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Pat Dorsey
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“unless a company has some kind of economic moat, predicting how much shareholder value it will create in the future is pretty much a crapshoot, regardless of what the historical track record looks like. Looking at the numbers is a start, but it’s only a start. Thinking carefully about the strength of the company’s competitive advantage, and how it will (or won’t) be able to keep the competition at bay, is a critical next step.”
― The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments
― The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments
“Even the Best Company Will Hurt Your Portfolio If You Pay Too Much for It.”
― The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments
― The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments
“Thinking about moats can protect your investment capital in a number of ways. For one thing, it enforces investment discipline, making it less likely that you will overpay for a hot company with a shaky competitive advantage. High returns on capital will always be competed away eventually, and for most companies—and their investors—the regression is fast and painful.”
― The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments
― The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments
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