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The Little Book That Builds Wealth : The Knockout Formula for Finding Great Investments
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Description
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.
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Product details
- Hardback | 224 pages
- 136 x 184 x 21mm | 270g
- 11 Mar 2008
- John Wiley and Sons Ltd
- John Wiley & Sons Ltd
- Chichester, United Kingdom
- English
- 1. Auflage
- w. exhibits.
- 047022651X
- 9780470226513
- 15,511
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To make money in today's dynamic market environment, you need toinvest in companies that will perform in the face of sustainedcompetitive pressure. But how can you accurately identify companiesthat are great today and likely to remain great for many years tocome?
The answer to this question lies in competitive advantages, oreconomic moats. Just as moats were dug around medieval castles tokeep the opposition at bay, economic moats protect the high returnson capital enjoyed by the world's best companies. If you canidentify companies that have moats, and you can purchase theirshares at reasonable prices, you'll begin to build a portfolio ofsolid businesses that will improve your odds of doing well in thestock market.
In The Little Book That Builds Wealth, author PatDorsey--the Director of Equity Research for leading independentinvestment research provider Morningstar, Inc.--outlines thisproven approach and reveals how you can effectively apply it toyour own investments. Step by step, Dorsey discusses why economicmoats are such strong indicators of great long-term investments andexamines four of their most common sources: intangible assets, costadvantages, customer-switching costs, and network economics. Afterestablishing a firm understanding of moats, Dorsey shows you how torecognize moats that are eroding, the key role that industrystructure plays in creating competitive advantage, and howmanagement can create (as well as destroy) moats.
Along the way, Dorsey provides an informative overview ofvaluation--because even a wide-moat company will be a poorinvestment if you pay too much for its shares--and illustratesthe issues addressed through case studies that apply competitiveanalysis to some well-known companies.
Although the moat concept is not a new one--it was madefamous by Warren Buffett--the modern-day investor can benefitfrom what it has to offer. With The Little Book That Builds Wealthas your guide, you'll quickly discover why moats should be anintegral part of your analytical investment toolkit and learn howto leverage this approach to build a portfolio of high-performancestocks.
show more
The answer to this question lies in competitive advantages, oreconomic moats. Just as moats were dug around medieval castles tokeep the opposition at bay, economic moats protect the high returnson capital enjoyed by the world's best companies. If you canidentify companies that have moats, and you can purchase theirshares at reasonable prices, you'll begin to build a portfolio ofsolid businesses that will improve your odds of doing well in thestock market.
In The Little Book That Builds Wealth, author PatDorsey--the Director of Equity Research for leading independentinvestment research provider Morningstar, Inc.--outlines thisproven approach and reveals how you can effectively apply it toyour own investments. Step by step, Dorsey discusses why economicmoats are such strong indicators of great long-term investments andexamines four of their most common sources: intangible assets, costadvantages, customer-switching costs, and network economics. Afterestablishing a firm understanding of moats, Dorsey shows you how torecognize moats that are eroding, the key role that industrystructure plays in creating competitive advantage, and howmanagement can create (as well as destroy) moats.
Along the way, Dorsey provides an informative overview ofvaluation--because even a wide-moat company will be a poorinvestment if you pay too much for its shares--and illustratesthe issues addressed through case studies that apply competitiveanalysis to some well-known companies.
Although the moat concept is not a new one--it was madefamous by Warren Buffett--the modern-day investor can benefitfrom what it has to offer. With The Little Book That Builds Wealthas your guide, you'll quickly discover why moats should be anintegral part of your analytical investment toolkit and learn howto leverage this approach to build a portfolio of high-performancestocks.
show more
Back cover copy
"The Little Book That Builds Wealth provides a sensibleframework for identifying companies that can sustain high returnson capital. Pat Dorsey tells the reader how to look for durablecompetitive advantage in choosing equities. His four sources ofstructural competitive advantage: (1) intangible assets; (2)switching costs; (3) network effect; and (4) cost advantage areparticularly valuable in selecting long-term equitycommitments."
--Louis A. Simpson, President and Chief Executive Officer, Capital Operations, GEICO Corporation
"Pat Dorsey provides a practical framework for integrating therealities of a changing future into today's investment decisions. Alittle art and a little science--key ingredients to successfullong-term investing."
--Larry D. Coats, Chief Executive Officer, Oak Value CapitalManagement, Inc.
"Spend two evenings reading Pat Dorsey's The Little Book andyou'll cast away all the techniques that failed for you in thepast. This is the definitive text on how to identifystrong-performing businesses for your portfolio and, moreimportantly, how to avoid thousands of investments that won't standthe test of time. It's must reading for every investor."
--Timothy P. Vick, Senior Portfolio Manager, The SanibelCaptiva Trust Co., and author of How to Pick Stocks Like WarrenBuffett
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--Louis A. Simpson, President and Chief Executive Officer, Capital Operations, GEICO Corporation
"Pat Dorsey provides a practical framework for integrating therealities of a changing future into today's investment decisions. Alittle art and a little science--key ingredients to successfullong-term investing."
--Larry D. Coats, Chief Executive Officer, Oak Value CapitalManagement, Inc.
"Spend two evenings reading Pat Dorsey's The Little Book andyou'll cast away all the techniques that failed for you in thepast. This is the definitive text on how to identifystrong-performing businesses for your portfolio and, moreimportantly, how to avoid thousands of investments that won't standthe test of time. It's must reading for every investor."
--Timothy P. Vick, Senior Portfolio Manager, The SanibelCaptiva Trust Co., and author of How to Pick Stocks Like WarrenBuffett
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Table of contents
Foreword. Acknowledgments. Introduction. The Game Plan. Chapter 1. Economic Moats. Chapter 2. Mistaken Moats Chapter 3. Intangible Assets Chapter 4. Switching Costs. Chapter 5. The Network Effect. Chapter 6. Cost Advantages. Chapter 7. The Size Advantage. Chapter 8. Eroding Moats. Chapter 9. Finding Moats. Chapter 10. The Big Boss. Chapter 11. Where The Rubber Meets The Road. Chapter 12. What's A Moat Worth. Chapter 13. Tools For Valuation. Chapter 14. When To Sell. Conclusion. More Than Numbers.
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Review Text
"A detailed exploration of Warren Buffet s "wide economic moat" concept how to find companies with a true in built competitive advantage." ( Financial Times , Tues 26th February) With this suitably small sized book under your arm or neatly in your handbag the World s markets are yours. Investment Adviser Monday 12 May 2008
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Review quote
"A detailed exploration of Warren Buffet's "wide economic moat" concept - how to find companies with a true in-built competitive advantage." ( Financial Times , Tues 26th February) "With this suitably small-sized book under your arm - or neatly in your handbag - the World's markets are yours." Investment Adviser Monday 12 May 2008
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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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