🏋️ Fantastic moats (and where to find them)

In this Investor Bootcamp episode on The Australian Investors Podcast, Owen Rask dives deep into finding, identifying and researching a company’s competitive advantage, otherwise known as a “moat”.

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

Listen to The Australian Investors Podcast right now

Video version available now on Rask’s YouTube channel

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 the companies mentioned include:

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