John wiley & sons inc Why moats matter - the morningstar approach to stock investing (John Wiley & Sons Inc)

Finding great businesses at great prices is the holy grail of investing. How can you tell a great business from a poor one? A great business is one that can fend off competition and earn high returns on capital for many years to come. Such companies have economic moats--structural advantages that protect them from competitors, just as physical moats protected castles from enemies. Even better than finding a great business is finding one at a great price. This book will: Introduce Morningstar's approach to stock investing Explain the concept of economic moats and the five sources of sustainable competitive advantage--Intangible Assets, Switching Costs, Network Effect, Cost Advantage, and Efficient Scale Establish the difference between business quality and undervalued stocks Discuss industry standards for evaluating moats Help determine how moats affect stock returns and stock valuation