I’m approaching 15 years in markets, currently focused on European Equities. I have always been fascinated by competitive advantage. Why do some companies have it, sustain it and grow it, while others simply don’t? How can one cultivate it? What does it create in terms of margin of safety for investors and how much is that worth? Spending time searching for companies that have sustainable competitive advantage - in both senses of the word, enduring and reflective of sustainable business models - is a wonderful challenge. It also allows me to leverage several years of research focused on the degree to which human capital and governance practices can be managed effectively to execute on cor