The Little Book that Builds Wealth | Pat Dorsey | Talks at Google
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- Опубликовано: 15 янв 2015
- What does it mean for a company to have a moat? What are the key drivers to valuation? Pat Dorsey will use examples to shed light on these, and more questions.
About the Book:
Capitalism works. That’s why most businesses with high returns on capital attract competition that forces down profitability over time. However, a small minority of companies are able to defy the laws of economic gravity by creating competitive advantages, or “economic moats” that insulate them from competition and allow them to maintain high returns on capital. After spending fifteen years analyzing thousands of companies, Pat has identified a handful of structural characteristics that create competitive advantage. He will discuss these characteristics, how management teams can create and destroy competitive advantage, and how he applies competitive analysis in managing institutional capital at Dorsey Asset Management.
About the author:
Pat is the founder of Dorsey Asset Management, which manages concentrated global portfolios for institutional investors. Prior to starting Dorsey Asset, Pat was Director of Research for Sanibel Captiva Trust, an independent trust company with approximately $1 billion in assets under management serving high net worth clients.
From 2000 to 2011, Pat was Director of Equity Research for Morningstar, where he led the growth of Morningstar’s equity research group from 10 to over 100 analysts. Pat developed Morningstar’s economic moat ratings, as well as the methodology behind Morningstar's framework for analyzing competitive advantage. Pat is also the author of two books - The Five Rules for Successful Stock Investing and The Little Book that Builds Wealth - and has been quoted in publications such as the Wall Street Journal, Fortune, the New York Times, and BusinessWeek.
Pat holds a Master’s degree in Political Science from Northwestern University and a bachelor’s degree in government from Wesleyan University. He is a CFA charterholder. 
Игры
Thanks for this amazing information !! If you don't find a means of multiplying money, you will wake up one day to realize that the money you thought you had, has finished. Investment is key, I pray that anyone who reads this will be successful in life
Very true, I started investing before the pandemic and that same year I pulled a profit of about $750k with no prior investing experience, basically all I was doing was seeking guidance from *ROCHELLE DUNGCA-SCHREIBER* who's a guru in the game, you can be passively involved with the aid of a professional.
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.
That's so true. but if i may ask, do you trade all by yourself?
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How can this person, TERESA JENSEN WHITE be reached please...
*TERESA JENSEN WHITE,* that's her official page name you can do a web search to get in touch with her
Wow! I just looked up this person out of curiosity and I'm super impressed with her qualifications. Thanks for sharing.
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
@@lipglosskitten2610 How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
@@kenanporubsky2122 'Catherine Morrison Evans’ is the coach that guides me. She’s a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, look - her up .
Video Summary: The little book that builds wealth: Pat Dorsey
Concept of economic moats.
Capitalists seek highest returns possible.
If you are smart you will not invest in airlines.
High returns of capital decreases as competition increases.
Few beats the odds, defy economic gravity.
They created structural economic Moats, to insulate themselves from competition.
Competition destroys excess returns. ( In NVIDIA and AMD, moat swaps back and forth).
Moat is structural and sustainable qualities that are inherent to the business.Not hot products, Not a cool tech, Not the biggest market share.
Small cap is often a home for Moat.
Moats manifest themselves in the pricing power of the commodity. A company that cannot raise prices does not have economic moat. If Company is dropping price of commodity, know their moat is eroding, early sign of erosion. Brand that lower search costs have high moats. Eg Coca Cola, Hines Ketchup.
High Moat/Value= Changes consumer behavior by increasing willingness to pay or lower search costs.
If a Brand does not make you change your behavior it does not have moat. A brand that increases your willingness to pay has high moat. Patents are subjected to expiration, challenge and piracy, is real monopoly. One drug driving all your economic value, if patent is challenged company goes to dust. So one patent biotech company (like AMRN) is risky. Have a portfolio of patents Qualcom, Arm holdings. Licenses approvals: License to do something that not many ppl can do : Eg Landfill/gravel pit license/Casino license/Aircraft parts FAA certified (most aircraft parts are sold source one manufacture that makes them, 40% margin after markets.)
