Course 109:
Finding Economic Moats
In this course
1 Introduction
2 About Economic Moats
3 High Customer Switching Costs
4 Economies of Scale
5 Intangible Assets
6 The Network Effect

Why is it that some investors are able to rise far above the crowd? Are they smarter than everyone else? Do they have access to "inside" information that others don't? To find out, Morningstar looked back at hundreds of interviews we've done with elite stock investors over the past 15 years. Because Morningstar talks to great investors every day, we're uniquely qualified to delve into their investment styles and strategies. And what we found was fascinating. On the surface, many of these managers don't have much in common. They grew up in different places, came from different educational backgrounds, manage different kinds of funds, and hold different stocks within different industries.

In fact, there's really only one obvious trait shared by almost all the great stock market investors we talk to. What is it?

It's a methodology for uncovering great stocks at reasonable prices--a methodology we call the Four Principles of Profitable Investing. This class deals with the first principle: Find Economic Moats.

Next: About Economic Moats >>


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