This and the preceding lesson have covered a lot of material about moats and the qualitative aspects of a company's positioning. Though this step in identifying attractive companies for investment is an important one, it is only the first step. In coming lessons in this book, we will show you how to quantitatively confirm that a company has a moat, as well as show you how to value stocks so that you don't blindly pay too much for a quality company.

Next: The Quiz >>