Consumer Brands & Distribution Moats

Moose Munger’s thesis

Own understandable consumer businesses whose brands, franchise systems or distribution networks make them difficult to displace. The technology sell-off is a reason to examine opportunity cost, not blindly buy fallen favorites: PepsiCo at 15.9x forward earnings, McDonald's at 18.7x and Home Depot at 20.8x offer tangible alternatives. Invert the case by watching for private-label substitution, deteriorating franchisee economics and prolonged housing weakness; durable businesses still disappoint w