The Little Book That Builds Wealth

Beschreibung

To make money in today's dynamic market environment, you need to invest in companies that will perform in the face of sustained competitive pressure. But how can you accurately identify companies that are great today and likely to remain great for many years to come? The answer to this question lies in competitive advantages, or economic moats. Just as moats were dug around medieval castles to keep the opposition at bay, economic moats protect the high returns on capital enjoyed by the world's best companies. If you can identify companies that have moats, and you can purchase their shares at reasonable prices, you'll begin to build a portfolio of solid businesses that will improve your odds of doing well in the stock market. In The Little Book That Builds Wealth, author Pat Dorsey-the Director of Equity Research for leading independent investment research provider Morningstar, Inc.-outlines this proven approach and reveals how you can effectively apply it to your own investments. Step by step, Dorsey discusses why 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. After establishing a firm understanding of moats, Dorsey shows you how to recognize moats that are eroding, the key role that industry structure plays in creating competitive advantage, and how management can create (as well as destroy) moats. Along the way, Dorsey provides an informative overview of valuation-because even a wide-moat company will be a poor investment if you pay too much for its shares-and illustrates the issues addressed through case studies that apply competitive analysis to some well-known companies. Although the moat concept is not a new one-it was made famous by Warren Buffett-the modern-day investor can benefit from what it has to offer. With The Little Book That Builds Wealth as your guide, you'll quickly 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.
Dieser praktische Leitfaden macht Anleger mit dem Economic Moat Konzept vertraut, der "Zauberformel" des Morningstar, mit der sich erstklassige Investmentchancen aufspüren lassen. Das Konzept ist keineswegs neu: Es wurde zunächst durch Benjamin Graham und Warren Buffett populär, wurde dann aber lange vernachlässigt. "The Little Book that Builds Wealth" erklärt ganz genau, wie man den Economic Moat, d.h. die Wettbewerbsbarriere bzw. den Wettbewerbsvorteil (wie z.B. geringe Produktionskosten, ausgebautes Vertriebsnetz, gutes Markenimage etc.) ermittelt, durch den sich ein Unternehmen deutlich von Konkurrenzunternehmen abgrenzt. Dabei geht es aber weder um reines Value Investing, noch um reines Growth Investing, sondern vielmehr darum, erstklassige Nischen-Wachstumswerte zu einem attraktiven Kurs zu kaufen. Das Buch demonstriert anschaulich Schritt für Schritt, was einen Economic Moat ausmacht, wie man ihn ermittelt, wie man verschiedene Moats gegeneinander abwägt, und wie man auf der Basis dieser Daten am besten eine Investmententscheidung trifft. Mit begleitender Website. Sie wird vom Morningstar betrieben und enthält eine Reihe von Tools und Features, mit deren Hilfe der Leser das Gelernte in der Praxis testen kann. Autor Pat Dorsey ist ein renommierter Finanzexperte. Er ist Chef der Morningstar Equity Research und Kolumnist bei Morningstar.com. Ein neuer Band aus der beliebten 'Little Book'-Reihe.

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Pat Dorsey

Themen in »The Little Book That Builds Wealth«

Finance & Investments Finanz- u. Anlagewesen Investments & Securities Kapitalanlage Kapitalanlagen u. Wertpapiere

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"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)
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"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) "Pat Dorsey...discusses in an easy to read style why economic moats are such great indicators of long term performance." (Pensions World, October 2008)
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