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The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments Hardcover – March 3, 2008
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"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)
From the Inside Flap
To make money in today's dynamic market environment, you need to invest in companies that will perform in the face of sustained competitive pressure. But how can you accurately identify companies that are great today and likely to remain great for many years to come?
The answer to this question lies in competitive advantages, or economic moats. Just as moats were dug around medieval castles to keep the opposition at bay, economic moats protect the high returns on capital enjoyed by the world's best companies. If you can identify companies that have moats, and you can purchase their shares at reasonable prices, you'll begin to build a portfolio of solid businesses that will improve your odds of doing well in the stock market.
In The Little Book That Builds Wealth, author Pat Dorseythe Director of Equity Research for leading independent investment research provider Morningstar, Inc.outlines this proven approach and reveals how you can effectively apply it to your own investments. Step by step, Dorsey discusses why 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. After establishing a firm understanding of moats, Dorsey shows you how to recognize moats that are eroding, the key role that industry structure plays in creating competitive advantage, and how management can create (as well as destroy) moats.
Along the way, Dorsey provides an informative overview of valuationbecause even a wide-moat company will be a poor investment if you pay too much for its sharesand illustrates the issues addressed through case studies that apply competitive analysis to some well-known companies.
Although the moat concept is not a new oneit was made famous by Warren Buffettthe modern-day investor can benefit from what it has to offer. With The Little Book That Builds Wealth as your guide, you'll quickly discover why moats should be an integral part of your analytical investment toolkit and learn how to leverage this approach to build a portfolio of high-performance stocks.
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Top Customer Reviews
Another great thing he dispels with respect to common investing theory is the importance of management. Even an idiot in a good business can generate cash but God himself as Chairman and CEO can't if he's in a fundamentally horrible business.
The caveat: take the literature from where it comes and think about things yourself - while management quality is less of an issue for the author I think managers guide businesses to either deepen or ignore their moats which leads to longer term consequences.