<?xml version="1.0" encoding="UTF-8"?><urlset xmlns="http://www.sitemaps.org/schemas/sitemap/0.9" xmlns:news="http://www.google.com/schemas/sitemap-news/0.9" xmlns:xhtml="http://www.w3.org/1999/xhtml" xmlns:image="http://www.google.com/schemas/sitemap-image/1.1" xmlns:video="http://www.google.com/schemas/sitemap-video/1.1"><url><loc>https://heavymoatinvestments.substack.com/archive</loc><changefreq>daily</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/about</loc><changefreq>weekly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/podcast</loc><changefreq>weekly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/nintendo-a-high-quality-business</loc><lastmod>2026-07-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/dissecting-the-innoscripta-bear-case</loc><lastmod>2026-06-26</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/edenred-another-high-conviction-position</loc><lastmod>2026-06-21</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/my-mom-asked-if-she-should-buy-the</loc><lastmod>2026-06-11</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/when-everyone-is-looking-in-the-same</loc><lastmod>2026-06-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/vrrm-75-crash-in-two-days-is-this</loc><lastmod>2026-05-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/ferrari-group-plc-the-better-ferrari</loc><lastmod>2026-05-26</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-bull-case-for-cellebrite-just</loc><lastmod>2026-05-25</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-hidden-infrastructure-behind</loc><lastmod>2026-05-20</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/understanding-mercado-libres-q1-through</loc><lastmod>2026-05-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-increased-diversification</loc><lastmod>2026-05-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/why-the-nintendo-crash-could-be-a</loc><lastmod>2026-05-04</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-capital-allocation-master-class</loc><lastmod>2026-04-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/real-estate-diversification-and-my</loc><lastmod>2026-04-20</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/new-buy-a-niche-logistics-provider</loc><lastmod>2026-04-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/musings-on-value-creation-and-capital</loc><lastmod>2026-04-13</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-irfs-trap-why-i-just-closed-a</loc><lastmod>2026-04-04</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/moving-away-from-monthly-portfolio</loc><lastmod>2026-03-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/baxter-international-deep-value-turnaround</loc><lastmod>2026-03-25</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/revisiting-verra-mobility-down-50</loc><lastmod>2026-03-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/march-valuation-update-further-derisking</loc><lastmod>2026-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-business-hidden-in-plain-sight</loc><lastmod>2026-05-20</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/stevanato-group-leadership-growth</loc><lastmod>2026-03-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/down-50-on-my-first-shares-is-the</loc><lastmod>2026-03-04</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/do-you-want-an-alternative-to-substacks</loc><lastmod>2026-03-02</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/february-2026-portfolio-update</loc><lastmod>2026-03-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-company-that-divides-long-term</loc><lastmod>2026-02-26</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/stevanato-group-a-picks-and-shovels</loc><lastmod>2026-02-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/when-scale-meets-scarcity-notes-on</loc><lastmod>2026-02-18</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-contrarian-trap-and-how-i-got</loc><lastmod>2026-02-16</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/february-valuation-update</loc><lastmod>2026-02-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/history-is-repeating-itselfinpost</loc><lastmod>2026-02-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/revisiting-evs-broadcast-belgian</loc><lastmod>2026-02-02</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/january-2026-portfolio-update</loc><lastmod>2026-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/vusion-a-pioneer-in-retail-iot</loc><lastmod>2026-01-26</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-dirty-high-risk-ad-tech-bet-with</loc><lastmod>2026-01-19</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/january-valuation-update</loc><lastmod>2026-01-15</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/casual-year-end-chat-with-rene-sellmann</loc><lastmod>2026-01-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/innoscripta-ag-an-incredibly-profitable</loc><lastmod>2026-01-12</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/inpost-will-history-repeat-itself</loc><lastmod>2026-02-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/what-the-path-forward-may-look-like</loc><lastmod>2026-01-08</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/cellebrite-deep-dive-unlocking-the</loc><lastmod>2026-01-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/december-2025-portfolio-update</loc><lastmod>2026-01-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/copart-quality-score-a-high-quality</loc><lastmod>2025-12-30</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/2025-in-review-what-a-year-it-has</loc><lastmod>2025-12-27</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/sps-commerce-compounder-on-sale-or</loc><lastmod>2025-12-17</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/december-valuation-update</loc><lastmod>2025-