Widening the Moat: Brands are valuable if they deliver consistent aspirational experience. Consistency lowers search costs and drives loyalty. Dont change and give people are reason to switch. New Coke, the Schlitz mistake (changes the taste the beer). If people buying this why change.
Aspiration increases willingness to pay. So create scarcity and exclusivity. Tiffany's store layout 9They hit volume and high price). You would think stuff that drives 40% of your sales will be in front. In Tiffany store in Front is the expensive stuff that does not sell. Real selling cheap stuff is at the back.
1. Adapatation in brand based companyAppeal to taste of crowd: Jack Daniels in Russia Ad: Old rugged guy happy Bday Mr Daniels! In China the ad says: Confidence is not what comes from your mouth but what is perceived by other people's eyes.
2. Switching costs: Does the cost of switching to a competing product or service outweighs the benefits. Integrate with customer's business. Upfront costs of implementations-> payback from renewals. (Silverlake, Oracle, Sim corp)
Sell Ongoing service relationship (Rolls Royce, One, Schindler)
3. Provide a product with high benefit/cost ratio.
Eg Fastanel, Ecolab, Novozyme, Fuchs petrolab
The network effect: Provide a service the increases in value as number of users increase.Aggregate demand bw fragmented parties Edenred, Henry Schein, XPO logistics
Non linearity of nodes Vs connections: Visa, MasterCard, FB
Radio Vs Interactive networks: A series of channels that are not used radio (Western Union), vs interconnected nodes, latter is advantageous.
Cost advantages: Managerial skill needed is inversely proportional to quality of business.
process based cost advantages: Invent a cheaper way to deliver a product, tend to work well but get copied eventually. Eg any non patentable idea, replicated by competitors. Eg Southwest doe snot have the cheapest seat per mile, other people copied it.
Scale: When you spread your fixed cost over large base that tends to be much more robust. Relative size matters more than the absolute size. Eg UPS, Aggreko, Stericycle.
DHL lost a billion dollars trying to compete with UPS and Fedex in ground business because they could not scale up.
Niche: establish minimum efficient scale.
What about management:
\WB says: Good jockeys will do well on good horses but not on broken down nags. Pat wins this race. Horse wins the race, even a good jockey on a goat will lose the race. Worse the business, better a manager needed. Good business, even bad managers will shine. Great business a genius is not needed,
Eg Ryan Air: is great Moat . Ryan air scale advantage to die for. MSFT will do fine even with stupid manager.
Moody put profits before
integrity, screwed investors, still eked 40% profit due to good Moats.
An airline will never have lower cost than when they opened for business. Planes get older, employees get senior. Eg of Good jockey on Moat.
Trust matters more online on offline. AMZN/Costco has done well on that regard.
Good managers are looking to widen company's moat. AMZN focus on customer experience, Costco focus on using scale to lower costs.
Bad managers invest money outside company's moat lowering overall ROIC. Aka Setting fire to huge piles of cash. Eg Cisco moving into customer market.
Garmin had GPS and avionics. So business and regional jets have Garmin in there. GPS is going from product too handset.So lets jump into handset apps. When a business jumps outside of its moat that is due to weakness not strength, trying to maintain growth like Cisco. Innovation comes from strength, not from "copy cat" ing.
Danger is when business cannot relax to change. Eg Starbucks, MSFT, Cisco Home Depot. Like a 50 yr old trying to date 20 yr old, just inappropriate. Better way to make money is not to open many stores, slow opening, increasing ticket size at existing stores.
Owner owed is good for managers but not infallible.
South African retailers do well due to small market, they do well.
Minimum efficient scale: Some corporations who well if they don't expand. so continue with their profits.
Cultural difference in preferences will create moat, While in Rome do what roman want.
Valuing Moats: Value of Moat depends on reinvesting opportunities.
Ability to reinvest tons of cash at a high incremental ROIC = valuable Moat . Fastenal Curro XPO
If a firm has limited value to reinvest , the moat adds little to intrinsic value. Mc Cormick (one spice market in US). MSFT Oracle
Moats are not limited to superstable companies that your grand kids will own.
