Investment Insights
August 10 2023

Spotlight on MOATS: Economic Not Medieval

10 min read

Steven Bleiberg, Managing Director, Portfolio Manager, TD Epoch; David Siino, CFA, CAIA, Managing Director, Portfolio Manager, Senior Research Analyst, TD Epoch

 

An exploration of economic moats and their connection to the persistence of return on invested capital (ROIC). They also look at how Porter's five forces help explain the persistence of ROIC and warning signs for the breaching of economic moats.