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【正文】 rces of Economic Moats Intangible assets Brands: Does it increase the consumer’s willingness to pay, or reduce search costs? Sony vs. Tiffany Doublemint amp。 169。 2021 Morningstar, Inc. All rights reserved. Durable Competitive Advantages: Using Economic Moats to Improve Investment Returns Pat Dorsey, CFA Director of Equity Research 2 Agenda Our Approach to Competitive Analysis What is an Economic Moat What’s Not Where Morningstar Finds Moats Why Moats Matter Using Economic Moats in the Investment Process 3 What’s A Moat? Capital seeks the areas of highest potential return, so all firms face petition that seeks to force down high returns on capital. But some firms generate high returns for a very long time. How? By creating economic moats around their businesses. An economic moat is a structural business characteristic that allows a firm to generate excess economic returns for an extended period. Note that “structural” means “inherent to the business.” Smart managers and great execution are important, but they’re not structural attributes. 4 What’s a Moat? ?The key to having an economic moat is the sustainability of excess returns, rather than the absolute level of return on capital. ?A pany with 40% returns on invested capital (ROIC) due to a hot product has no moat. The returns cannot be forecasted with any level of confidence. ?Fashion stocks (Crocs, Heelys), Motorola Razr ?A pany with 12% ROIC – and a low cost of capital – that is structurally protected from the petition may have a wide economic moat, because we can forecast those returns with a high degree of confidence. ?Pipelines, Railroads 5 Sources of
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