# Why Moats Matter with Todd Wenning, President and CIO of KNA Capital

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Text version: https://stenobird.com/podcast/compounders-podcast-6864958/why-moats-matter-with-todd-wenning-president-and-cio-of-kna-capital.md
Podcast: [Compounders Podcast](https://stenobird.com/podcast/compounders-podcast-6864958)
Published: 2025-01-13T08:01:00+00:00
Episode link: https://compounders.podbean.com/e/why-moats-matter-with-todd-wenning-president-and-cio-of-kna-capital/
Audio file: https://mcdn.podbean.com/mf/web/ei36uycvxmvg4zyn/Compounders_with_Todd_Wenning_AUDIO_ONLY66ber.mp3
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Duration seconds: 3571

## Resource

My guest on the show today is Todd Wenning, the President and CIO of KNA Capital. Many of our listeners might have come across Todd’s excellent discussions of moats during his time at Morningstar and Ensemble Capital—or on his Substack Flyover Stocks. Todd founded KNA Capital earlier this year and I was eager to speak with Todd about: - What pushed him to start his own firm; - Why economic moats are so important to him and his process; - How he decided on the right level of concentration; - What he finds so valuable about the process of teaching undergrads; and - Why nostalgia can be a very attractive theme to invest behind For more information about KNA Capital, please visit: https://www.kna-capital.com/ For more information about the Flyover Stocks substack, please visit: https://www.flyoverstocks.com/ Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

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## Transcript

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