久久性-在线观看视频一区二区四季-欧美日韩一区二区成人午夜电影-se94se|www.gzkedu.com

選擇要查看的版塊：

家家有譜 發(fā)表于2024-03-12 15:16:00
終極股息投資：晨星經(jīng)濟(jì)護(hù)城河之無形資產(chǎn)-英文朗讀版
Economic Moats
Moat refers to the water that once surrounded medieval castles to keep the barbarians at bay. Twenty-first century nobility (corporations) have no real need for water to protect the front office, but to succeed, they have to find ways to prevent competitors from eroding their returns.
The factors leading to an economic moat can be categorized in a number of ways. Morningstar's approach breaks them into the following four broad categories: Intangible Assets, Economies of Scale, Switching Costs, Network Effects.

Intangible Assets

Intangible assets allow a firm to create a differentiated product or service without encountering direct competition. The patent on Pfizer's cholesterol-lowering drug Lipitor falls into this category. Nothing stops the scientists at Bristol-Myers or Merck from analyzing Pfizer's pill to discover the formula, but because of the patent, the government will stop those firms from ripping off Pfizer's research. Pfizer will be able to sell Lipitor without direct competition for the term of its patent (usually 17 years in the United States). Thus it may charge whatever price customers will bear without worrying about peers offering a cheaper version. Anyone who pays cash for an expensive prescription can understand this concept.
Brands and government licenses are two more examples of intangibles. Anyone can create a cola-flavored beverage, but only the Coca-Cola Company can call it Coke. Anyone with the requisite millions could build a casino, but only the lucky holders of a limited number of government permits are allowed to.
As a side note, you'll often see intangible assets or goodwilllisted as an asset on a firm's balance sheet. These intangibles are mere bookkeeping entries that arise as the result of acquisitions. The presence of real intangible assets shows up not on the balance sheet, but in the firm's return on equity after excluding intangibles.

收藏成功


組合

更多