Please stay tuned for important disclosure information at the conclusion of this episode.

Why we increased Apple's fair value estimate and awarded it a wide-moat rating?

How much is it safe for you to withdraw from your portfolio in 2023?

And what's a better investment right now? An actual house?

Or a reed?

This is Investing Insights.

Welcome to Investing Insights.

I'm your host, Ruth Saldana.

Let's get started with a look at your Morning Star headlines.

Apple's iOS ecosystem gives Morningstar greater confidence in the Tech Giant's competitive

advantages, and we've upgraded our economic mode rating for Apple from narrow to wide,

indicating that we expect these competitive advantages to last for at least 20 years.

A company with an economic mode can earn high returns on capital for many years to come.

Our confidence in Apple stems primarily from switching costs related to auxiliary products and services

that make switching away from iOS more difficult over time.

Morningstar also thinks that Apple benefits from network effects like iOS user and developer

base and intangible assets related to hardware, software, and semiconductor design.

We are raising our estimate of what we think Apple stock is worth from $130 to $150 as we expect the company to earn excess returns

on invested capital over a longer time horizon. That said, we do expect the upcoming quarters

to be challenging for Apple, both from a demand and supply perspective. We recommend that investors

wait for the stock price to come down

before they buy. Procter & Gamble's second quarter results suggest to us that the company is

...