Watch Pat Dorsey Explain Economic Moats
One of our favorite investment thought leaders is Pat Dorsey, former head of equity research at Morningstar. He basically built Morningstar's stock research team and core methodologies before leaving to start his own investment management firm.
I call him the "master of economic moats", because he better than anyone else has studied the topic of long-term competitive advantages and broken it down into an understandable concept for all investors.
He wrote two books last decade that are outstanding reads on the topic of moats: The Five Rules for Successful Stock Investing and its more concise and focused follow up, The Little Book that Builds Wealth. I highly recommend taking the time to read those if you are interested in understanding the topic.
But if you don't have the time or just prefer the movie instead of the book, here is a talk Mr. Dorsey gave at Google that is an excellent introduction to economic moats. Enjoy!
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