The Little Book That Builds Wealth
The Knockout Formula for Finding Great Investments
Let Morningstar show you how to use economic moats to your investing advantage.

A company’s economic moat is the measure of its ability to withstand competitive threats and tough economic times. Choosing companies with wide moats is central to the Morningstar investing philosophy. If you can identify companies with moats and purchase their shares at reasonable prices, you’ll greatly improve your odds of doing well in the stock market. Find out why great products, management, and market share may not add up to a wide moat. Learn how to identify a wide economic moat when you see one. Discover new tools for valuing wide-moat stocks.

Play Video » Diving Into Economic Moats
Chapter 1: Economic Moats

Chapter 2: Mistaken Moats

Chapter 3: Intangible Assets

Chapter 4: Switching Costs

Chapter 5: The Network Effect

Chapter 6: Cost Advantages

Chapter 7: The Size Advantage

Chapter 8: Eroding Moats

Chapter 9: Finding Moats

Chapter 10: The Big Boss

Chapter 11: Where the Rubber Meets the Road

Chapter 12: What’s a Moat Worth?

Chapter 13: Tools for Valuation

Chapter 14: When to Sell
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