Moaty business that pay cash are good. Moaty business that can reinvest cash are awesome.
Overestimating Moat : you pay for value creation that never materializes
Underestimating Moat: you have large opportunity cost.
Motorola; Created razor, a hardware where investors overestimated( No proprietary software) the cost of Moat and got hosed.
Most investors spend lots of time on margin of safety, and too little on opportunity cost. Thumb sucking on Walmart (Bought several million shares in 1995): Not buying enough when company it was I infancy cost Berkshire 8 BN in mature years. You suffer opportunity cost when you underestimate Moat, don't worry for margin of safety. Moats matter for long run.
Moat is not priced in always. Great companies build Moat as they grow. Most investors own securities fro short term and Moats matter in long run. Most Investors sum current state of world lasts longer than it usually does.
Most investors focus on short term changes in price not long term changes in moat .
Avg MF hold 1 year and makes 100% , some hold only for 3 months.
Quantitaive data is well price in market,
Qualitative data is not well priced in market: Understanding structural character of business . switching costs, customer behaviors, why companies raised prices is not well priced.
Great Quote from BiLL Miller: All the info is in past, but al the value is in future.
That's not a summary. It's a transcript! 😜
@@BillionDollarApp LOL was gonna say, but if y'all want a summary here it is:
"Don't be a friggin' dinosaur!"
(Yeah that includes Pat, but he shouldn't be too sour in his position to accept that)
🙏🏽 thank you
Thx for it
Mr. Dorsey is an excellent speaker and the advice he gives is sound. It seems to me that a "moat" as he describes it is really just a metaphor for a business's sustainable competitive advantage. It's remarkable how many investors fail to remember this fundamental principle from Econ 101 and get caught up in the irrationality of the market. This is even more important now that globalization has brought unprecedented competition to many types of businesses. Take away message: Seek moats; avoid goats.
There are so many nuggets in this talk… I like the way he analyzes and frames the market and competitive companies.
a moat is just new term for barrier of entry
*OR* barrier to success
Or both
@@CapitalWorksPro ,#mep0
Nope, you can enter the business of social networking but won’t survive.
You cannot probably enter the Netflix business, which is also a moat
genial - EXCELENTE APORTE estoy leyendo el libro de Pat " Las cinco reglas para invertir en acciones con exito " y encontrar este vídeo es alucinante para complementar y reforzar los conceptos - GRACIAS
Wow. This is seriously good stuff.. I would take a class by him. Only some 15 minutes in and he's got a lot of great material.
Awesome stuff...Thanks Google
Hey! ... Schindler is Swiss, not German!
Well now we've both learnt something from each other ;) Thanks for the talk and thanks for making it accessible to the public!
The man speaks a lot of sense.
Very nice analysis of a moat, moreover how to recognize a moat per value investing in a niche business market to ensure business earnings sustainability for optimal future returns on investment capital.
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My take on this is that Tiffany and Jack Daniels show that sentiment is both easily manufactured and worth a high margin.
The Chinese' overt and explicit desire for face is interesting.
best investment talk i've seen/heard so far with many examples of great companies, very much appreciated, thanks a lot.
Size matters when resources are used properly, Comcast did well ...using cash cow business to drive new media business (nbc universal)
Pat Dorsey talked about finding great companies which is easier than it looks, and he has done this for decades and Tobias Calistle talks is telling you to do dumpster diving and is way harder than you know. Plus I can't understand what he said.
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2:51 - What is economic moat and competitive moat
Summary: 1. Companies without moats will have deteriorating profits due to competition 2. The categories of moats are intangible assets (brands, patents, licenses/approvals), switching cost, cost advantage 3. A moat is more important than management 4. Valuations increase with moats since they allows for reinvesting at high rates of returns
This was wonderful
It is interesting that people wanna see his track record to believe his words. It helps if he shows, but the advice he provided in the video is of no less value if he doesn't. Use your own judgement.
