All highly profitable firms attract competitors, and only firms that are able to keep competition at bay will earn above-average profits for an extended period of time. An economic moat - or competitive advantage - allows a company to fend off competitors and earn sustainable excess economic profits. In The Little Book That Builds Wealth, Pat Dorsey, the head of Morningstar's equity research team, outlines an effective approach to investing that includes economic moats and tells you how to apply this strategy to your own investment endeavors. Divided into six comprehensive parts, this reliable resource guides you step by step down the path to understanding and discovering what an economic moat is, how to measure it against other moats, and how to best select a company using this method. While the moat concept is not a new one - it was made famous by Benjamin Graham and Warren Buffett - Dorsey discusses how the modern-day investor can use this strategy to select companies that possess a wide moat and feature good growth fundamentals as well as an attractive stock price. With this audiobook as your guide, you will 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.
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"Great book by one of the founders of Morningstar. Provide solid advice for spotting businesses with "motes" to entry market. Helps recognize when the right time is for investing in great companies. " — Mark (5 out of 5 stars)
"Great book by one of the founders of Morningstar. Provide solid advice for spotting businesses with "motes" to entry market. Helps recognize when the right time is for investing in great companies. "
“A detailed exploration of Warren Buffet’s ‘wide economic moat’ concept—how to find companies with a true in-built competitive advantage.”
“Pat Dorsey…discusses in an easy-to-read style why economic moats are such great indicators of long-term performance.”
“The Little Book That Builds Wealth provides a sensible framework for identifying companies that can sustain high returns on capital. Pat Dorsey tells the reader how to look for durable competitive advantage in choosing equities. His four sources of structural competitive advantage…are particularly valuable in selecting long-term equity commitments.”
“Spend two evenings reading Pat Dorsey’s The Little Book and you’ll cast away all the techniques that failed for you in the past. This is the definitive text on how to identify strong-performing businesses for your portfolio and, more importantly, how to avoid thousands of investments that won’t stand the test of time. It’s must reading for every investor.”
“Pat Dorsey provides a practical framework for integrating the realities of a changing future into today’s investment decisions. A little art and a little science—key ingredients to successful long-term investing.”
“This is simply the best investment book I have read in my thirty-plus years in and around Wall Street.”
" Good book on ID'ing economic moats. "
" I've been recommending this a lot lately to colleagues who are either trying to understand the point behind equity research or conduct competitive analyses. "
" Great book by one of the founders of Morningstar. Provide solid advice for spotting businesses with "motes" to entry market. Helps recognize when the right time is for investing in great companies. "
" This is a very well written and easily read book on investing principles practiced by Buffett and Munger. It was a pleasure to read. "
" A GREAT beginning book for people interested in learning the basics of company analysis. Not too accounting based (see"The Five Rules for Successful Stock Investing") but solid, nonetheless. "
Pat Dorsey is the Director of Stock Analysis for Morningstar, Inc. He writes regularly for Morningstar.com and heads Morningstar’s team of equity analysts. He was instrumental in developing the Morningstar rating for stocks and played a key role in building Morningstar’s stock coverage. Dorsey is widely quoted in the media, including USA Today, U.S. News & World Report, NBC Nightly News, CNBC, and CNN. He also appears weekly on the Bulls and Bears financial show on Fox News.
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