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Making a Moat with 'Efficient Scale'

Serving a naturally limited market can be a source of competitive advantage, or economic moat, says Morningstar's Paul Larson.

Making a Moat with 'Efficient Scale'
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Jason Stipp: I'm Jason Stipp for Morningstar.

If you are a regular reader on Morningstar.com, you know that our analysts spend a lot of time thinking about economic moats, and they recently came up with another explicit source of economic moat.

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Jason Stipp does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.