12-15</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/revisiting-eurofins-scientific-a</loc><lastmod>2025-12-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/greggs-plc-undervalued-but-how-good</loc><lastmod>2025-12-04</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/november-2025-portfolio-update</loc><lastmod>2025-12-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/my-biggest-ever-discount-and-only</loc><lastmod>2025-11-27</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/november-valuation-update</loc><lastmod>2025-11-24</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-inpost-bear-case-risk-reward</loc><lastmod>2026-02-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/revisiting-ashtead-technology-circle</loc><lastmod>2025-11-18</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-deep-dive-into-portfolio-level</loc><lastmod>2025-11-13</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-am-disappointed-in-edenred-guidance</loc><lastmod>2025-11-12</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/yet-another-shift4-payments-pitch</loc><lastmod>2025-11-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/how-the-edenred-amplified-25-28-update</loc><lastmod>2025-11-05</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/new-buy-the-most-efficient-delivery</loc><lastmod>2026-02-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/october-2025-portfolio-update</loc><lastmod>2025-10-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/sharpening-the-process-a-more-focused-8b8</loc><lastmod>2025-10-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/why-shouldnt-mum-work-out-well-from</loc><lastmod>2025-10-27</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/danaher-do-its-strong-fundamentals</loc><lastmod>2025-10-21</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/constellation-softwares-perfect-storm</loc><lastmod>2025-10-16</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-stock-exchange-business-model</loc><lastmod>2025-10-13</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/when-conviction-gets-tested-by-inertia</loc><lastmod>2025-10-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/ashtead-technology-vs-ashtead-group</loc><lastmod>2025-10-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/september-2025-portfolio-update-turning</loc><lastmod>2025-10-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/september-valuation-update</loc><lastmod>2025-09-29</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/freeeckert-and-ziegler-why-i-sold-147</loc><lastmod>2025-09-25</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/danaher-from-star-performer-to-post</loc><lastmod>2025-09-24</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/new-buy-us-fintech-with-30-average</loc><lastmod>2025-09-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/ive-been-waiting-years-for-this-feature</loc><lastmod>2025-09-22</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-indictment-that-reads-like-satire</loc><lastmod>2025-09-18</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-european-small-cap-transitioning</loc><lastmod>2025-09-15</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/edenredpluxee-sunk-cost-fallacy-or</loc><lastmod>2025-09-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/consolidating-german-dividend-growth</loc><lastmod>2025-09-08</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/cellebrite-benefiting-from-rising</loc><lastmod>2025-09-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/august-2025-portfolio-update-more</loc><lastmod>2025-09-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/raising-the-bar-why-higher-hurdle</loc><lastmod>2025-08-29</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/buying-a-new-boring-stock-22-average</loc><lastmod>2025-09-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/cellebrite-dominating-digital-forensics</loc><lastmod>2025-09-05</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/planisware-quality-score-under-the</loc><lastmod>2025-08-22</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/why-scalable-software-might-be-riskier</loc><lastmod>2025-08-20</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-severely-punished-german-medical</loc><lastmod>2025-08-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/will-fire-make-us-happy-a-closer</loc><lastmod>2025-08-12</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-serial-acquirer-business-model</loc><lastmod>2025-08-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/big-changes-july-2025-portfolio-update</loc><lastmod>2025-08-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/roper-technologies-quality-score</loc><lastmod>2025-07-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/mettler-toledo-a-long-term-winner</loc><lastmod>2025-07-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/evolving-my-quality-score</loc><lastmod>2025-07-24</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-rare-chance-to-own-a-compounding</loc><lastmod>2025-07-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/mettler-toledo-a-quiet-giant-in-precision</loc><lastmod>2025-09-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/size-does-matter</loc><lastmod>2025-07-17</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/valuation-alternative-assets-and</loc><lastmod>2025-07-15</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-sold-yet-another-stock</loc><lastmod>2025-07-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/selling-two-positions-to-concentrate</loc><lastmod>2025-07-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/simplifying-the-portfolio-1-buy-1</loc><lastmod>2025-07-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-attended-my-first-agm-hermle-ag</loc><lastmod>2025-07-