Philip Fisher on Economic Moats

1 INDEXED REFERENCES1958–19581 SHOWN FREE

Structural advantages — brand, cost, network, switching cost, scale — that protect a business from competition and sustain returns on capital.

SELECTED REFERENCES

1958 · Harper & Brothers

Common Stocks and Uncommon Profits (key principles, paraphrased)

Fisher distinguished companies with products so good that customers would pay a premium or accept inconvenience to keep using them — his shorthand for genuine franchise economics. He advised looking for firms whose products had enough of an edge, in technology or service, that they did not need to be the cheapest to win, and he pointed to margins held while competition intensified as evidence of that edge.

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