By KRV : It must hurt to be part of Tellabs ( TLAB ) management. You announce a $225 million share buyback (22.5% of shares outstanding!), and the market does not care. You scream at the top of your voice that business is great but your stock is undervalued (P/B at 0.83), the market does not care. ...
Morningstar's Paul Larson outlines the five sources of wide economic moats, our research team's moat-rating process, and the performance of the Morningstar WideMoat Focus Index.