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/june-2025-portfolio-update</loc><lastmod>2025-07-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/am-i-being-ignorant-a-dive-into-brazils</loc><lastmod>2025-06-27</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/eurofins-scientific-can-this-elite</loc><lastmod>2025-06-25</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-sold-a-position-and-bought-more</loc><lastmod>2025-06-19</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/veeva-systems-quality-score-can-the</loc><lastmod>2025-06-17</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/quality-investing-moats-and-valuations</loc><lastmod>2026-01-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-beauty-of-compounding-the-life</loc><lastmod>2025-06-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/eurofins-scientific-a-global-leader</loc><lastmod>2025-06-05</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/may-2025-portfolio-update</loc><lastmod>2025-06-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-distribution-business-model-primer</loc><lastmod>2025-08-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/robertet-seed-to-success-2030</loc><lastmod>2025-05-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/atoss-software-quality-score-german</loc><lastmod>2025-05-20</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/when-every-byte-counts-15-irr-potential</loc><lastmod>2025-05-15</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/time-to-sell-breaking-down-my-most</loc><lastmod>2025-05-13</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/why-i-believe-this-uk-consolidator</loc><lastmod>2025-05-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-heavy-moat-investment-philosophy</loc><lastmod>2025-10-20</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/try-heavy-moat-investments-for-free-697</loc><lastmod>2025-05-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/april-2025-portfolio-update</loc><lastmod>2025-05-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/edenred-and-pluxee-crashedagain</loc><lastmod>2025-04-29</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/eckert-and-ziegler-is-the-next-boom</loc><lastmod>2025-04-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/dividends-in-quality-investing-a</loc><lastmod>2025-04-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/texas-instruments-a-high-quality</loc><lastmod>2025-04-22</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/outperforming-all-benchmarks-a-more</loc><lastmod>2025-04-18</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/improving-fundamentals-falling-valuation</loc><lastmod>2025-04-17</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/eckert-and-ziegler-a-pick-and-shovel</loc><lastmod>2025-04-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/pluxee-a-wonderful-business-in-a</loc><lastmod>2026-01-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/tariffs-winners-losers-and-how-im</loc><lastmod>2025-04-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/theres-no-need-to-panic-my-downturn</loc><lastmod>2026-07-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/learning-from-losses-my-biggest-investing</loc><lastmod>2025-04-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/march-2025-portfolio-update</loc><lastmod>2025-04-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-high-margin-high-retention-european</loc><lastmod>2025-03-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/idexx-laboratories-fundamentals-and</loc><lastmod>2025-09-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/legal-disclaimer</loc><lastmod>2025-03-25</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/msci-quality-score-the-quiet-compounder</loc><lastmod>2025-03-24</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/hermle-ags-brutal-guidance-is-there</loc><lastmod>2025-03-20</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-hidden-risk-of-historical-valuation</loc><lastmod>2025-03-19</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/how-to-survive-and-thrive-in-a-market</loc><lastmod>2025-03-17</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/price-updatelock-in-the-old-rate</loc><lastmod>2025-03-15</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/idexx-laboratories-the-hidden-giant</loc><lastmod>2025-03-13</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/there-are-no-points-for-creativity</loc><lastmod>2025-03-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/now-free-robertet-170-years-of-excellence</loc><lastmod>2025-03-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/sonova-ag-positioned-for-a-comeback</loc><lastmod>2025-03-05</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/profits-up-stock-flat-a-classic-setup</loc><lastmod>2025-03-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/february-2025-portfolio-update-plus</loc><lastmod>2025-03-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/introducing-the-quality-score-mercado</loc><lastmod>2026-07-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/nu-holdings-latam-fintech-with-untapped</loc><lastmod>2025-02-24</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/welcome-to-heavy-moat-investments</loc><lastmod>2026-05-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/quick-pitch-scandinavian-small-cap</loc><lastmod>2025-04-25</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/my-portfolio-valuation-matrix-finding</loc><lastmod>2025-02-17</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/shaping-the-future-of-heavy-moat</loc><lastmod>2025-02-16</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/frosta-ag-germanys-underrated-consumer</loc><lastmod>2025-02-15</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/introducing-my-portfolio