Elisa Di Marco, Portfolio Manager of the Magellan Core Global and Core ESG strategies, joins Owen Rask on The Australian Investors Podcast to make the cash for Stryker (NYSE: SYK), Visa (NYSE: V), Mastercard Inc (NYSE: MA) and Microsoft Corp (NASDAQ: MSFT).
Talking points with Elisa Di Marco
Ice breakers
What was the most recent company you invested in?
What was the first?
What investing tool, news service or website do you spend the most time using each day and how do you use it? (Bloomberg, AFR, FT.com, CapIQ, whatever!)
Questions
We are going to discuss the concept of ‘moat’ but before we do can you touch on why is it important to consider a companies moat when investing?
Can you explain the concept of a ‘moat’ in its most simple terms?
How do you actually measure a moat? (i.e. which metrics do you use, how are they reflected in the accounting statements – ROIC, margins, etc.).
I often think that a wide moat is really only a wide moat when a company can increase prices and retain its customers. Until then it hasn’t suffered a ‘moat attack’. How do you think about this?
Company profiles
- Stryker (NYSE:SYK)
- Visa (NYSE: V)
- Mastercard Inc (NYSE: MA)
- Microsoft Corp (NASDAQ: MSFT)
How will you know when a company’s moat is faltering? Which metrics or KPIs will you use to benchmark the company?
So much work goes into understanding the Moat and Quality of a company, how do you use that information when constructing a portfolio?
What’s the #1 thing you have learned about investing in the past 12 months?
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