Hohn holds Aena as natural monopoly airport investment
Aena owns irreplaceable physical assets — airports in Spain that are natural monopolies where a second airport cannot be built, providing sustainable barriers to entry and pricing…
Hohn made billions on Deutsche Börse via Eurex natural monopoly
Deutsche Börse's Eurex derivatives exchange was a winner-take-all network effect monopoly in European bond futures, generating growth without capital — though Hohn notes the busin…
Hohn owns Microsoft for bundling moat and switching costs
Microsoft's Office bundle creates immense switching costs and allows it to neutralize competitors (e.g., Teams vs Zoom) by distributing new products free to its installed base, tu…
Hown holds small Alphabet position citing search disruption risk
Alphabet is TCI's smallest and riskiest position; search faces fragmentation risk from AI competitors, but YouTube, Cloud, and cash provide downside protection while data advantag…
Hown invests in Rolls-Royce for aircraft engine duopoly moat
Rolls-Royce benefits from extreme barriers to entry in aircraft engines — only two players in narrow-body and wide-body markets, no new entrants in 50+ years, plus installed base…
Hohn compounds Moody's over decades: bought at 10x, sold at 20x, rebought at $150
Moody's is an essential service with 10% revenue growth over 100 years; intrinsic value compounding matters more than entry multiple — Hohn bought at 10x earnings in financial cri…
Hohn shorted Wirecard, filed criminal complaint for accounting fraud
Wirecard exhibited classic fraud red flags — small auditor, no cash flow, empty Asian offices — and Hohn shorted it, filed a criminal complaint in Munich, and forced transparency…
Hohn holds Safran for 13 years as aircraft engine compounder
Safran is a great business in the aircraft engine duopoly (via CFM joint venture with GE Aerospace) with irreplaceable technology, installed base economics, and long-term holding…