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Just like to recommend an investing book I found. I have no relations with the author, and in fact, have not heard of him before.
(Can find the ebook on NLB also)

This is what I like about it:
Writer goes into details on both qualitative and quantitative analysis. Not just the usual repeated information that is found everywhere on the internet, but he actually goes into the details of how he does analysis, using an actual company as an example.

He doesn't assume that you have any prior knowledge. But do note that he drill down into details pretty fast, so newbies to financial statements may be lost halfway. Sometimes I need to reread a section several times.

He doesn't waste words, and describe things concisely. No flowery language etc. As a programmer, I appreciate this kind of prose. Also no words spent on promotion.

Book written in 2017 so very recent compared to some of the famous classics. 

Overall, I find this book most benefical to people with a few years of investing experience and have read all the usual famous books on investing, but lack the deeper insight that comes with longer experience. (That some of the more veteran VBers here have).
Its like having a uncle experienced in investing sit down with you and explain how he intepret numbers or identify moats.
Thank you gzbkel,
I'm at chapter 5 now.
It's amazing read.

For those who preferred to watch:
Good morning, valuebuddies.
Hope that everyone had a good night to welcome the beautiful day ahead.

Reading thru the glossary of this book this morning, a few stocks pop up into my mind.
In particular, Micro-Mechanics.

These gives me a structure to frame up Micro-Mechanics moat:
1. Backward integration
2. Breadth analysis
3. Forward integration
4. Ingrainedness
5. Vertically integrated

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感恩 Thank you
IMO those don't constitute moats. Take 3 of those - backward, forward, vertical integration (isn't backward/forward the same as vertical?). If I run a lemonade stall and backward integrate by growing my own lemons instead of buying from wholesalers, does that mean my business has a moat? Certainly not. I might argue that I might have scale economies or cost advantage, both are true sources of moats, but the integration itself is not a sustainable competitive advantage if that activity doesn't stop competitors in any way from doing the same thing.
Hello chialc, I think you may have jumbled up what the author wrote. Those 6 things in your post are not the sources of moat mentioned by the author.

Hi RJT, I suggest you read the book and judge it based on its own words. I think its worth reading.
Hi gzbkel, my understanding is that book doesn't write anything about moat.
(11-11-2019, 10:02 AM)RJT Wrote: [ -> ]Hi gzbkel, my understanding is that book doesn't write anything about moat.

Your understanding is incorrect.
Can you tell me which chapter is about moat?

CHAPTER 1: The Quiet Outperformer
CHAPTER 2: Why Stocks?
CHAPTER 3: Price and Value Are Different
CHAPTER 4: Measuring Performance
CHAPTER 5: Understanding the Business
CHAPTER 6: Accounting Is a Language
CHAPTER 7: Capital Employed
CHAPTER 8: Operating Income
CHAPTER 9: Free Cash Flow
CHAPTER 10: Book Values and Shares
CHAPTER 11: Past Performance
CHAPTER 12: Future Performance
CHAPTER 13: Shareholder-Friendliness
CHAPTER 14: Inexpensiveness
CHAPTER 15: Price Drives Risk
CHAPTER 16: Misjudgment and Misaction
CHAPTER 17: Portfolios and Selling
CHAPTER 18: Endurance
CHAPTER 19: Generating Ideas
CHAPTER 20: Differences Among Value Investors
CHAPTER 21: Preservation
@gzbkel - correct. It's jumbled up based on my own internalisation of the book aka a structure for me to define Micro-Mechanics moat. The book actually suit my investment style. I thought of using Micro-Mechanics as a case study for each of the chapters but I'm not sure whether I will get some complaints (especially from Moderator). 

@RJT - Chapter 12 Predicting future performance 
[Image: Value-Partners%EF%BC%89Good-Stocks-Cheap...C%9B_1.png]

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Okay you're right, the book did talk about moat in 5-10 pages of that chapter out of the entire book. Not saying the book is good or bad (that's relative to the reader), but the book's primary focus is far from the identification and explanation of moats.
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