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Summary

Why Moats Matter is a comprehensive guide to finding great companies with economic moats, or competitive advantages. This audiobook 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: For Morningstar, investing is about holding shares in great businesses for long periods of time. How can investors tell a great business from a poor one? A great business can fend off competition and earn high returns on capital for many years to come. The key to finding these great companies is identifying economic moats that stem from at least one of five sources of competitive advantage - cost advantage, intangible assets, switching costs, efficient scale, and network effect. Each source is explored in depth throughout this book. Even better than finding a great business is finding one at a great price. The stock market affords virtually unlimited opportunities to track prices and buy or sell securities at any hour of the day or night. But looking past that noise and understanding the value of a business' underlying cash flows is the key to successful long-term investing. When investors focus on a company's fundamental value relative to its stock price, and not where the stock price sits today versus a month ago, a day ago, or five minutes ago, investors start to think like owners, not traders. And thinking like an owner will makes readers better investors.

The audiobook provides a fundamental framework for successful long-term investing. The book helps investors answer two key questions: How can investors identify a great business, and when should investors buy that business to maximize return?

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your My Library section along with the audio.

©2014 Morningstar, Inc. (P)2014 Audible Inc.

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  • Jordan Kelly
  • 19-01-16

Excellent book

Very very very good.. This is a great book to listen to, after you've learned the basics of how to invest.. This should be the book read, after intelligent investor.. Or Warren Buffett the snow ball..

1 of 1 people found this review helpful

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  • Barron coleman
  • 15-08-15

Great information

Much better than I expected..narrator could have been better..but information was excellent!! I am looking for more Morningstar books to help strengthen my investment philosophy..don't judge a book by its price lol

1 of 1 people found this review helpful

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  • KDeSantis
  • 20-06-18

Moats

Very good Audible book explaining Morningstar process of figuring out if a company has competitive advantages over it rivals called a moat what Warren Buffett termed. I just wish they went into Harvard professor Michael Porter's 5 forces which there whole moat system was originally based on.

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  • S. Turner
  • 17-05-18

It's only ok as an introductory investing book

The book was much more basic than I expected. One of the downsides of buying stuff online was I didn't get to flip through the book and speed read a sample chapter to get a feel for the content.

The actual things it covered was all ok, but it would only be valuable to read the book if you're brand new to the concept of competitive moats. They provide numerous examples of different kinds of moats, but none were insightful and wouldn't have already been obvious to anyone comparing two companies in a space to see what advantages they held against each other.

Underwhelmed is the only emotion I had listening to this. I turned the audiobook speed up to try to motor through as quick as possible and try to find something more meaningful but after about 2 1/2 or 3 hours I gave up and stopped. Maybe the 2nd half of the book may have had something more redeeming but I didn't make it through.

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  • JDOE
  • 14-04-16

Exactly what I was looking for!

Finally, a book that describes details about different sectors that help me identify "moats"- advantages companies have based on facts and solid reasoning. Even gives many great examples of companies based on Morningstar's criteria.

A must listen for value investors!