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pat dorsey wide moat investing summit 2022

Extensive literature has been written about economic moats since Warren Buffett first introduced the concept. Pat Dorsey, formerly of Morningstar. AADR, , ADVISORSHARES DORSEY WRIGHT. AAIC, , ARLINGTON ASSET INVESTMENT-A MOAT, , VANECK MORNINGSTAR WIDE MOAT. Pat was instrumental in the development of Morningstar's economic moat ratings, as well as the methodology behind Morningstar's framework for analyzing. CHECK TOKEN ETHEREUM

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Consistency lowers search costs and drives loyalty. Aspirational experience increases the customers willingness to pay, and they create an aura of scarcity and exclusivity. You can see it show in the pricing power. A brand must be able to allow the company the ability to price the product or service at a premium. Patents of great products provide monopoly conditions.

But they are subject to litigation and expirations. Regulatory approvals keep competitors out which can lead to pricing power of those who are authorized to do business. Some products or services may be hard for customers to change due to high customer switching costs. Examples are enterprise software, data processors and databases. The integration process with the customers business takes time. There is also the upfront costs of implementation and a payback from renewals.

To learn a new system or software also entails retraining costs. Network effects provide a service that increases in value as the number of users expands. It benefits a company when the value of its product or service increases with the number of its users. As each node increases, connections increase exponentially. Radial networks, however, are less valuable than interactive ones. Credit card companies, online auctions, online stores, delivery platforms, payment platforms, social media, messaging software and financial exchanges are some examples.

Cost advantages means being the lowest cost producer in a commodity product. Cost advantages can come from four places: cheaper processes, better locations, unique assets or greater scale. Process based cost advantages are more durable but could eventually be copied. Cheap and heavy products are best sold near the business location.

An example of a unique asset is a mine that has lower extraction costs than any competitor. Getting scale will spread fixed costs over a large base producing more efficient operations. It is the biggest cost advantage and can be broken down into distribution networks, manufacturing scale and niche markets.

Industries with higher fixed costs versus variable costs tend to be more consolidated. An example of this is a logistics or transportation company compared to a real estate agency. Thus intelligent investors should primarily focus on this part of this equation.

The second component is basically the psychological part of the stock price, where Mr. Market controls thus much less predictable. The 3rd one is the additional term caused by distribution of profit or change of shares count.

The excess profit earned by this type of company cannot be re-invested to earn high return on compounding basis. Finding good companies is just the first step, the price you pay will determine largely the return you can earn in future.

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Pat Dorsey Explains Economic Moats - Morningstar Video

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