Core Viewpoint - The article emphasizes the importance of identifying companies with a strong economic moat that can withstand economic cycles and competition, providing reliable long-term returns for investors [3][4]. Group 1: Economic Moat Concept - The concept of an economic moat is crucial for understanding which companies can deliver sustainable competitive advantages and superior capital returns over time [3][4]. - Morningstar has developed a rigorous and globally applicable analysis and rating system based on the economic moat concept, demonstrating its effectiveness through decades of performance [5][8]. Group 2: Morningstar's Investment Philosophy - Morningstar's investment philosophy is built on three core principles: decoding economic moats, identifying great companies, and determining the best time to invest in them [10][14]. - The analysis framework includes five identifiable sources of economic moats: intangible assets, cost advantages, switching costs, network effects, and efficient scale [11][12][13]. Group 3: Investment Timing and Valuation - Identifying great companies is only part of the investment success; buying them at fair or undervalued prices is essential for generating excess returns [14]. - Morningstar employs a discounted cash flow model to estimate intrinsic value, requiring deep analysis of future cash flows and competitive advantage periods [15]. Group 4: Safety Margin and Uncertainty - Acknowledging the inherent limitations of human predictions is vital for rational investors, leading to the principle of safety margin to protect against unforeseen risks [18]. - Morningstar's unique uncertainty rating system helps assess the difficulty and risk of future cash flow predictions, guiding the required safety margin for investments [18]. Group 5: Consumer Sector Analysis - The consumer sector serves as an excellent platform for applying the economic moat theory, with strong brands and difficult-to-replicate scale advantages being key factors [21]. - Specific industries, such as beverages and packaged goods, demonstrate how brand loyalty and distribution networks create robust economic moats [26][23]. Group 6: Case Studies and Practical Insights - The book "Investing with Moats" provides a systematic approach to identifying valuable companies, offering practical insights and case studies across various consumer sub-industries [30][31]. - It emphasizes the importance of focusing on intrinsic value rather than market price fluctuations, fostering a mindset that resists market panic and greed [31].

【文/观察者网 陈思佳】据路透社12月2日报道，印度政府近日向苹果、三星和小米等手机制造商发出 通知，要求这些公司在智能手机中预装一款网络安全应用。三名知情人士透露，苹果公司将拒绝印度政 府的要求，理由是这种做法可能给苹果iOS生态带来隐私和安全问题。 印度电信部要求手机制造商在90天内为新手机安装一款名为Sanchar Saathi的应用，并确保该应用的功能 不会被用户限制或禁止。这款应用的作用是追踪并封锁丢失或被盗的手机，防止这些手机被不当使用， 还可以识别诈骗性质的手机号码。 对于已经进入供应链的设备，印度电信部要求手机制造商通过软件更新的方式推送应用。报道称，印度 电信部没有公开这项命令，而是私下发送给制造商。 印度电信部很快证实了这一消息，该部门解释称，印度拥有庞大的二手移动设备市场，推广Sanchar Saathi应用可以帮助应对重复或伪造国际移动设备识别码（IMEI）的问题，遏制诈骗等"严重危害"网络 安全的活动。 业内人士指出，苹果会在新生产的手机上预装苹果自己的应用，但不会在手机售出前预装任何第三方应 用。市场研究公司Counterpoint的研究总监塔伦·帕塔克认为："苹果可能寻求一个折中 ...