Secret to wealth is being vague
Building sustainable businesses by having a "moat" by Pat Dorsey
Superb Moat is in this video....
But the sony brand reduces searching cost, right?
33:00 domino pizza is doing the same thing, opening up more & more new stores
you don't need the speaker investment track record.
this is a problem to 'numbers people' because they believe in statistics too much.
track record (statistic) won't necessarily be repeated by simply do the same thing.
if what the speaker said makes 'business sense', then you can adopt it. or not, if you have better idea or better other references.
if you can't judge whether it's makes sense or not, read or listen more from other references. then think about what's that actually will work.
Brilliant.
Easy to understand.
After this video came out in 2015, Turmeric is selling a lot more and in many forms in the last several years. Its consumption is growing.
Microsoft after 2015, found plenty of growth.
Identifying moats is great. Moats are quite temporary too.
Add PSG
OMG!! Awesome awesome talk.. really enjoyed it!
Moatorola - That's what I take from this talk 😜
Lmao same
As a teacher work is differ no business only on line business doing by me other business are created by me.
brilliant
Can you give an example of an interactive network?
Thanks.
+Marcus Kirlin Yeah, ISIS :V
Communication businesses (telephone, mesagging, social networks), data driven businesses (e.g. search, big data devices)
Facebook
Schlitz beer had a formaldehyde scandal and they panicked and changed the ingredients and taste.
Thx
@4:58 He passed on NVDA.
Interesting on pricing power and Tesla lowering their prices on cars 😅
Good product, lower price 🔥
So does Apple really have a moat or not?
at no point in this presentation does he show his investment track record
and more important none of the people in the audience asked him about it they just assumed he knew what he was talking about
NVIDIA is still kicking ass today.
Who's watching this in 2020 when NVDA is still a hot buy😀
Nvidia was a 20 to 30 bagger if you would have invested by that time. You can see what a predicion of a morningstar guy is worth......nothing!
i didn't want to be sweetalked with the type of people who are''in the know" with bit coin. So i just invested hard cash on the hardware that miners need, and studying Ai.,class of 2034
actually thats a great idea.
about your investment, you meant you bought stocks in a company?
About "The Light":
" "I," was created by the thought of Gods and "Their," desire to allow all mortals to know that "They," are always with them: As humankind grows and seeks absolute independence from "Them," "They," will remain by their side, guiding them and directing them, in their growth to absolute "WISDOM," the way to "Their Essence" and the Elysium Fields. As you look out beyond the now, into the heavens, "I" will be there, guiding you and helping you know that "I," be visible or invisible, "My Essence," will guide you beyond all that is sensed in your reality. So, let it be now revealed to you that both "I" and "He," in mortal being, who speaks to you through the thoughts of children are but one. " Eleusis. Let The Light within you guide you to the Elysian Fields entrance; your inner beauty is expected. Imagination is the way. by Elias Leousis. The next revelation of Quantum Realities. Enjoy!
1:00:00
Funny how he dismisses Nvidia. The speech is late 2014. As of today he missed a 3300% return in Nvidia. Ouch.
there will be outliers... point is if his thesis is mostly right.
Nvidia taking over the world now... intel in the ground yet still makes 50 times all its competitor net profit :P... but he's right... every thing growth-mature-decline... People from Gilette should have listened to this video
Google Relationship
Ysa Mdn
moats are to be broken
Yes, but how fast it gets broken. Thats the main question.
What I do I can produced all matters I am not copying from any soureces nothing learn I am MscBed maths teacher 45 years yogasnas pranayam meditation full practice what I produced everthing is created by me it will be put on book . No copying no help my son. Mtech his wife Msc my self MscBed what is book is world appriciated .but I don't feel myself human development is happy in my life .
Bangladesh!!!
I am delivering a sermon to you 🙏😊 please read
Consistently Pray for forgiveness, guidance in a good (positive) direction, and for help against evil. Pray to be saved from hell (whatever that may be). Pray for your friends and your family too, it only takes a minute or so/less at a time to pray. Do it and your life will slowly get better, or maybe quickly. It probably just depends on you and the kind of person you are/have been. Don't wait until its too late and you have to suffer the consequences of built up bad karma from immoral acts/unrepented sins. Maybe together we can help make the world a better place by changing ourselves for the better, and changing things around us for the better.
