... (sales fell 15% in fiscal 2002). More recently, industry sales in more mature markets, such as Japan and the United States, have been muted with the current wave of telecom carrier consolidation crimping growth prospects. Finally, new competitors in low-cost manufacturing regions, such as China, could spur increased discounting to maintain sales." 3. Morningstar defines the term "economic moat" as a reference to how likely companies are to keep competitors at bay for an extended period. I think the term is simply a means to figure out for the long-term if a company is strong and solid enough to stay one step ahead of its industry competitors and is worth investing in. 4. Cisco's market to book value ratio is 6.3. 5. I either located or could calculate all of the 13 basic ratios covered in Chapter 3 of our textbook. 6. Current Ratio = 2.36 - Quick Ratio = 0.58 7. Cisco's gross profit ...

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