I think in a business like IPH, you only get a moat if your firms have a brand. Similar to how the big 4 accounting firms have a very strong moat because of their brand.
If you go through the other types of moat...
Cost advantage - Nope.
Network effects - Nope.
Switching costs - Nope.
Intangible assets - Nope.
Efficient scale - Nope.
The only moat IPH can have is their brand and so far, I don't think they have it.
IPH Price at posting:
$8.93 Sentiment: None Disclosure: Not Held
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