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De facto monopolies compound only when they have a reinvestment runway, not just a moat. TSMC ploughs profits into the next node, Intuitive Surgical into new procedures and installed base, and CoStar into new data verticals and regions, redeploying cash at high rates. A monopoly with no runway, like a toll road or regulated utility, is effectively a bond whose moat tempts investors to overpay. The screen tests genuine monopoly share, reinvestment runway and ROIC against its five-year average. x.com x.comÂ
