JPM (JPMorgan Chase): The Fortress Bank's Moat — Still the Best in Banking?
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it, Buffett hesitates, and the AI flywheel deepens the moat</a></div><div class="pencraft pc-display-inline pc-reset color-pub-secondary-text-hGQ02T line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA"><time datetime="2026-07-18T19:13:27.262Z" class="date-rtYe1v">24 hrs ago</time> <span class="dividerChar-SbAJEi">•</span> <span class="pencraft pc-reset reset-IxiVJZ"><span style="min-width:0;" data-state="closed"><a href="https://substack.com/@moatery" class="link-HFGLqU">Moatery Notes</a></span></span></div><div class="pencraft pc-display-flex pc-flexDirection-column pc-reset actions-YFg47u"><div class="post-ufi style-compressed justified themed"><div class="like-button-container post-ufi-button style-compressed"><button tabindex="0" type="button" aria-label="Like" aria-pressed="false" class="pencraft pc-reset pencraft post-ufi-button style-compressed no-label with-border"><svg role="img" 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with-border"><svg xmlns="http://www.w3.org/2000/svg" width="14" height="14" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-ellipsis icon edit-icon"><circle cx="12" cy="12" r="1"></circle><circle cx="19" cy="12" r="1"></circle><circle cx="5" cy="12" r="1"></circle></svg></button></div></div></div></div></div></div><div class="pencraft pc-display-flex pc-reset border-bottom-detail-themed-Ua9186 divider-QOeHtM"></div><div tabindex="0" aria-label="Post preview for DIS (Disney): The Magic Kingdom's Moat — Still Enchanted or Fading?" role="article" class="pencraft pc-display-flex pc-flexDirection-column pc-padding-8 pc-position-relative pc-reset pc-borderRadius-sm container-H2dyKk"><div class="container-Qnseki"><div class="pencraft pc-display-flex pc-flexDirection-column pc-gap-4 pc-position-relative pc-reset flex-grow-rzmknG"><div class="pencraft pc-display-flex pc-flexDirection-column pc-reset"><a style="font-size:calc(19px * var(--font_size_headings_multiplier, 1));line-height:calc(1em * var(--font_size_headings_line_height_ratio, 1.368421052631579));" tabindex="-1" href="https://moatery.substack.com/p/dis-disney-the-magic-kingdoms-moat" data-testid="post-preview-title" class="pencraft pc-reset color-pub-primary-text-NyXPlw font-pub-headings-FE5byy clamp-y7pNm8 clamp-3-lxFDfR reset-IxiVJZ">DIS (Disney): The Magic Kingdom's Moat — Still Enchanted or Fading?</a></div><div class="pencraft pc-display-flex pc-flexDirection-column pc-reset"><a tabindex="-1" href="https://moatery.substack.com/p/dis-disney-the-magic-kingdoms-moat" class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-text-qe4AeH size-15-Psle70 clamp-y7pNm8 clamp-2-kM02pu reset-IxiVJZ">Disney at $104 — $94B revenue, $7.2B net income, 165M Disney+ subscribers, and a $190B market cap. Six lenses on whether the House of Mouse's moat is…</a></div><div class="pencraft pc-display-inline pc-reset color-pub-secondary-text-hGQ02T line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA"><time datetime="2026-07-18T19:13:19.234Z" class="date-rtYe1v">24 hrs ago</time> <span class="dividerChar-SbAJEi">•</span> <span class="pencraft pc-reset reset-IxiVJZ"><span style="min-width:0;" data-state="closed"><a href="https://substack.com/@moatery" class="link-HFGLqU">Moatery Notes</a></span></span></div><div class="pencraft pc-display-flex pc-flexDirection-column pc-reset actions-YFg47u"><div class="post-ufi style-compressed justified themed"><div class="like-button-container post-ufi-button style-compressed"><button tabindex="0" type="button" aria-label="Like" aria-pressed="false" class="pencraft pc-reset pencraft post-ufi-button style-compressed no-label with-border"><svg role="img" style="height:14px;width:14px;" 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var(--font_size_headings_multiplier, 1));line-height:calc(1em * var(--font_size_headings_line_height_ratio, 1.368421052631579));" tabindex="-1" href="https://moatery.substack.com/p/nflx-netflix-the-content-moat-vs" data-testid="post-preview-title" class="pencraft pc-reset color-pub-primary-text-NyXPlw font-pub-headings-FE5byy clamp-y7pNm8 clamp-3-lxFDfR reset-IxiVJZ">NFLX (Netflix): The Content Moat vs. The Streaming Wars</a></div><div class="pencraft pc-display-flex pc-flexDirection-column pc-reset"><a tabindex="-1" href="https://moatery.substack.com/p/nflx-netflix-the-content-moat-vs" class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-text-qe4AeH size-15-Psle70 clamp-y7pNm8 clamp-2-kM02pu reset-IxiVJZ">Netflix at $820 — 305M subscribers, $45B revenue, $8B net income, and 26% margins. Six lenses on whether the content moat survives the streaming wars.</a></div><div class="pencraft pc-display-inline pc-reset color-pub-secondary-text-hGQ02T line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA"><time datetime="2026-07-17T19:13:54.273Z" class="date-rtYe1v">Jul 17</time> <span class="dividerChar-SbAJEi">•</span> <span class="pencraft pc-reset reset-IxiVJZ"><span style="min-width:0;" data-state="closed"><a href="https://substack.com/@moatery" class="link-HFGLqU">Moatery Notes</a></span></span></div><div class="pencraft pc-display-flex pc-flexDirection-column pc-reset actions-YFg47u"><div class="post-ufi style-compressed justified themed"><div class="like-button-container post-ufi-button style-compressed"><button tabindex="0" type="button" aria-label="Like (1)" aria-pressed="false" class="pencraft pc-reset pencraft post-ufi-button style-compressed has-label with-border"><svg role="img" 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A 6-lens…</a></div><div class="pencraft pc-display-inline pc-reset color-pub-secondary-text-hGQ02T line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA"><time datetime="2026-07-17T02:38:42.996Z" class="date-rtYe1v">Jul 17</time> <span class="dividerChar-SbAJEi">•</span> <span class="pencraft pc-reset reset-IxiVJZ"><span style="min-width:0;" data-state="closed"><a href="https://substack.com/@moatery" class="link-HFGLqU">Moatery Notes</a></span></span></div><div class="pencraft pc-display-flex pc-flexDirection-column pc-reset actions-YFg47u"><div class="post-ufi style-compressed justified themed"><div class="like-button-container post-ufi-button style-compressed"><button tabindex="0" type="button" aria-label="Like" aria-pressed="false" class="pencraft pc-reset pencraft post-ufi-button style-compressed no-label with-border"><svg role="img" style="height:14px;width:14px;" width="14" height="14" viewBox="0 0 24 24" 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href="https://moatery.substack.com/p/intel-intc-when-graham-meets-lynch" class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-text-qe4AeH size-15-Psle70 clamp-y7pNm8 clamp-2-kM02pu reset-IxiVJZ">Benjamin Graham lens: statistical bargain at ~1.2x tangible book. 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