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5min chapter
TIP556: 100 to 1 in the Stock Market by Thomas Phelps
We Study Billionaires - The Investor’s Podcast Network
The Importance of a Moat in Investing
Alphabet IPO'd in 2004 at a split adjusted price of under $3 per share. They're currently trading around $124 per share, and that's over a 40 times increase in their stock price. Google Search had an impenetrable moat and they greatly benefited from the transition to digital advertising. To do it in 40 years would require a 12.2% average annual return. 30 years would be 16.6%, 20 years, 26%. And then to do it in 15 years would requirement a 36% annual return.
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