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In The Little Book That Builds Wealth, author Pat Dorseyâthe Director of Equity Research for leading independent investment research provider Morningstar, Inc.âoutlines this proven approach and reveals how you can effectively apply it to your own investments. Step by step, Dorsey discusses why economic moats are such strong indicators of great long-term investments and examines four of their most common sources: intangible assets, cost advantages, customer-switching costs, and network economics. After establishing a firm understanding of moats, Dorsey shows you how to recognize moats that are eroding, the key role that industry structure plays in creating competitive advantage, and how management can create (as well as destroy) moats.
Along the way, Dorsey provides an informative overview of valuationâbecause even a wide-moat company will be a poor investment if you pay too much for its sharesâand illustrates the issues addressed through case studies that apply competitive analysis to some well-known companies.
Although the moat concept is not a new oneâit was made famous by Warren Buffettâthe modern-day investor can benefit from what it has to offer. With The Little Book That Builds Wealth as your guide, you'll quickly discover why moats should be an integral part of your analytical investment toolkit and learn how to leverage this approach to build a portfolio of high-performance stocks.