Does Moat Investing Work?

Most investors look for culture in slogans, survey scores, and polished investor decks. Luca Dellanna says that’s the wrong place to look: culture shows up in the track record of what actually gets rewarded, ignored, and promoted.Todd Wenning brings Luca, author of 11 books including Ergodicity and The Control Heuristic, into a deep conversation about how quality-focused investors can spot real corporate culture from the outside. If you want to tell the difference between a company run by operators versus one run by lawyers, HR, or stock-market optics, this episode gives you a practical lens.You’ll discover:Why culture is not a set of words, but a track record of behaviorsHow to audit a company by observing behaviors, conditions, and moods in personWhat Luca looks for at Starbucks-style consumer businesses, industrial companies, and remote teamsWhy “what” matters less than “what and why” when trying to preserve culture after a founder leavesHow promotion decisions, buybacks, mergers, and time allocation reveal whether culture is real or just performativeLuca also breaks down why numbers can be useful but incomplete, how “fractal” organizations sustain culture without skipping steps, and why direct observation beats third-hand reports every time. He shares the signs that culture is driven by managers instead of bureaucracy, why HR should support rather than steer culture, and how skip-level meetings and frontline curiosity can expose what spreadsheets never will.For investors, operators, and anyone trying to understand how great companies actually work, this episode is a masterclass in seeing beyond the numbers. If you care about long-term value, durable culture, and better business judgment, this is essential listening.For more information, including important disclaimers, please ⁠⁠⁠⁠visit the Flyover Stocks blog⁠⁠⁠⁠.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at ⁠⁠⁠⁠www.kna-capital.com⁠⁠⁠⁠.

Episode DescriptionThe advice everyone gives about risk is too simple. Ben Carlson breaks down why your risk tolerance changes with age, experience, and even trauma and why that matters whether you’re building a portfolio, hiring through AI disruption, or deciding if the US market is too concentrated.Todd Wenning sits down with Ben Carlson, director of institutional asset management at Ritholtz Wealth Management and longtime voice behind A Wealth of Common Sense, for a wide-ranging conversation that starts with the biggest questions facing investors right now. From industry consolidation in asset and wealth management to the pressure AI is putting on hiring, Ben explains why the business is changing fast and why the client relationship still has to come first.You’ll discover:Why mergers and acquisitions in wealth management can create hidden problems for clientsHow firms are thinking about AI, junior analysts, and the future of training the next generationWhy risk is not one universal definition but a moving target that changes across your lifeWhat market history can teach you about surviving bubbles, crashes, and panicsWhy diversification outside the US may matter more than it has in the last 20 yearsHow advisors are becoming more like hospitality businesses in an AI-saturated worldBen also shares the thinking behind his new book, Risk and Reward, including why studying the South Sea Bubble, the Great Depression, the 1970s, and the financial crisis can make investors humbler and better prepared. The conversation gets into behavioral psychology, career risk, the emotional gap between a paper portfolio and real losses, and why some of the smartest people can still be terrible investors.If you’ve ever wondered how much risk you should really take, how to think about portfolio construction when the market feels expensive, or how AI will reshape investing and advice, this episode is packed with practical perspective. Essential listening for investors, advisors, and anyone trying to make smarter long-term decisions in a world that keeps changing.Ben Carlson is the director of institutional asset management at Ritholtz Wealth Management and the author of Risk and Reward. He is also the writer of A Wealth of Common Sense, one of the most widely read investing blogs online.For more information, including important disclaimers, please ⁠⁠⁠visit the blog⁠⁠⁠.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at ⁠⁠⁠www.kna-capital.com⁠⁠⁠.

