晨星_持久的说競爭優勢_用經濟專利來改善投資回報(.pptVIP

What’s Not An Economic Moat Size / Dominant Market Share: High market share does not give a firm a moat. (Ask Compaq – or GM.) In fact, market share may be irrelevant – bigger is not necessarily better. Technology: What one smart engineer can invent, another can improve upon. (Exception: Creating a standard that’s widely adopted.) Easily-replicable cost advantages (lean manufacturing, outsourcing.) Hot Products: Krispy Kreme, Tommy Hilfiger, Crocs, Iomega, etc. Can generate high returns on capital for a short period of time, but sustainable returns are what make a moat. Why Moats Matter Mo