{"product_id":"the-little-book-that-builds-wealth-isbn-9780470226513","title":"The Little Book That Builds Wealth","description":"In \u003ci\u003eThe Little Book That Builds Wealth,\u003c\/i\u003e author Pat Dorsey—the Director of Equity Research for leading independent investment research provider Morningstar, Inc.—reveals why competitive advantages, or economic moats, are such strong indicators of great long-term investments and examines four of their most common sources: intangible assets, cost advantages, customer-switching costs, and network economics. Along the way, he skillfully outlines this proven approach and reveals how you can effectively apply it to your own investment endeavors.Dieser praktische Leitfaden macht Anleger mit dem Economic Moat Konzept vertraut, der \"Zauberformel\" des Morningstar, mit der sich erstklassige Investmentchancen aufspüren lassen.\u003cbr\u003e \u003cbr\u003e Das Konzept ist keineswegs neu: Es wurde zunächst durch Benjamin Graham und Warren Buffett populär, wurde dann aber lange vernachlässigt.\u003cbr\u003e \u003cbr\u003e \"The Little Book that Builds Wealth\" erklärt ganz genau, wie man den Economic Moat, d.h. die Wettbewerbsbarriere bzw. den Wettbewerbsvorteil (wie z.B. geringe Produktionskosten, ausgebautes Vertriebsnetz, gutes Markenimage etc.) ermittelt, durch den sich ein Unternehmen deutlich von Konkurrenzunternehmen abgrenzt.\u003cbr\u003e \u003cbr\u003e Dabei geht es aber weder um reines Value Investing, noch um reines Growth Investing, sondern vielmehr darum, erstklassige Nischen-Wachstumswerte zu einem attraktiven Kurs zu kaufen.\u003cbr\u003e \u003cbr\u003e Das Buch demonstriert anschaulich Schritt für Schritt, was einen Economic Moat ausmacht, wie man ihn ermittelt, wie man verschiedene Moats gegeneinander abwägt, und wie man auf der Basis dieser Daten am besten eine Investmententscheidung trifft.\u003cbr\u003e \u003cbr\u003e Mit begleitender Website. Sie wird vom Morningstar betrieben und enthält eine Reihe von Tools und Features, mit deren Hilfe der Leser das Gelernte in der Praxis testen kann.\u003cbr\u003e \u003cbr\u003e Autor Pat Dorsey ist ein renommierter Finanzexperte. Er ist Chef der Morningstar Equity Research und Kolumnist bei Morningstar.com.\u003cbr\u003e \u003cbr\u003e Ein neuer Band aus der beliebten 'Little Book'-Reihe. \u003cp\u003eForeword xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003eIntroduction The Game Plan 1\u003c\/p\u003e \u003cp\u003eChapter One Economic Moats 7\u003c\/p\u003e \u003cp\u003eChapter Two Mistaken Moats 15\u003c\/p\u003e \u003cp\u003eChapter Three Intangible Assets 29\u003c\/p\u003e \u003cp\u003eChapter Four Switching Costs 43\u003c\/p\u003e \u003cp\u003eChapter Five The Network Effect 57\u003c\/p\u003e \u003cp\u003eChapter Six Cost Advantages 75\u003c\/p\u003e \u003cp\u003eChapter Seven The Size Advantage 91\u003c\/p\u003e \u003cp\u003eChapter Eight Eroding Moats 103\u003c\/p\u003e \u003cp\u003eChapter Nine Finding Moats 115\u003c\/p\u003e \u003cp\u003eChapter Ten The Big Boss 133\u003c\/p\u003e \u003cp\u003eChapter Eleven Where the Rubber Meets the Road 143\u003c\/p\u003e \u003cp\u003eChapter Twelve What’s a Moat Worth? 159\u003c\/p\u003e \u003cp\u003eChapter Thirteen Tools for Valuation 171\u003c\/p\u003e \u003cp\u003eChapter Fourteen When to Sell 187\u003c\/p\u003e \u003cp\u003eConclusion More than Numbers 197\u003c\/p\u003e  \"A detailed exploration of Warren Buffet's \"wide economic moat\" concept - how to find companies with a true in-built competitive advantage.\" (\u003ci\u003eFinancial Times\u003c\/i\u003e, Tues 26th February)  \u003cp\u003e\u003ci\u003e\"Pat Dorsey...discusses in an easy to read style why economic moats are such great indicators of long term performance.\"\u003c\/i\u003e (Pensions World, October 2008)\u003c\/p\u003e \u003cb\u003ePat Dorsey\u003c\/b\u003e, CFA, is Director of Equity Research at Morningstar, Inc. He played an integral part in the development of the Morningstar Rating for stocks, as well as Morningstar's economic moat ratings. Dorsey is also the author of The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market (Wiley). He holds a master's degree in political science from Northwestern University and a bachelor's degree in government from Wesleyan University. Please visit www.findingmoats.com.  \u003cp\u003eTo make money in today's dynamic market environment, you need to invest in companies that will perform in the face of sustained competitive pressure. But how can you accurately identify companies that are great today and likely to remain great for many years to come?\u003c\/p\u003e \u003cp\u003eThe answer to this question lies in competitive advantages, or economic moats. Just as moats were dug around medieval castles to keep the opposition at bay, economic moats protect the high returns on capital enjoyed by the world's best companies. If you can identify companies that have moats, and you can purchase their shares at reasonable prices, you'll begin to build a portfolio of solid businesses that will improve your odds of doing well in the stock market.\u003c\/p\u003e \u003cp\u003eIn The Little Book That Builds Wealth, author Pat Dorsey—the Director of Equity Research for leading independent investment research provider Morningstar, Inc.—outlines this proven approach and reveals how you can effectively apply it to your own investments. Step by step, Dorsey discusses why economic moats are such strong indicators of great long-term investments and examines four of their most common sources: intangible assets, cost advantages, customer-switching costs, and network economics. After establishing a firm understanding of moats, Dorsey shows you how to recognize moats that are eroding, the key role that industry structure plays in creating competitive advantage, and how management can create (as well as destroy) moats.\u003c\/p\u003e \u003cp\u003eAlong the way, Dorsey provides an informative overview of valuation—because even a wide-moat company will be a poor investment if you pay too much for its shares—and illustrates the issues addressed through case studies that apply competitive analysis to some well-known companies.\u003c\/p\u003e \u003cp\u003eAlthough the moat concept is not a new one—it was made famous by Warren Buffett—the modern-day investor can benefit from what it has to offer. With The Little Book That Builds Wealth as your guide, you'll quickly discover why moats should be an integral part of your analytical investment toolkit and learn how to leverage this approach to build a portfolio of high-performance stocks.\u003c\/p\u003e  \u003cp\u003e\"The Little Book That Builds Wealth provides a sensible framework for identifying companies that can sustain high returns on capital. Pat Dorsey tells the reader how to look for durable competitive advantage in choosing equities. His four sources of structural competitive advantage: (1) intangible assets; (2) switching costs; (3) network effect; and (4) cost advantage are particularly valuable in selecting long-term equity commitments.\"\u003cbr\u003e —Louis A. Simpson, President and Chief Executive Officer, Capital Operations, GEICO Corporation\u003c\/p\u003e \u003cp\u003e\"Pat Dorsey provides a practical framework for integrating the realities of a changing future into today's investment decisions. A little art and a little science—key ingredients to successful long-term investing.\"\u003cbr\u003e —Larry D. Coats, Chief Executive Officer, Oak Value Capital Management, Inc.\u003c\/p\u003e \u003cp\u003e\"Spend two evenings reading Pat Dorsey's The Little Book and you'll cast away all the techniques that failed for you in the past. This is the definitive text on how to identify strong-performing businesses for your portfolio and, more importantly, how to avoid thousands of investments that won't stand the test of time. It's must reading for every investor.\"\u003cbr\u003e —Timothy P. Vick, Senior Portfolio Manager, The Sanibel Captiva Trust Co., and author of How to Pick Stocks Like Warren Buffett\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990280945893,"sku":"NP9780470226513","price":28.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470226513.jpg?v=1761787184","url":"https:\/\/k12savings.com\/es\/products\/the-little-book-that-builds-wealth-isbn-9780470226513","provider":"K12savings","version":"1.0","type":"link"}