I spend the past week finding whatever free time I had to read the book, which is recommended by musicwhiz. It is amazing how easy it is to navigate the book. The author should really be given credits for able to explain complex concepts in a clear and simple language. First of all, I always have difficulty understanding the concept of DCF, and also is skeptical of the discount rate and growth rate assumption. After reading the book, I found the whole framework clear and meaningful. The first chapter of the book talk about economic moats, which is really enlightening after the porter’s 5 forces framework. They talk about dept and width of economic moat by looking at cashflow numbers, ROA, ROE, ROIC, and also identifying the source of Moats. Product differentiation, Brand, Cost competitiveness, Locking customers through high switching costs, high barriers to success and thus locking out competitors. ......