晨星_持久的竞争优势_用经济专利来改善投资回报(英文).pptVIP

* Sources of Economic Moats Cost Advantages – Not necessarily tied to size Process – Invent a cheaper way of delivering a good or service that rivals cannot (or will not) replicate. Dell, Nucor, Steel Dynamics, Southwest/other LCCs. Low-cost resource base – Ultra Petroleum, Compass Minerals. Scale -Distribution – Stericycle, Cintas, Sysco, UPS -Manufacturing – Intel -Niche Markets/Single-Scale Efficiency – Graco, Blackbaud * 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. * What’s Not An Economic Moat Management: Smart managers may create a moat over time, but great management is not a moat by itself. Go for a business that any idiot can run – because sooner or later, any idiot probably is going to run it. – Peter Lynch “When management with a reputation for brilliance tackles a business with a reputation for poor economics, it is the reputation of the business that remains intact.” – Buffett Management matters, but moats matter more. * Where Morningstar Finds Economic Moats Three groups: Wide, Narrow, and None. Wide moats are tough to find. Less than 10% of the 2100 companies that we follow have wide economic moats. (169, to be precise.) Moats vary by sector industry. Fewer moats in highly commoditized or competitive sectors like computer hardware, consumer services (retail/restaurants), or industrial materials. Only 1/3 of the companies in these three sectors are wide/narrow moat. More moats in areas with high switching costs (data