AI Shortens The Moat with Todd Wenning, President and CIO of KNA Capital Management

AI is compressing moat durability, agentic shopping tools threaten obfuscation-based business models, and rising real yields favor cash-rich, undervalued micro-caps and UK equities.

• Moats compress under AI: Wenning says AI shrinks the time a moat buys management, turning 10-year terminal-value debates about software contracts into next-year debates.
• Network effects most fragile: He flags network effects as the moat source most at risk of unraveling quickly, citing MySpace's collapse versus Facebook's rise.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.