In this episode of the Planet MicroCap Podcast, I spoke with Todd Wenning, President and CIO of KNA Capital Management, Publisher of Flyover Stocks, and Director of the Hanley Center for ESG Investing at the University of Dayton, for a wide-ranging conversation on moats, AI, rates, and what endures through periods of rapid change.

We break down how AI is shortening the time a moat buys a company, why agentic commerce tools like Meta’s Muse threaten businesses that rely on consumer inertia and obfuscation, and how rising real yields are quietly reshaping where capital flows. We also get into what teaching corporate finance to college students has revealed about first principles investing, why the UK market is presenting some of the most compelling valuations he’s seen in years, and what history’s revolutions tell us about where AI is headed.

For more information about KNA Capital Management, please visit: https://www.kna-capital.com/

Chapters:

00:00 Introduction and guest background
02:06 Todd Wenning's teaching journey and ESG focus
03:53 The value of teaching and first principles investing
06:07 Changes in the investment Venn diagram and moat trends
10:01 AI's impact on wide moats and business disruption
11:09 Thesis development for companies in the AI era
13:03 Corporate culture and AI adoption
14:01 Main risks to economic moats in the age of AI
18:10 How AI shortens the duration of moats
19:53 The influence of rates and yields on market behavior
22:12 AI's effect on consumer surplus and obfuscation
32:53 Opportunities in microcaps and emerging moats
42:07 Global opportunities and UK market insights
42:59 Capital allocation and strategic planning in uncertain times
45:08 Managing proprietary knowledge and AI risks
48:11 The importance of authenticity and human ingenuity
49:59 Looking ahead to 2029 and future themes

You can listen to the Planet MicroCap Podcast on Spotify, Apple Podcasts, YouTube, or wherever you get your podcasts.

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This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

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