In "The Little Book That Builds Wealth", author Pat Dorsey - the Director of Equity Research for leading independent investment research provider Morningstar, Inc. - reveals why competitive advantages, or 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. Along the way, he skillfully outlines this proven approach and reveals how you can effectively apply it to your own investment endeavors.
Foreword
Acknowledgments
Introduction. The Game Plan
Chapter 1. What's An Economic Moat, And How Will It Help You Pick Great Stocks?
Chapter 2. Mistaken Moats: Don't Be Fooled By These Illusory Competitive Advantages
Chapter 3. Intangible Assets: You Can't Pull Them Off A Shelf, But They Sure Are Valuable
Chapter 4. Switching Costs: Sticky Customers Aren't Messy, They're Golden
Chapter 5. The Network Effect: So Powerful, It Gets A Chapter To Itself
Chapter 6. Cost Advantages: Get Smart, Get Close, Or Be Unique
Chapter 7. The Size Advantage: Bigger Can Be Better, If You Know What You're Doing
Chapter 8. Eroding Moats: I've Lost My Advantage And I Can't Get Up
Chapter 9. Finding Moats: It's A Jungle Out There
Chapter 10. The Big Boss: Management Matters Less Than You Think
Chapter 11. Where The Rubber Meets The Road: Five Examples Of Competitive Analysis
Chapter 12. What's A Moat Worth?: Even The Best Company Will Hurt Your Portfolio If You Pay Too Much For It
Chapter 13. Tools For Valuation: How To Find Stocks On Sale
Chapter 14. When To Sell: Smart Selling Means Better Returns
Conclusion
More Than Numbers
Index
About Pat Dorsey
Pat Dorsey, CFA, is Director of Equity Research at Morningstar, Inc. He played an integral part in the development of the Morningstar Rating for stocks, as well as Morningstar's economic moat ratings. Dorsey is also the author of The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market (Wiley). He holds a master's degree in political science from Northwestern University and a bachelor's degree in government from Wesleyan University. Please visit www.findingmoats.com.
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