作者:[美]希瑟·布里林特（Heather Brilliant） [美]伊丽莎白·柯林斯（Elizabeth Collins） 译者:汤光华 张坚柯 罗维

《投资的护城河 晨星公司解密巴菲特股市投资法则》由希瑟·布里林特(Heather Brilliant)及伊丽莎白·柯林斯(Elizabeth Collins)共同撰写。

希瑟·布里林特，

特许金融分析师（CFA），世界知名评级机构晨星公司澳大利亚及新西兰CEO；

2007-2014年任晨星公司股票及企业信贷研究的环球主管；

CFA协会理事会董事，曾任芝加哥CFA协会主席；

晨星公司经济护城河协会成员，使用经济护城河法进行证券评估的先驱人物；

拥有丰富的投资分析经验，是在汽车行业、医药行业、生物技术行业及零售业享有盛誉的分析师。

伊丽莎白·柯林斯，

特许金融分析师（CFA），晨星公司北美股票研究总监；

曾任晨星公司经济护城河评估委员会主席；

是基础材料业的权 威投资分析师，对护城河分析法的形成衍化起到重要作用。

Incorporate economic moat analysis for profitable investing"Why Moats Matter" is a comprehensive guide to finding great companies with economic moats, or competitive advantages. This book explains the investment approach used by Morningstar, Inc., and includes a free trial to Morningstar's Research.

Economic moats--or sustainable competitive advantages--protect companies from competitors. Legendary investor Warren Buffett devised the economic moat concept. Morningstar has made it the foundation of a successful stock-investing philosophy.

Morningstar views investing in the most fundamental sense: For Morningstar, investing is about holding shares in great businesses for long periods of time. How can investors tell a great business from a poor one? A great business can fend off competition and earn high returns on capital for many years to come. The key to finding these great companies is identifying economic moats that stem from at least one of five sources of competitive advantage--cost advantage, intangible assets, switching costs, efficient scale, and network effect. Each source is explored in depth throughout this book.

Even better than finding a great business is finding one at a great price. The stock market affords virtually unlimited opportunities to track prices and buy or sell securities at any hour of the day or night. But looking past that noise and understanding the value of a business's underlying cash flows is the key to successful long-term investing. When investors focus on a company's fundamental value relative to its stock price, and not where the stock price sits today versus a month ago, a day ago, or five minutes ago, investors start to think like owners, not traders. And thinking like an owner will makes readers better investors.

The book provides a fundamental framework for successful long-term investing. The book helps investors answer two key questions: How can investors identify a great business, and when should investors buy that business to maximize return?

Using fundamental moat and valuation analysis has led to superior risk-adjusted returns and made Morningstar analysts some of the industry's top stock-pickers. In this book, Morningstar shares the ins and outs of its moat-driven investment philosophy, which readers can use to identify great stock picks for their own portfolios.