Presentation at CFA Society Rochester, Podcast Appearance, and Summer Travel
A busy end to the second quarter; looking forward to the second half of 2025
Last week, I presented at CFA Society Rochester’s June luncheon on the link between moat and management. My presentation was called “Defending the Castle, Widening the Moat” and covered three points:
The importance of equity stewardship
How good stewardship is linked to economic moats, and
Why the combination of stewardship and moats can generate long-term value
Substack doesn’t allow me to embed the presentation here, unfortunately, but you can view the presentation by clicking the button below to be taken to the KNA Capital Management website.
I was also recently on the Investing Unscripted podcast to discuss Flyover Stocks, my investment philosophy, and other topics. You can view the podcast below or listen wherever you get your podcasts.
My family is wrapping up a trip to Acadia National Park and surrounding areas. If you ever get the chance to make your way to Maine, I would encourage a stop in Acadia. The hiking in Acadia is great and has a wide range of difficulties with good scenic payoffs like the one below near the top of Penobscot.
I hope your summer is similarly off to a good start and that the third quarter treats you well.
Stay patient, stay focused.
Todd
Todd Wenning is the founder of KNA Capital Management, LLC, an Ohio-registered investment advisor that manages a concentrated equity strategy and provides other investment-related services.
At the time of publication, Todd, his immediate family, and/or KNA Capital Management, LLC or its clients owned shares of Wal-Mart.
Please see important disclaimers.