Pat Dorsey, CFA, is Director of Equity Research at Morningstar, Inc. He played an integral part in the development of the Morningstar Rating for stocks, as well as Morningstar's economic moat ratings. Dorsey is also the author of The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market (Wiley). He holds a master's degree in political science from Northwestern University and a bachelor's degree in government from Wesleyan University. Please visit www.findingmoats.com.

• Foreword xiAcknowledgments xviiIntroduction The Game Plan 1Chapter One Economic Moats 7Chapter Two Mistaken Moats 15Chapter Three Intangible Assets 29Chapter Four Switching Costs 43Chapter Five The Network Effect 57Chapter Six Cost Advantages 75Chapter Seven The Size Advantage 91Chapter Eight Eroding Moats 103Chapter Nine Finding Moats 115Chapter Ten The Big Boss 133Chapter Eleven Where the Rubber Meets the Road 143Chapter Twelve What’s a Moat Worth? 159Chapter Thirteen Tools for Valuation 171Chapter Fourteen When to Sell 187Conclusion More than Numbers 197

"A detailed exploration of Warren Buffet's "wide economic moat" concept - how to find companies with a true in-built competitive advantage." (Financial Times, Tues 26th February) "Pat Dorsey...discusses in an easy to read style why economic moats are such great indicators of long term performance." (Pensions World, October 2008)

Pat Dorsey, CFA, is Director of Equity Research at Morningstar, Inc. He played an integral part in the development of the Morningstar Rating for stocks, as well as Morningstar's economic moat ratings. Dorsey is also the author of The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market (Wiley). He holds a master's degree in political science from Northwestern University and a bachelor's degree in government from Wesleyan University. Please visit www.findingmoats.com.

• Foreword xiAcknowledgments xviiIntroduction The Game Plan 1Chapter One Economic Moats 7Chapter Two Mistaken Moats 15Chapter Three Intangible Assets 29Chapter Four Switching Costs 43Chapter Five The Network Effect 57Chapter Six Cost Advantages 75Chapter Seven The Size Advantage 91Chapter Eight Eroding Moats 103Chapter Nine Finding Moats 115Chapter Ten The Big Boss 133Chapter Eleven Where the Rubber Meets the Road 143Chapter Twelve What’s a Moat Worth? 159Chapter Thirteen Tools for Valuation 171Chapter Fourteen When to Sell 187Conclusion More than Numbers 197

"A detailed exploration of Warren Buffet's "wide economic moat" concept - how to find companies with a true in-built competitive advantage." (Financial Times, Tues 26th February) "Pat Dorsey...discusses in an easy to read style why economic moats are such great indicators of long term performance." (Pensions World, October 2008)

Pat Dorsey, CFA, is Director of Equity Research at Morningstar, Inc. He played an integral part in the development of the Morningstar Rating for stocks, as well as Morningstar's economic moat ratings. Dorsey is also the author of The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market (Wiley). He holds a master's degree in political science from Northwestern University and a bachelor's degree in government from Wesleyan University. Please visit www.findingmoats.com.

• Foreword xiAcknowledgments xviiIntroduction The Game Plan 1Chapter One Economic Moats 7Chapter Two Mistaken Moats 15Chapter Three Intangible Assets 29Chapter Four Switching Costs 43Chapter Five The Network Effect 57Chapter Six Cost Advantages 75Chapter Seven The Size Advantage 91Chapter Eight Eroding Moats 103Chapter Nine Finding Moats 115Chapter Ten The Big Boss 133Chapter Eleven Where the Rubber Meets the Road 143Chapter Twelve What’s a Moat Worth? 159Chapter Thirteen Tools for Valuation 171Chapter Fourteen When to Sell 187Conclusion More than Numbers 197

"A detailed exploration of Warren Buffet's "wide economic moat" concept - how to find companies with a true in-built competitive advantage." (Financial Times, Tues 26th February) "Pat Dorsey...discusses in an easy to read style why economic moats are such great indicators of long term performance." (Pensions World, October 2008)