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Heather Brilliant

Heather Brilliant, CFA, is co-CEO of Morningstar Australasia. Previously, she was the global director of equity and credit research and chief equities strategist, leading the equity and credit research teams and managing the research process. Brilliant has held several positions as an equity analyst at Morningstar, Driehaus Capital Management, and a small hedge fund. She has covered a variety of sectors, including pharmaceuticals, biotechnology, business services, and retail. She started her finance career at Bank of America as a corporate finance analyst, covering the auto industry. Brilliant holds a bachelor's degree in economics from Northwestern University and a master's degree in business administration from the University of Chicago Booth School of Business. She is a member of the board of the CFA Society of Chicago.

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In this final excerpt from their new book, Morningstar's Heather Brilliant and Elizabeth Collins examine how companies can build competitive advantages around network effect and scale efficiency.

In this second excerpt from their new book, Morningstar's Heather Brilliant and Elizabeth Collins detail how companies leverage cost advantage and switching costs to their benefit.

In an excerpt from their new book, Morningstar's Heather Brilliant and Elizabeth Collins explore how to identify a moat and how intangible assets can help a firm carve out a sustainable competitive advantage.

Unless a company reports quarterly results that stray wildly from expectations, it's best to keep a long-term view on a stock, according to Morningstar's Heather Brilliant.

Morningstar CEO of the Year Pete Miller of National Oilwell Varco sees sustainable drilling prospects worldwide and expects the firm to use its expertise honed in the U.S. to take advantage of a global boom.

Morningstar's Heather Brilliant says better revenue opportunities exist in the U.S. now than in foreign markets, and investors should demand discounts for firms with large non-U.S. sales footprints.

New legislation will make it easier for startups to raise capital, but looser regulations on disclosure and research will make the IPO market less attractive for investors, says Morningstar's Heather Brilliant.

Morningstar's Heather Brilliant says the risk/reward profile for bonds is no longer in investors' favor, and stocks still offer better return potential despite the recent runup.