Item #:
69469903
Why Moats Matter: The Morningstar Approach to Stock Investing Hardcover – Illustrated, July 21, 2014
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Item #:
69469903
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Morningstar views investing in the most fundamental sense: For Morningstar, investing is about holding shares in great businesses for long periods of time.
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Product Details
- Comprehensive guide to finding companies with economic moats for profitable investing
- Explains the investment approach used by Morningstar, Inc. and includes a free trial to Morningstar's Research
- Discusses economic moats as sustainable competitive advantages that protect companies from competitors
- Identifies five sources of competitive advantage: cost advantage, intangible assets, switching costs, efficient scale, and network effect
- Emphasizes the importance of focusing on a company's fundamental value relative to its stock price for successful long-term investing
- Shares Morningstar's moat-driven investment philosophy for identifying great stock picks
| Publisher | Wiley |
| Publication date | July 21, 2014 |
| Edition | 1st |
| Language | English |
| Print length | 240 pages |
| ISBN-10 | 1118760239 |
| ISBN-13 | 978-1118760239 |
| Item Weight | 2.31 pounds (1.05 kg) |
| Dimensions | 6.2 x 1 x 9.1 inches (15.7 x 2.5 x 23.1 cm) |
Product Description
Why Moats Matter: The Morningstar Approach to Stock Investing Hardcover – Illustrated, July 21, 2014
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Customer Questions & Answers
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Question:
What are economic moats?
Answer: Economic moats protect companies from competitors and are sustainable competitive advantages. -
Question:
What are the five sources of competitive advantage?
Answer: The five sources of competitive advantage are cost advantage, intangible assets, switching costs, efficient scale, and network effect. -
Question:
How can investors identify a great business?
Answer: Investors can identify a great business by looking for economic moats that protect the company from competitors and result in high returns on capital.
Stocks Editorial Review
Why Moats Matter is a comprehensive investment book that explains the concept of "moat" and provides a number of examples across about eight industries. The most informative section of this book is chapters 9 to 16 where the authors discuss their insights on moats in different industries. They were able to clearly explain why moats are scarce in some industries and why other industries are abundant with moat surrounding companies. The book is well-written and easy to understand, providing an excellent introduction to moats, as well as Morningstar's approach to rating the width (or strength) of corporate competitive advantages. The authors show how they use financial analysis to reach their ratings, which helps individual investors understand the strength of the moat ratings. However, the book is a bit outdated, and the worst part of this book is chapters 6 to 8, which are essentially advertisements for Morningstar. Chapter 6 is supposed to give insights into the ratios and valuation models they use, but instead, it provides a vague and sometimes confusing explanation about ROIC, RONIC, WACC, and DCF. It is better to search for these ratios on the internet than to read this book. Moreover, the book is overpriced, and if chapters 6-8 were removed, it would be worth it. Therefore this book is rated 2/5.
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Pros
- Comprehensive coverage of moats in different industries
- Clear explanation of why moats are scarce and why some industries have more
- Provides an excellent introduction to moats
- Explains Morningstar's approach to rating corporate competitive advantages
- Shows how to use financial analysis to understand the strength of moat ratings
Cons
- Outdated content
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Features & Benefits
- Why Moats Matter is a comprehensive guide to finding great companies with economic moats, or competitive advantages.
- The book provides a fundamental framework for successful long-term investing.
- Morningstar's moat-driven investment philosophy can be used to identify great stock picks for portfolios.
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