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In 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.

Foreword

Acknowledgments

Introduction

The Game Plan

Chapter 1

Economic Moats

Chapter 2

Mistaken Moats Chapter 3

Intangible Assets Chapter 4

Switching Costs

Chapter 5

The Network Effect

Chapter 6

Cost Advantages

Chapter 7

The Size Advantage

Chapter 8

Eroding Moats

Chapter 9

Finding Moats

Chapter 10

The Big Boss

Chapter 11

Where The Rubber Meets The Road

Chapter 12

What's A Moat Worth

Chapter 13

Tools For Valuation

Chapter 14

When To Sell

Conclusion

More Than Numbers.

　　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.

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按照合理价位买进那些业绩超群的公司股票，享受它们带给你的长期回报

1.寻找能持续多年实现超额收益的企业；

2.耐心等待，在股价低于其内在价值时买进；

3.持有股票，直到企业出现衰退导致股价高估或是找到更佳的投资机会时卖出，持有期至少应达到1年，而不是以月数来衡量；

4.必要的话，可以重复上述操作。

选股箴言

1、购买一只股票，只意味着你掌握了这个企业的一点皮毛，而且是非常有限的、少得可怜的一点点。

2、企业价值等于它在未来所创造的全部现金。

3、一个能长期实现现金盈利增长的企业，要比那些只能实现短期现金盈利增长的企业更有投资价值。

4、资本回报率是判断一个企业盈利能力的最佳指标。它反映了企业用投资者的钱为投资者创造收益的能力

5、经济护城河能保护企业免受外来竞争的影响，帮助它们在更长的时间内获取更多的财富，因而，这样的企业对投资者而言也就更有价值。

第14章 HAPERT该出手时就出手

理性抛出同样造就最优回报

在合适的时机抛出股票

和选择在什么样的价位买入股票同样重要。

但对专业投资者而言,

最难的部分在于认清股价何时达到最佳,

何时应该抛出。

那么,是不是到了该抛的时候呢?

如果你选择的公司拥有经济护城河，就相当于你买进了一条能在未来若干年不会受到竞争对手侵袭的现金流。这就像你花更多的钱去买一辆能开10年甚至更长时间的汽车。

左边这家公司（有经济护城河）的投资收益率在经过很长时间之后才开始出现下降

一定要把赌注放在赛马身上，而不是骑师。管理者固然重要，但还不足以超过护城河。

编辑推荐

　　Review

　　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."

(Pensi*** World, October 2008)

Review

　　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

媒体评论

　　"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

书籍介绍

在线阅读本书

In 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.