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2025-05-17 21:12本頁面
【正文】 yer.“ – Bob Goldfarb, Sequoia Fund 16 Why Moats Matter Moats enforce investment discipline. High returns on capital will always be peted away – eventually. For most panies (and their investors), the regression to the mean is fast and painful. But a few generate excess returns for many years, and moats give us an analytical framework for selecting them. 17 Why Moats Matter Companies with moats have greater resilience. If a firm can fall back on a structural petitive advantage, it’s more likely to recover from temporary troubles. This is a great psychological backstop for the investor who’s buying when everyone else is screaming “sell!” If you’re confident in the moat, it’s easier to average down if you initiate a position too early. 18 Isn’t the Moat 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。 challenge. Big pharma vs specialty pharma Licenses amp。 Licenses Customer Switching Costs The Network Effect Cost Advantages Process Location Unique Assets Scale 6 Sou
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