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What Makes a Moat?

June 01, 2019 | VanEck

Moat investing is based on a simple concept: Invest in companies with sustainable competitive advantages trading at attractive valuations. One of the first steps of implementing this approach is finding companies with a moat.

A company’s moat refers to its ability to maintain the competitive advantages that are expected to help it fend off competition and maintain profitability into the future. Morningstar has identified five sources of moat: Switching Costs, Intangible Assets, Network Effect, Cost Advantage, Efficient Scale.

In this paper, we provide an overview of how these attributes may contribute to a company’s moat and highlight companies that showcase these sources of moat.

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