I've replaced December's Steiner Leisure with Dolby Laboratories for many reasons, including the fact that they enjoy a strategic advantage known as Vendor Lock-In, a situation in which a customer is so dependent on a vendor for products and services that they cannot move to another vendor without substantial switching costs.

I'd be surprised if the name Dolby is new to you. For those of you old enough to remember, the majority of cassette players manufactured in the 70's and 80's had a small Type A or B Noise Reduction button that employed simple Dolby-branded technology to reduce the hiss from tapes.

Today advanced Dolby technologies are deeply embedded in virtually every commercial audio device from the humble iPod to your local multi-screen surround-sound cinema. Ray Dolby, the company founder, and his assembled corporate team are highly innovative as well as master marketers.

You may notice that the company has been floated for just under 2 years, so it's early days in their stock market story. I am absolutely convinced that Dolby is positioned for serious share-price growth over the following 5 years as tens of millions of consumers upgrade their home TV and audio entertainment systems as part of the HD migration. Dobly will be even further embedded in your homes in the near future.

Emmet owns shares in Dolby Labs.