Moody's Corporation is a regulatory-moated oligopoly wrapped in a compounding software business. The MIS ratings franchise holds the most durable structural position in financial services: NRSRO designation is a legal prerequisite for capital adequacy calculations in virtually every major financial market globally, the duopoly with S&P has been unbroken for over four decades, and the proprietary century-old default database cannot be replicated at any cost.Read more

MSCI is a Wide Moat compounding machine whose index benchmarks serve as the institutional standard for $16.5 trillion in global AUM, generating 75%+ recurring revenue at 93-95% retention rates and approximately 50% FCF margins. The investment thesis rests on three durable pillars: (1) permanent switching costs in the Index segment, where fund mandate rewrites, LP notifications, and derivative contract renegotiations make benchmark migration prohibitively costly for all but the most determined sponsors; (2) secular tailwinds from the continued growth of passive investing and the institutionalization of private markets, which expand MSCI's AUM-linked revenue with zero incremental cost; and (3) an emerging private assets franchise replicating the Index playbook in a $10 trillion+ private equity and credit market that currently lacks institutional-grade benchmarks.Read more

Visa executes steadily on its three-pillar strategy: Consumer Payments volume growing 8-9% in constant dollars driven by secular cash-to-card conversion and cross-border recovery; CMS at ~20% initially decelerating to ~12% by FY30; VAS sustaining 20-25% growth before decelerating to ~15% by FY32 as the business matures. The DOJ antitrust case resolves with a monetary settlement and limited routing adjustments — painful but not structurally disruptive to the debit network economics.Read more

reportan 3 segmentos: Insurance (seguros); Health (isapres, proveedores de salud, farmacias, farmaceuticas); Emerging (deportes, retail, bancos y muchos otros). ¿potencial de crecimiento en que segmento?Read more