That's a great reflection on businesses with unusual moats!
I listened to a podcast a few days ago, and it reminded me of your article.
The guys talk about 2 Canadian companies that operate in a niche market, where they are basically the only ones: NorthWest Company (trading routes in the remote Canadian North), and Exchange Income Corporation (flight routes to the far North).
That's a great reflection on businesses with unusual moats!
I listened to a podcast a few days ago, and it reminded me of your article.
The guys talk about 2 Canadian companies that operate in a niche market, where they are basically the only ones: NorthWest Company (trading routes in the remote Canadian North), and Exchange Income Corporation (flight routes to the far North).
Here's the link to that podcast if you're interested (https://youtu.be/UdYVQLKho9k?si=jGVeR3LhKAfMUQpj&t=488)