)
$MSFT (+0,1 %)
$AAPL (+0,81 %)