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2025-05-09 21:12本頁(yè)面
【正文】 oat Already Priced In? Short answer: Sometimes, but less frequently than you might think. Long answer: Most market participants own securities for short time periods, and moats matter much more in the long run than over the short term. (Timehorizon arbitrage.) Recency bias causes most investors to assume that the current state of the world (good or bad) persists for longer than it usually does. Our performance record suggests that waiting for wide moats to bee cheap is a pelling strategy. Wide + Cheap Returns through 9/18/2021 * Annualized returns Source: Morningstar YTD Trailing 1Year Trailing 3Year* Trailing 5Year* Morningstar Wide Moat Focus Index (ETN Ticker: WMW) % % % % Samp。P 500 Index % % % % The Wide Moat Focus is an index of our 20 most undervalued widemoat stocks. Holdings are equallyweighted and rebalanced quarterly. 20 More on Moats Competitive Strategy, by Michael Porter (Free Press, 1998) The Essays of Warren Buffett, piled by Lawrence Cunningham (John Wiley, 2021) . Berkshire letters are also free at Competition Demystified, by Bruce Greenwald (Penguin, 2021) Annual Reports – The more, the better. Build that mental database! The Halo Effect, by Phil Rosenzweig (Free Press, 2021) 21 More on Moats The Little Book that Builds Wealth, by Pat Dorsey (John Wiley, 2021) 169。 2021 Morningstar, Inc. All rights reserved. Contact Information Patrick Dorsey Director of Research Morningstar, Inc. +1 169。 2021 Morningstar, Inc. All rights reserved. Durable Competitive Advantages: Using Economic Moats to Improve Investment Returns Pat Dorsey, CFA Director of Equity Research
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