-explained</loc><lastmod>2025-02-12</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/hmi-portfolio-explained</loc><lastmod>2025-08-30</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/sonova-ag-a-durable-growth-play-on</loc><lastmod>2025-02-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-sold-a-core-position</loc><lastmod>2025-02-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/napco-crashes-25-after-earnings-is</loc><lastmod>2025-03-11</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/january-2025-portfolio-update</loc><lastmod>2025-02-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-tale-of-two-cyclicals-texas-instruments</loc><lastmod>2025-01-29</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-ranking-exercise-2</loc><lastmod>2025-01-25</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/is-hershey-a-sweet-buy-now</loc><lastmod>2025-01-22</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/watsco-fundamentals-and-valuation</loc><lastmod>2025-01-19</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/quick-pitch-european-mid-cap-with</loc><lastmod>2025-01-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/reviewing-my-21-portfolio-companies-a8d</loc><lastmod>2025-01-12</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/reviewing-my-21-portfolio-companies-9cf</loc><lastmod>2025-01-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/new-buy-european-small-cap-with-9</loc><lastmod>2025-01-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/reviewing-my-21-portfolio-companies</loc><lastmod>2025-01-05</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/carlisle-fundamentals-and-valuation</loc><lastmod>2025-01-02</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/december-2024-portfolio-update</loc><lastmod>2024-12-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/reflecting-on-2024-sales-how-good-b78</loc><lastmod>2024-12-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/irr-model-template-merry-xmas</loc><lastmod>2024-12-26</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/reflecting-on-2024-sales-how-good</loc><lastmod>2024-12-22</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/ashtead-h1-trading-update-valuation</loc><lastmod>2024-12-16</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/watsco-winning-by-digitizing-an-old</loc><lastmod>2024-12-12</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/act-now-lock-in-your-current-subscription</loc><lastmod>2024-12-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/has-the-alimentation-couche-tard</loc><lastmod>2025-10-25</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/europe-and-small-caps-are-historically</loc><lastmod>2024-12-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/november-2024-portfolio-update</loc><lastmod>2024-11-30</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/carlisle-csl-shrinking-to-grow</loc><lastmod>2024-12-29</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-bought-a-new-stock</loc><lastmod>2024-11-26</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/atkore-is-looking-very-ugly</loc><lastmod>2024-12-21</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/no-i-dont-care-about-the-latest-berkshire</loc><lastmod>2024-11-18</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-bought-my-first-micro-cap-100m</loc><lastmod>2024-11-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/thinking-about-future-returns-and</loc><lastmod>2024-11-12</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-quick-personal-update</loc><lastmod>2024-11-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/pluxee-and-edenred-earnings-summary</loc><lastmod>2024-11-04</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/october-2024-portfolio-and-performance</loc><lastmod>2024-11-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/quality-investment-ideas-to-watch-1d8</loc><lastmod>2024-10-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/one-partial-sell-and-one-buy</loc><lastmod>2024-10-24</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/asml-a-quick-update-after-the-crash</loc><lastmod>2024-10-20</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/us-smallmicro-cap-quick-pitch</loc><lastmod>2024-10-16</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/edenred-fundamentals-and-valuation</loc><lastmod>2024-10-13</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-german-industrialmedical-supplier</loc><lastmod>2024-10-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/edenred-how-does-it-compare-to-pluxee</loc><lastmod>2025-05-29</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/september-2024-portfolio-update</loc><lastmod>2024-10-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/nemetschek-fundamentals-and-valuation</loc><lastmod>2024-09-19</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/asml-valuation-update</loc><lastmod>2024-09-16</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-sold-a-stock</loc><lastmod>2024-09-12</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/napco-short-report-review-how-bad</loc><lastmod>2024-09-11</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/an-italien-small-cap-quick-pitch</loc><lastmod>2024-10-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/intels-foundry-spin-off-plan-another</loc><lastmod>2024-09-02</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/august-2024-portfolio-update</loc><lastmod>2024-08-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-sold-a-stock-b01</loc><lastmod>2024-08-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/napco-down-15-on-earnings-buying</loc><lastmod>2024-09-13</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/nemetschek-digitalizing-a-boring</loc><lastmod>2024-09-19</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