AI导哈

设计与多媒体

qualitative-valuation

joellewis/finance_skills

Assess business quality, competitive positioning, and sustainability of value creation beyond financial models. Use when the user asks about economic moats, competitive advantages, Porter's Five Forces, management quality, ESG integration, or business model analysis. Also trigger when users mention 'does this company have a moat', 'switching costs', 'network effects', 'brand value', 'management track record', 'capital allocation', 'insider ownership', 'red flags', or ask whether a company's advantage is durable.

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安装命令

npx skills add https://github.com/joellewis/finance_skills --skill qualitative-valuation

SKILL.md

Qualitative Valuation

Core Concepts

Economic Moats (Morningstar Framework)

An economic moat is a structural advantage that protects a company's profits from competition. Five sources:

  1. Network Effects: the product becomes more valuable as more people use it (payment networks, marketplaces)
  2. Switching Costs: customers face significant cost, effort, or risk in moving to a competitor (enterprise software, banking relationships)
  3. Intangible Assets: brands, patents, licenses, or regulatory approvals competitors cannot replicate; brands must confer pricing power to qualify
  4. Cost Advantages: structural cost advantages from process technology, scale, location, or unique resources
  5. Efficient Scale: a market that supports only a few players, where new entry would drive returns below the cost of capital (utilities, pipelines, railroads)

Moat Width

  • Wide moat (20+ years): multiple reinforcing moat sources, each backed by hard evidence
  • Narrow moat (10+ years): at least one evidenced moat source with moderate durability
  • No moat: commodity business with no structural advantage; competes on price

A moat claim is only as strong as its evidence. Do not award moat sources based on narrative — use the rubric below.

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