Foreword xi Acknowledgments xvii Introduction The Game Plan 1 Chapter One Economic Moats 7 Chapter Two Mistaken Moats 15 Chapter Three Intangible Assets 29 Chapter Four Switching Costs 43 Chapter Five The Network Effect 57 Chapter Six Cost Advantages 75 Chapter Seven The Size Advantage 91 Chapter Eight Eroding Moats 103 Chapter Nine Finding Moats 115 Chapter Ten The Big Boss 133 Chapter Eleven Where the Rubber Meets the Road 143 Chapter Twelve What's a Moat Worth? 159 Chapter Thirteen Tools for Valuation 171 Chapter Fourteen When to Sell 187 Conclusion More than Numbers 197
Pat Dorsey, CFA, is Director of Equity Research at Morningstar, Inc. He played an integral part in the development of the Morningstar Rating for stocks, as well as Morningstar's economic moat ratings. Dorsey is also the author of The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market (Wiley). He holds a master's degree in political science from Northwestern University and a bachelor's degree in government from Wesleyan University. Please visit www.findingmoats.com.
"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)