Moats value investing

Published в Mona crypto | Октябрь 2, 2012

moats value investing

One quick way I measure moats is by comparing the Net Reproduction Value with the Earnings Power Value that Bruce Greenwald teaches in his value investing class. Economic Moat. Long-term competitive advantage that provides value for investors. Written by CFI Team. Updated October 13, A moat is a durable competitive advantage that a company has that protects it from being attacked by competitors. A business moat is what makes a company. BANK OF AMERICA FILES PATENT FOR CRYPTOCURRENCY

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Another company that has a nice switching moat is Intel. The cost to switch services is just too much. Walmart of course is the king of price moats, as the company can create or sell products much, much lower than anybody else. Costco also competes on that basis, as does JetBlue, for example. Conclusion You might notice that a lot of these companies have multiple moats. Certainly, businesses can have multiple durable advantages. In fact: The more the better. But you will find that every good company has at least one of these kinds of moats: brand, secret, toll bridge, switching, or price.

Make sure that with any company that you are looking at buying, you can identify at least one. Your job is to look into industries you understand so you can recognize companies with strong business moats. Your homework for this tutorial is to take the company that you found in the last tutorial, and figure out what type of moat that company has. Is it a brand, secret, toll bridge, switching, or price moat? Related reading:. The fewer the threats or the lower the magnitude of the threats, the wider the moat.

Buffett and Charlie Munger Trades, Portfolio have long been fans of simple businesses they can understand easily. As such, they were frequently criticized in the late s for not investing in the then-burgeoning tech sector. But the big bust that followed made them the gurus to follow again.

As Buffett said, "creative destruction" is a very good thing for society but ruins moats and takes away investment certainty. Carlin offered this list to help determine whether a company has a moat: The company is a low-cost provider or producer. Companies that can satisfy customers while offering the lowest prices obviously have a moat. Network effect, which refers to growing company strength as the number of users or customers grow.

Brand dominance refers to companies that have not only great product competence, but also the emotional loyalty of customers. Such loyalty allows the company to charge higher prices. Reputation, particularly for quality, can create a moat. Strong reputations such as these become the default names for product and service categories. Economies of scale, in which companies make very large upfront investments and then can make low-cost offerings.

Utilities, for example, generally hold such advantages. Government protection is one of the best competitive advantages. Companies that have them are often known as monopolies or duopolies. However, governments can protect companies in their home markets only.

In some cases, government protection is not direct and comes from regulations and restrictions that make it hard for new companies to enter markets in areas such as financial services and health care. In discussing moats, Carlin referenced qualitative factors, as he promised to do. Yet, there are also quantitative factors that can be pulled from the financial statements.

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