Precision Castparts - Investment Thesis

Aerospace Moat

Buffett identified durable competitive advantages:

• Extreme precision requirements — Parts must meet stringent tolerances
• Certification barriers — Aerospace certifications take years
• Customer relationships — Decades-long partnerships
• Capital intensity — Requires massive investment in equipment

The $32 Billion Decision

"PCC makes the most intricate castings, machined parts and subassemblies for aerospace... It would be nearly impossible for a com

---

Learn more at Precision Castparts