Heather Brilliant

In this final excerpt from their new book, Morningstar's Heather Brilliant and Elizabeth Collins examine how companies can build competitive advantages around network effect and scale efficiency.

In this second excerpt from their new book, Morningstar's Heather Brilliant and Elizabeth Collins detail how companies leverage cost advantage and switching costs to their benefit.

In an excerpt from their new book, Morningstar's Heather Brilliant and Elizabeth Collins explore how to identify a moat and how intangible assets can help a firm carve out a sustainable competitive advantage.

Morningstar's 2013 CEO of the Year discusses his successful turnaround strategies and playbook for running a high-velocity railroad.

The market is still reasonably close to fair value, but we see some potentially deep shifts under the surface.

In an overall fairly valued market, it's time to be selective.

Morningstar CEO of the Year Pete Miller of National Oilwell Varco sees sustainable drilling prospects worldwide and expects the firm to use its expertise honed in the U.S. to take advantage of a global boom.

The environment is right for stock-picking to make a comeback.

Stocks look fairly valued, while the bond market continues to froth.

We expect opportunities will arise where strong companies with little exposure to Europe will get thrown out with the bathwater.

Our new rating system gets right to the heart of the matter: evaluating whether management teams are good stewards of shareholder capital.

Following a global rally in the first quarter, opportunities are a lot more scarce than they were just three months ago.

Even if the economy is not off to the races, we think the stock market can do well in 2012.

As the risk of increasing inflation looms, the risk/reward opportunity in stocks does not signal a screaming buy to us at this point.

Management from these undervalued wide- and narrow-moat stocks will be presenting at our fifth annual event.

We've found a few more picks with home-run potential.

We see some compelling values in pharmaceuticals and medical devices.