Castuner

Moats & Margins

Thousand Bagger

Why does Costco make most of its profit from memberships? Why do some airlines thrive while others go bankrupt? Moats & Margins breaks down the unit economics and competitive advantages behind the world’s most interesting businesses. Each episode takes one company or industry and follows the money: what it costs to win a customer, what each sale really earns, and what keeps competitors out. Clear, numbers-driven, and jargon-free. For founders, investors, operators, and anyone curious how great businesses actually work.

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Episodes

22 episodes

  1. #22: The Software That Runs the Courthouse — Vertical SaaS 5:43
  2. #21: Why New Sales Can Hide a Churn Problem — SaaS truth 5:57
  3. #20: The Daycare That Can't Fire Its Teachers — Step costs 5:55
  4. #19: Your Gym's Best Member Never Shows Up — fitness clubs 4:27
  5. #18: The Ride Was Built Before the Gates Opened — Disney parks 4:24
  6. #17: The Floating City Must Sail — Royal Caribbean's economics 4:44
  7. #16: The Brand That Owns Nothing — Hotel Franchisors 5:22
  8. #15: A Building You Pay For Whether It's Full — Hotels 5:25
  9. #14: The Two-Minute Drive-Through — Coffee Shop Economics 6:24
  10. #13: The Empty Table Expires — full-service dining math 5:17
  11. #12: The Business Above the Restaurant — franchising 5:06
  12. #11: The Chipotle Lunch Line — busy rooms, thin margins 4:59
  13. #10: The Direct to Consumer Product Brand — Renting Attention 5:32
  14. #9: The Inventory Owning Ecommerce Retailer — Free Delivery Isn't 5:12
  15. #8: The Automotive Dealership — Behind the Showroom 5:30
  16. #7: The Packaged Food Manufacturer — Negotiating Twice 5:15
  17. #6: Branded Beauty Products — The Second Bottle Pays 5:14
  18. #5: The Luxury Goods Brand — Manufacturing Desire 5:12
  19. #4: The Apparel Specialty Retailer — The Coat With a Clock 5:21
  20. #3: The Discount Variety Retailer — Five Dollars at a Time 6:11
  21. #2: The Membership Warehouse Club — A Subscription Business in Retail Clothing 8:24
  22. #1: The Grocery Supermarket — Thin Margins, Real Returns 6:44