Date: Thursday, April 12, 2012
Topic: Shareholder Value, Economic Moats and the Current Market
Speaker: Pat Dorsey, CFA, President, Sanibel Captiva Investment Advisers
Despite fierce competition, some companies manage to deliver high returns of capital for many years running by creating “economic moats” structural competitive advantages. Surprisingly, the common stocks of companies with moats are frequently mispriced by supposedly efficient securities markets, creating opportunities for patient investors. Pat Dorsey will discuss how to identify these value-compounding businesses, as well as how to assess their management teams. Finally, he will offer some thoughts on the current market—where to look for opportunities and what to avoid.