The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments
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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airline analyst bank benefit better book value Bottom Line brand Buffett building Chapter companies with moats company’s competing competitive advantage competitors consumer Corporate Executive Board Corporation cost advantage customers database decade durable earnings eBay economic moats example exchanges EXHIBIT Financial Leverage firms free cash flow future growth high returns industry intangible assets invested capital investment return investors less long-term look low-cost lower cost manufacturing margins market share Microsoft Morningstar network effect Nucor odds operating P/E ratio pany patents percent petitive advantage portfolio potential Powder River Basin pretty price-to-book ratio pricing power profitable reason retailers Return on Assets Return on Equity returns on capital scale sector sell shareholders solid returns Southwest speculative return strong structural sustainable competitive switching costs tage there’s tough trade users valuation Warren Buffett What’s wide economic moat wide-moat worth