/my-thoughts-on-the-alimentation-couche</loc><lastmod>2024-08-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-ranking-exercise</loc><lastmod>2025-02-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/quality-investment-ideas-to-watch</loc><lastmod>2024-08-16</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/ashtead-fundamentals-and-valuation</loc><lastmod>2025-08-27</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/try-heavy-moat-investments-for-free</loc><lastmod>2024-09-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/atkore-crash-was-atkr-a-mistake</loc><lastmod>2024-09-18</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/what-happened-while-i-was-on-vacation</loc><lastmod>2024-08-06</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/ashtead-consolidating-the-us-equipment</loc><lastmod>2025-08-27</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/july-2024-portfolio-update</loc><lastmod>2024-08-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/adyen-fundamentals-and-valuation</loc><lastmod>2025-08-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/stemmer-imaging-is-getting-acquired</loc><lastmod>2024-07-22</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/stock-spotlight-july</loc><lastmod>2024-08-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/rci-hospitality-rick-going-in-the</loc><lastmod>2024-07-13</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/frosta-ag-nlmde-h1-update</loc><lastmod>2024-08-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/adyen-adyey-powering-global-commerce</loc><lastmod>2025-08-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/verra-mobility-vrrm-fundamentals</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/pluxee-q3-update-is-the-crash-justified</loc><lastmod>2024-08-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/june-2024-portfolio-update</loc><lastmod>2024-06-30</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/stock-spotlight-june</loc><lastmod>2024-06-27</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/revisiting-sartorius-stedim-dimpa</loc><lastmod>2024-08-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/verra-mobility-critical-mission-technology</loc><lastmod>2025-04-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/higher-for-longer-implications-of</loc><lastmod>2024-08-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-german-industrial-micro-cap</loc><lastmod>2024-09-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/lifco-ab-fundamentals-and-valuation</loc><lastmod>2025-04-13</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/upcoming-price-increase-for-new-subscriptions</loc><lastmod>2024-06-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/may-2024-portfolio-update</loc><lastmod>2024-06-02</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/lifco-ab-a-swedish-industrial-serial</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/analog-devices-vs-texas-instruments</loc><lastmod>2024-05-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/hermle-fundamentals-and-valuation</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/capital-heavy-versus-capital-light</loc><lastmod>2024-05-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/hermle-a-german-hidden-champion-built</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/texas-instruments-fundamentals-and</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/emerging-talents-spotlight-compound</loc><lastmod>2024-05-15</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/atkore-atkr-q2-update</loc><lastmod>2024-05-12</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/partnering-with-koyfin</loc><lastmod>2024-05-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/napco-nssc-q1-update</loc><lastmod>2024-05-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/quick-pitch-my-new-german-industrial</loc><lastmod>2024-05-02</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/april-2024-portfolio-update</loc><lastmod>2024-05-18</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/adyen-unjustified-q1-selloff</loc><lastmod>2024-04-29</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/texas-instruments-txn-investing-through</loc><lastmod>2025-05-29</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/should-we-be-worried-of-the-next</loc><lastmod>2024-04-24</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/new-format-quick-pitch</loc><lastmod>2024-10-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/pluxee-with-stellar-h1-results</loc><lastmod>2024-04-20</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/atkore-fundamentals-and-valuation</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/atkore-atkr-riding-secular-tailwinds</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/robertet-fundamentals-and-valuation</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-sold-a-stock-ownership-mentality</loc><lastmod>2024-04-03</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/stemmer-imaging-annual-report</loc><lastmod>2024-07-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/march-2024-portfolio-update</loc><lastmod>2024-03-30</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/robertet-rbt-170-years-of-sustainable</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/what-to-look-for-in-a-great-serial</loc><lastmod>2024-03-23</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/frosta-ag-fundamentals-and-valuation</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/what-is-net-working-capital</loc><lastmod>2024-03-19</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/frosta-ag-crafting-a-moat-through</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/ulta-beauty-fundamentals-and-valuation</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/can-this-