Pat Dorsey: Hi, I'm Pat Dorsey, director of equity research at Morningstar.
With all of the focus we give to economic moats or a competitive advantage at Morningstar, I think sometimes investors may lose sight of the fact that we also pay very close attention to the price we pay for the stocks that we recommend, because, of course, an expensive wide-moat stock is going to deliver you a very bad prospective return relative to a cheap no-moat stock.
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Pat Dorsey does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.