Todd sits down with Lawrence Hamtil, principal at Fortune Financial Advisors in Kansas, for a wide-ranging conversation on what it means to manage other people's money responsibly in a market fixated on AI and mega-cap momentum. Lawrence shares why a sector-neutral, roughly equal-weighted approach has served his clients well across cycles, how he thinks about position sizing as a fiduciary, and why he'd rather apologize for underperforming in a bull market than blow up a client's irreplaceable capital.The conversation also digs into the AI spending cycle and its parallels to the China commodity super-cycle of the 2000s, the bear and bull cases for software stocks after their massive multiple compression, and why the economics of AI monetization remain genuinely uncertain. Plus: what Midwestern roots actually mean for investment temperament, the fictional writers who shaped Lawrence's worldview, and why you won't be vibe coding the avionics on a Boeing 777 anytime soon.Topics covered: minimum volatility investing, equal-weighted portfolios, fiduciary risk management, AI capex cycle, software valuations, sector-neutral portfolio construction, Midwest investing culture, and more.Lawrence can be found on X at @lhamtil and at fortunefinancialadvisors.com. He also co-hosts the Preferred Shares podcast.For more information, including important disclaimers, please ⁠⁠⁠⁠visit the Flyover Stocks blog⁠⁠⁠⁠.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at ⁠⁠⁠⁠www.kna-capital.com⁠⁠⁠⁠.

Todd sits down with John Rotonti, portfolio manager at Bastion, for a wide-ranging conversation on what separates great investors from good ones, why there's no single "right way" to invest, and how to get comfortable paying a premium multiple for exceptional businesses. John shares key takeaways from his J-Ro Show, where he interviewed some of the top names in professional investment management, and breaks down the four growth engines he looks for in a portfolio company. The conversation covers position sizing, the Mittelstand concept, corporate culture as an undervalued moat, and why Amphenol's seat at the table with NVIDIA may be one of the most compelling stories in the market today.Topics covered: concentrated portfolios, justified P/E ratios, family-run businesses, acquisition machines, AI infrastructure, quality vs. valuation, and more.For more information, including important disclaimers, please ⁠⁠⁠visit the Flyover Stocks blog⁠⁠⁠.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at ⁠⁠⁠www.kna-capital.com⁠⁠⁠.

Acclaimed writer Morgan Housel, the author of the international best sellers, The Psychology of Money, Same as Ever, and The Art of Spending and partner at The Collaborative Fund joined Flyover Stocks publisher Todd Wenning to discuss major money matters in our 40s. Included in this conversation:Morgan Housel's career journey and writing styleThe role of authentic storytelling in financeImpact of AI on human connection and storytellingHousing policy and its effect on affordabilityParenting, education, and societal expectations in the 40sFor more information, including important disclaimers, please ⁠⁠visit the blog⁠⁠.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at ⁠⁠www.kna-capital.com⁠⁠.

In 1992, the bears called Fastenal "optically expensive" at 39x earnings. They were wrong. Today, we look at how persistent ROIC (Return on Invested Capital) allows elite companies to defy market expectations and "beat the fade." Learn why buying quality at a premium is a lapse in timing, but buying junk at a discount is a lapse in judgment. Featuring the four-point quality checklist used by the pros.For more information, including important disclaimers, please visit the blog.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at www.kna-capital.com.

In this episode, Todd Wenning and Jeff Fischer discuss a variety of topics around the state of today's market, what AI could mean for the economy, and how to monitor companies caught up in the AI cycle in both good and bad ways.For more information, including important disclaimers, please visit the Flyover Stocks blog.Jeff can be found on X @optionwell and Todd can be found @toddwenning.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at www.kna-capital.com.

In this episode, Todd Wenning discusses why the presence of an economic moat is insufficient for investment. He considers the question philosophically but also practically by taking a look at available data.For more information, including important disclaimers, please visit the  blog.

In this episode, Todd Wenning discusses the behavioral challenges related to selling one stock to buy another and shares one of his favorite articles from the depths of the financial crisis to illustrate what real market panic looks like.For more information, including important disclaimers, please visit the Flyover Stocks blog.

In this episode, Todd Wenning discusses some common challenges faced by those in their mid-life (35-50) and offers some suggestions for emerging from this busy time of life financially stronger and more confident as you approach retirement.For more information, including important disclaimers, please visit the Flyover Stocks blog.