🏋️ Fantastic moats (and where to find them)

In this Investor Bootcamp episode on The Australian Investors Podcast, Owen Rask dives deep into competitive advantages, otherwise known as "moats".

Topics covered include:

• What is a moat?
• Morningstar's 5 moat ratings:
• Network effects
• Efficient scale
• Intangible assets
• Cost advantage
• Switching costs
• Where wide, narrow and no moat companies are found
• How moats are measured (ROIC - WACC)
• Why the airline industry sucks... capital away from investors
• How dominant wide-moat companies like Microsoft or Xero can grow more powerful as they grow
• 
  

Some of companies mentioned include:

• Xero Limited (ASX: XRO)
• Microsoft Corp (NASDAQ: MSFT)
• Qantas Airways (ASX: QAN)
• Virgin Airways
• Flight Centre Travel Management Ltd (ASX: FLT)
• Woolworths Ltd (ASX: WOW)
• Coles Group (ASX: COL)
• APA Group (pipeline operator)

Download Owen's Investor Bootcamp training manual: https://bit.ly/rask-analyst

Resources:

• Please see the investor bootcamp for images & graphics
• Book: Gorilla Game: Investing in High Techonology
• Books from Porter: Competitive Strategy (1980), Competitive Advantage (1985) and Harvard Business Review’s 10 Must Reads – On Strategy
• David Gardner Snap Test
• Owen's Value Investor Program

Which tools are your favourite? Let us know:

Owen’s Twitter: https://twitter.com/owenrask

Watch the video version on the Rask Australia YouTube page.

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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

Full individual disclosures for each guest are available via the show notes page. Owen and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc.

Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

Date recorded: 13th of May 2022

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