beautiful-growth-story-continue</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/pluxee-fundamentals-and-valuation</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-market-leader-thrown-out-with-the</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/should-i-track-performance</loc><lastmod>2024-03-05</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/inverse-dcf-template</loc><lastmod>2024-12-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/february-2024-portfolio-update</loc><lastmod>2024-03-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/aoj-fundamentals-and-valuation</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-beaten-down-danish-compounder</loc><lastmod>2025-08-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/is-the-ufp-industries-sell-off-justified</loc><lastmod>2024-02-21</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/my-valuation-method-inverse-dcf</loc><lastmod>2024-02-19</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/copart-valuation-and-fundamentals</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-sold-a-stock-and-two-buys</loc><lastmod>2024-02-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/why-does-margin-expansion-often-lead</loc><lastmod>2024-02-12</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/rci-hospitality-how-terrible-was</loc><lastmod>2024-02-11</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/adyen-back-from-the-dead</loc><lastmod>2024-02-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/join-my-new-free-and-paid-subscriber</loc><lastmod>2024-02-10</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/junk-to-gold-dominating-an-unsexy</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/revamping-the-paid-subscription</loc><lastmod>2024-02-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/new-portfolio-holding-one-pager</loc><lastmod>2025-04-17</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/what-are-owner-earnings</loc><lastmod>2024-03-09</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/asml-valuation-and-fundamentals</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/january-2024-portfolio-update</loc><lastmod>2024-02-01</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/asml-the-worlds-most-important-monopoly</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/stemmer-imaging-valuation-and-fundamentals</loc><lastmod>2025-03-14</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/an-overlooked-german-micro-cap-gem</loc><lastmod>2025-08-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/why-are-chinese-stocks-so-cheap-arent</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/enhancing-my-paid-subscription-portfolio</loc><lastmod>2024-02-07</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/december-2023-portfolio-update</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-new-way-to-monetize-your-shares</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-november</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-october</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-august-048</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/how-should-investors-handle-takeover</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-august</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-july</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-june</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/whats-an-inverse-dcf-model</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-may</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-april</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/seeking-compounders-4</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/controversial-portfolio-changes</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/sartorius-polyplus-acquisition-an</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-march</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/esg-scam-or-opportunity</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-february</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/thinking-about-future-returns</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/earnings-recap-5th-calendar-week</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/intel-the-trust-is-already-gone-dividend</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-january</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/earnings-recap-4th-calendar-week</loc><lastmod>2023-01-28</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/the-deceptiveness-of-long-dividend</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/buy-with-prime-the-next-big-thing</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/my-big-tech-dilemma</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/portfolio-update-end-of-2022</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/new-year-new-me</loc><lastmod>2023-02-15</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/so-many-mistakes-but-so-many-lessons</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/seeking-compounders-3</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/seeking-compounders-2</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/i-bought-this-overlooked-security</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/seeking-compounders-1</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/a-warning-in-the-clouds</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/introducing-heavy-moat-investments</loc><lastmod>2023-02-15</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/rocking-the-market</loc><lastmod>2024-01-31</lastmod><changefreq>monthly</changefreq></url><url><loc>https://heavymoatinvestments.substack.com/p/welcome-to-the-stock-metal-investment</loc><lastmod>2023-02-11</lastmod><changefreq>monthly</changefreq></url></urlset>