Loyalty and trust drives higher pricing power.

• Tesla
  • TSLA
• LVMH
  • MC
• Fevertree Drinks
  • FEVR
• Kering
  • KER
• Ferrari
  • RACE
• Inditex
  • ITX
• Dominos Pizza
  • DPZ
• RH
  • RH
• L'Oréal
  • OR
• Apple
  • AAPL
• Diageo
  • DGE
• Walt Disney
  • DIS
• Hermès
  • HRMS
• Unilever
  • ULVR
• The Este Lauder Companies
  • EL
• Pernod Ricard
  • RI
• Brunello Cucinelli
  • BC

Preferential access to a unique resource that drives value such as management, technology, patents, property, etc.

• Burford Capital
  • BUR
• Credit Acceptance
  • CACC
• Warner Music
  • WMG
• Universal Music
  • UMG
• LGI Homes
  • LGHI
• NVR
  • NVR
• Electronic Arts
  • EA
• Vistry Group
  • VTY
• Nintendo
  • 7974

Entrant has a superior business model (lower costs and / or ability to charge higher prices given the higher product value) that incumbents cannot replicate without significant cannibalisation of existing business.

• Wayfair
  • W
• Carvana
  • CVNA
• Naked Wines
  • WINE
• Netflix
  • NFLX
• SHEIN
• PDD Holdings
  • PDD

Value of the product increases as the user or customer base increases.

• Amazon
  • AMZN
• Google
  • GOOG
• Spotify
  • SPOT
• Uber
  • UBER
• Just Eat Takeawaycom
  • TKWY
• Airbnb
  • ABNB
• Copart
  • CPRT
• Meta
  • META
• ACV Auctions
  • ACVA
• Booking Holdings
  • BKNG
• Cogent Communications
  • CCOI
• OPENLANE
  • KAR
• Zalando
  • ZAL
• Rightmove
  • RMV
• Lyft
  • LYFT
• The Trade Desk
  • TTD
• Manheim
• Adyen
  • ADYEN
• Acast
  • ACAST
• DoorDash
  • DASH
• Cardlytics
  • CDLX
• CCC Intelligent Solutions
  • CCCS
• eBay
  • EBAY
• Moltiply
  • MOL
• Mastercard
  • MA
• Visa
  • V
• Delivery Hero
  • DHER
• Hemnet
  • HEM
• Scout24
  • G24

Operational and learning process that drives higher quality products and / or lower prices vs competitors.

• Tesla
  • TSLA
• Airbus
  • AIR
• Lifco
  • LIFCO
• Burford Capital
  • BUR
• The Boeing
  • BA
• General Electric
  • GE
• Judges Scientific
  • JDG
• Bergman & Beving
  • BERG
• Lagercrantz Group
  • LAGR
• Credit Acceptance
  • CACC
• Markel
  • MKL
• Dominos Pizza
  • DPZ
• Kinsale Capital Group
  • KNSL
• Hagerty
  • HGTY

Per unit cost declines as units produced increase. Scale economies also include procurement scale and distribution network density.

• Amazon
  • AMZN
• Costco Wholesale
  • COST
• Aldi
• FTAI Aviation
  • FTAI
• The Gym
  • GYM
• OReilly Automotive
  • ORLY
• Perimeter Solutions
  • PRM
• The Progressive
  • PGR
• GEICO
• Auto Partner
  • APR
• Ryanair
  • RYA

High financial cost and time of customers switching to a competitor. Includes productivity loss from downtime, changing routine, and retraining staff.

• Amazon
  • AMZN
• HEICO
  • HEI
• Microsoft
  • MSFT
• TransDigm Group
  • TDG
• Constellation Software
  • CSU
• Danaher
  • DHR
• Evolution
  • EVO
• Halma
  • HLMA
• Shopify
  • SHOP
• Snowflake
  • SNOW
• Topicus
  • TOI
• Salesforce
  • CRM
• Atlassian
  • TEAM
• Datadog
  • DDOG
• Oracle
  • ORCL
• Intuitive Surgical
  • ISRG
• Wixcom
  • WIX
• Vitec Software
  • VIT
• Loar
  • LOAR
• Squarespace
  • SQSP
• Sartorius
  • SRT
• Thermo Fisher Scientific
  • TMO
• ServiceNow
  • NOW
• Databricks
• Veeva
  • VEEV
• AppFolio
  • APPF
• Spirax-Sarco Engineering
  • SPX
• Apple
  • AAPL
• Perimeter Solutions
  • PRM
• CCC Intelligent Solutions
  • CCCS
• Computer Modelling
  • CMG
• Surgical Science
  • SUSST
• Autodesk
  • ADSK
• Daily Journal
  • DJCO
• Procore
  • PCOR
• LiveChat Software
  • WSELVC
• Tyler Technologies
  • TYL
• Interpump Group
  • IPA