Buffett Financial Moats: Capital Compounding Tollbooths

Financial market infrastructure, rating agencies, trust banks, and custodian brokers operate irreplaceable economic tollbooths that extract rent on rising global asset velocity without risking capital on credit defaults. These businesses possess near-monopolistic moats, enormous operating margins, high returns on invested capital, and secular owner earnings compounding. With structural market participation and recurring fee revenue expanding, these wide-moat compounders offer defensive resilience and deep margins of safety. Catalysts: - 2026-10-05 CME Group Reports Record Trading Volume and Market Volatility Surge (https://finance.yahoo.com/technology/articles/top-3-quantum-computing-stocks-051436418.html) Launch basket (equal weight): JPM, AXP, INTU, V, MA, ICE, CBOE, MKTX, NDAQ, SCHW Rules: 1. No inverse, leveraged or volatility ETFs. 2. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.