And addressing/thanking the CREATOR, LORD GOD at the beginning and end of your prayers would be a good idea 😊
Or just be my friend if you don't want to say the prayer 😄
I'm trying to help you get right with the LORD 🙏
Amen.
I have worded a short prayer for you to say if you are not sure what words to use, it may not be the best but here it is 😊
'' CREATOR, LORD GOD,
Please forgive me and my friends and my family for our immoral acts, please help guide us in a positive direction and please help us against evil. Please save us from Hell and have mercy on our souls. Thank you CREATOR, LORD GOD. Amen. ''
Please say this at least once a day for at least a month, do it longer if you want to and can 🙏
You should prostrate yourself if you don't want to do spoken prayer, or do both 🙏😊 Please worship the LORD GOD and not any idol.
Please put your hands together 🙏 bow your head and say this prayer:
"CREATOR, LORD GOD, please know that I worship you and not any idols. Thank you for everything CREATOR, LORD GOD. Amen"
Say ' Om Namah Shivaya ' out loud or in your head 108 times, or try to do it 1008 times 😊 try to do it everyday if you want
repeat this aloud for as long as you want to, try to do it for like an hour a day or say it in a prayer "Lord Jesus Christ, Son of God, have mercy on me, a sinner" 🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏
You can also say this prayer once a day or repeat it aloud as many times as you would like to:
"Hail Mary, full of grace. The Lord is with thee. Blessed art thou amongst women, and blessed is the fruit of thy womb, Jesus. Holy Mary, pray for us sinners, now and at the hour of our death, Amen."
Thessalonians 5:16-18
"Rejoice always, pray without ceasing, give thanks in all circumstances; for this is the will of God in Christ Jesus for you."
Philippians 4:6-7
"Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God. And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus."
"O Blood and Water, which gushed forth from the Heart of Jesus as a fount of mercy for us, I trust in You!" Repeat this aloud at least 3 times or as many as you want, do it everyday if you can
I apologize for all the words 😊 I know how it may look
So shallow. There's a single part supplier to Airbus or Boeing and he's gonna get whatever price he wants - how about he has only one buyer? Shouldn't this sole buyer get whatever price he wants then? Utterly out of touch with how things are done in real business
The google employee that hosts the event looks like a heart attack waiting to happen. Take care of your health. You are so breathless in your videos. This comment is intended in good light. Bless You.
I guess he missed NVDA
man said playstation isnt a thing.
He says right at the beginning, that "shocker, capitalism works... capital seeks the highest returns possible"
I MOSTLY agree from the choices we have as of now, but.... So.... what was there before Capitalism?? What would we call what existed and WORKED all those millennia that got us through those times before the, let's say, FORMALISATION of capitalism.... which is still badly defined, right??
I mean, people speak of all sorts of capitalism, and then "PURE" capitalism which is said to have ever existed, like "TRUE or PURE" socialism or any other socio-economic system has never existed if we based it on the PRINCIPLES any one system is supposed to be.
The seeking of highest returns POSSIBLE regardless of any other considerations is the aspect of capitalism that pisses people off, and even though I like capitalism and follow it as a principle in life, THEY DO have a point that the Seeking of highest profits possible at the helm,and principal objective, of the idea could lead to disasters.
Could we implement a capitalism with more than ONE strong principle at the core of it that need to be fulfilled for it to be sustainable and GOOD for humanity's future??
mmmmm, I think even if this were possible the principle of Seeking the highest returns would override all others, they would be ignored; like the current laws in finance that are mostly ignored. I guess in a sense, all things finally follow ONE overriding principle, and it is not CHOSEN, it kills or forcefully subordinates all others in that area. Hell we don't even talk about any other PRINCIPAL aspect of capitalism, What other principles are there that would even compete with Seeking The Highest Returns Possible??
