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How a Tiny Swiss Stamp Company Built a Market-Maker Moat

In this episode, Lucas and Luna examine how a small Swiss company named Rickli & Cie. became the dominant market maker for rare 19th-century stamps by building an information moat. They trace how the firm spent twenty years cataloging every known example of the 1851 Basel Dove issue, creating a proprietary database more complete than any public registry. The result: when a collector wants to sell, Rickli can price the stamp with near-surgical precision because they know exactly how many exist, in what condition, and where each one sits. Lucas explains how this creates a classic two-sided…

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