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Reviews"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), "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
SynopsisIn 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., In The Little Book That Builds Wealth, author Pat Dorsey--the Director of Equity Research for leading independent investment research provider Morningstar, Inc., 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., "The Little Book That Builds Wealth provides a sensible framework for identifying companies that can sustain high returns on capital. Pat Dorsey tells the reader how to look for durable competitive advantage in choosing equities. His four sources of structural competitive advantage: (1) intangible assets; (2) switching costs; (3) network effect; and (4) cost advantage are particularly valuable in selecting long-term equity commitments." --Louis A. Simpson, President and Chief Executive Officer, Capital Operations, GEICO Corporation "Pat Dorsey provides a practical framework for integrating the realities of a changing future into todays investment decisions. A little art and a little science--key ingredients to successful long-term investing." --Larry D. Coats, Chief Executive Officer, Oak Value Capital Management, Inc. "Spend two evenings reading Pat Dorseys The Little Book and youll cast away all the techniques that failed for you in the past. This is the definitive text on how to identify strong-performing businesses for your portfolio and, more importantly, how to avoid thousands of investments that wont stand the test of time. Its must reading for every investor." --Timothy P. Vick, Senior Portfolio Manager, The Sanibel Captiva Trust Co., and author of How to Pick Stocks Like Warren Buffett
LC Classification NumberHG4521.D6463 2008