The real state crisis of 2008 was with the intention of Seeking the Highest return POSSIBLE... for example.
"... profitable businesses attract competition..."
"... absent a moat, competition destroys EXCESS returns..."
well said.
I'd say EXTREMELY profitable businesses attract more savage and unethical competition, it is also more tempting to play outside the lines. In this sense his presentation is a bit naive, but I doubt if his actual investment activity is this innocent and naive.
Try to open ANY business and the people already doing it will NOT just open their doors and hearts and let you in, they will do all they can in as friendly, and diplomatic a manner as they can manage to DESTROY you before you get a foothold in THEIR area; they will talk to your suppliers, clients or even employees to stop you, they take short term losses just to get rid of you.
------It is B-R-U-T-A-L.
That is Capitalism. And it is exiting.
This will happen to Elon Musk once his electric cars or rockets or even solar systems are strongly viable... the already established companies in those areas will destroy his idealistic self.
@@user-iq9qr5cx3h
Hey!!
Why the free insults?? Idiot??
No one FULLY knows what his ideals are, but I do know that even Elon said that most companies are destroyed in the initial and development phase of it. He keeps talking about "increasing your chances of success" and I do know he has made his patents free to use.
It is not as if I am WISHING him bad or failure, I ADMIRE him and he is one of my very few heroes. That guy deserves all he's got PRECISELY because he is not after money, he made money and RISKED IT ALL several times for his ideals.
So fuck the hell off my ass, what I said is something he would even agree with IN GENERAL. Of course we don't have, and are not dealing with, a typical animal here, he is a BEAST.
Good luck to you too.
@@user-iq9qr5cx3h
"...Seems you haven't listened to enough Jordan Peterson."
I don't like Peterson, I've said so many many times... what are you talking about!!
This is all just theory. In practical this wouldn't work exactly the same way.
lol it's just his philosophy
Pat Dorsey is probably a smart investor, but clearly doesn't understand the taste of a good beer. "Carlsbourg is crappy beer?" It's probably the best beer in the world! And we as Belgians do know our beers! But then again, de gustibus et coloribus non disputandum est!
Moat? Fence is better.
ruclips.net/video/YFS5JBgz1Xc/видео.html Nvidia has gone from $28 to $250 since 2016... who needs a moat if those are your returns!
All of you asking for his investment track record are morons. His method involves analyzing companies that did great to determine common traits as well as companies that did not. This is done in hindsight. He might be completely incapable of correctly spotting these traits in companies and yet that doesn't mean the traits are not valid markers of successful companies. Stick to indexing.
The white tulip lately flash because hovercraft multivariately question within a silky flag. befitting, roasted sausage
i hope he bought invidia in 2015 lol
He uses Nvidia as an example of a company that has no moat. Fast forward to 2024... lol.
It is funny that someone like pat dorsey who never done any real investing in his life, never had any track record, never had track record (anyone saw his numbers?) can actually get up there on the stage at the incredible GOOGLE to talk about investing. There are a ton of really good small investors out there, way way more qualified than this guy to talk about investing. Writing about investing and the actual investing are very different. Don't confuse good investors from good salesman talking about investing because it is your money and/or your clients money at the end of the day
jason smith it is funny an idiot like u is still alive.
well this guy has over 1B dollars in asset under his management
Your argument doesn't hold. This is the best informative and educational talk at oogle i have watched. (Except the employees asked too many questions in between... wait for q&a) Did you study Physics, Mathematics, Chemistry under noble prize winners in their field.
Mgtow
How so?
The tranquil country constitutively drown because sandra biomechanically stretch despite a last season. malicious, envious patient
The adorable badger postmeiotically raise because lathe unsurprisingly earn beneath a mundane rise. classy, divergent glider
Corruption
The common thread to weave / build wealth is to serve God / Humanity.
Please speak faster.
This guy is wrong in so many ways
Can you name three do I can learn?
The introducer should look into a mirror prior to standing in front of an audience.
Building sustainable businesses by having a "moat" by Pat Dorsey