LEADER 05152nam 2200589 450 001 9910786667703321 005 20230803203507.0 010 $a1-118-76099-9 010 $a1-118-76102-2 035 $a(CKB)3710000000149578 035 $a(EBL)1753374 035 $a(MiAaPQ)EBC1753374 035 $a(Au-PeEL)EBL1753374 035 $a(CaPaEBR)ebr10887741 035 $a(CaONFJC)MIL632031 035 $a(OCoLC)878953842 035 $a(EXLCZ)993710000000149578 100 $a20140708h20142014 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aWhy moats matter $ethe Morningstar approach to stock investing /$fHeather Brilliant, Elizabeth Collins ; illustration, Christopher Cantore 210 1$aHoboken, New Jersey :$cWiley,$d2014. 210 4$dİ2014 215 $a1 online resource (243 p.) 300 $aIncludes index. 311 $a1-118-76023-9 327 $aWhy 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 327 $aChapter 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 327 $aCommunication 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? 327 $aChapter 8: Putting Moat and Valuation to Work: Portfolio Strategies Wide Moat Focus Index; The Tortoise and Hare Portfolios; Stock Investor'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 327 $aChapter 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 327 $aIndependent Power Producers 330 $aIncorporate 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: 606 $aStocks 606 $aInvestment analysis 615 0$aStocks. 615 0$aInvestment analysis. 676 $a332.63/22 700 $aBrilliant$b Heather$01510909 702 $aCollins$b Elizabeth 702 $aCantore$b Christopher 712 02$aMorningstar, Inc. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910786667703321 996 $aWhy moats matter$93743848 997 $aUNINA