Why Moats Matter : The Morningstar Approach to Stock Investing.
Heather. Brilliant
Bok Engelsk 2014 · Electronic books.
| Omfang | 1 online resource (243 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- Why Moats Matter: The Morningstar Approach to Stock Investing -- Copyright -- Contents -- Preface -- Acknowledgments -- Chapter 1: Guiding Principles of Morningstar's Equity Research -- Question 1: How Can We Identify Which Businesses Are Great? -- Moats -- Moats and Value Creation -- Moats in Action -- Moat Sources -- Assigning Moat Ratings -- Question 2: When Is the Best Time to Invest in Great Businesses? -- The Importance of Valuation -- Estimating Fair Value -- Margin of Safety -- Chapter 2: What Makes a Moat? -- Moat Sources -- Intangible Assets -- Cost Advantage -- Switching Costs -- Network Effect -- Efficient Scale -- Notes -- Chapter 3: Why Moat Trends Matter -- Moat Trends and Fundamental Performance -- Five Key Considerations for Moat Trends -- Intangibles -- Cost Advantage -- Switching Costs -- Network Effect -- Efficient Scale -- Best Practices for Moat Trend Analysis -- Chapter 4: How Stewardship Affects Economic Moats -- Meet Our Stewardship Methodology -- Drilling Down -- Investment Strategy and Valuation -- Execution -- Financial Leverage -- Dividend and Share-Buyback Policies -- Compensation -- Related-Party Transactions -- Accounting Practices -- Management Backgrounds -- Health, Safety, and Environment -- Ownership Structure -- Stakeholder Focus -- Communication With Shareholders -- Stewardship Ratings by Moat and Sector -- Basic Materials -- Consumer -- Energy -- Financial Services -- Healthcare -- Industrials -- Technology -- Utilities -- Chapter 5: Applying Moats to Dividend Investing -- Why Dividends Matter -- Which Dividends? -- Chapter 6: The Importance of Valuation -- Valuation Concepts -- Cost of Capital and Returns on Capital -- Morningstar's Valuation Approach -- Example: Calculating ROIC -- Forecasting Future Free Cash Flows -- The Morningstar RatingTM for Stocks.. - Fair Value Uncertainty and Cost of Equity -- Notes -- Chapter 7: Do Moat Ratings Predict Stock Returns? -- Chapter 8: Putting Moat and Valuation to Work: Portfolio Strategies -- Wide Moat Focus Index -- The Tortoise and Hare Portfolios -- StockInvestor's Stock Selection Criteria -- Portfolio Management Strategy -- Summing Up -- Chapter 9: Basic Materials -- Commodity Manufacturers -- Commodity Processors -- Metals and Mining -- Chapter 10: Consumer -- Beverages -- Consumer Products -- Tobacco -- Restaurants -- Retail Defensive -- Specialty Retail -- Lodging -- Notes -- Chapter 11: Energy -- Oil and Gas Drilling -- Oil and Gas Exploration and Production -- Oil and Gas Midstream -- Refining -- Oil and Gas Integrateds -- Engineering Services -- Chapter 12: Financial Services -- Banks -- Capital Markets -- Credit Services -- Financial Exchanges -- Insurance -- Chapter 13: Healthcare -- Pharmaceuticals -- Biotechnology -- Medical Devices -- Medical Instruments and Supplies -- Diagnostics and Research -- Chapter 14: Industrials -- Railroads -- Airport Operators -- Aerospace and Defense -- Trucking and Marine Shipping -- Waste Management -- Heavy Equipment -- Diversified Industrials -- Chapter 15: Technology -- Consumer Technology -- Enterprise Hardware Systems -- IT Services -- Semiconductors -- Software -- Telecom Services -- Chapter 16: Utilities -- Regulated and Diversified Utilities -- Independent Power Producers -- About the Authors -- Index -- End User License Agreement.. - Incorporate economic moat analysis for profitable investing Why Moats Matter is a comprehensive guide to finding great companies with economic moats, or competitive advantages. This book explains the investment approach used by Morningstar, Inc., and includes a free trial to Morningstar's Research. Economic moats-or sustainable competitive advantages-protect companies from competitors. Legendary investor Warren Buffett devised the economic moat concept. Morningstar has made it the foundation of a successful stock-investing philosophy. Morningstar views investing in the most fundamental sense: For Morningstar, investing is about holding shares in great businesses for long periods of time. How can investors tell a great business from a poor one? A great business can fend off competition and earn high returns on capital for many years to come. The key to finding these great companies is identifying economic moats that stem from at least one of five sources of competitive advantage-cost advantage, intangible assets, switching costs, efficient scale, and network effect. Each source is explored in depth throughout this book. Even better than finding a great business is finding one at a great price. The stock market affords virtually unlimited opportunities to track prices and buy or sell securities at any hour of the day or night. But looking past that noise and understanding the value of a business's underlying cash flows is the key to successful long-term investing. When investors focus on a company's fundamental value relative to its stock price, and not where the stock price sits today versus a month ago, a day ago, or five minutes ago, investors start to think like owners, not traders. And thinking like an owner will makes readers better investors. The book provides a fundamental framework for successful long-term investing. The book. - helps investors answer two key questions: How can investors identify a great business, and when should investors buy that business to maximize return? Using fundamental moat and valuation analysis has led to superior risk-adjusted returns and made Morningstar analysts some of the industry's top stock-pickers. In this book, Morningstar shares the ins and outs of its moat-driven investment philosophy, which readers can use to identify great stock picks for their own portfolios.
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| ISBN | 9781118761021
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