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Explore Pat Dorsey: The Nuances of Investing in Moats (Capital Allocators, EP.509) with 18,249 views, 387 likes, and 17 comments. Experience the impact of this video content that has captured audience attention.

Pat Dorsey is the Founder of Dorsey Asset Management, a $1.7 billion global public equity manager focused on companies with competitive advantages and long investment runways. Pat created Morningstar’s moat research framework and led its equity research efforts for a dozen years before launching his firm in 2014. Our conversation covers the nuances of investing in businesses with wide moats — quantitative analysis, switching costs, network effects, brands, management, alignment, capital allocation, and reinvestment runways. We then turn to Pat’s application of moat analysis to his own investing: concentration, global scope, position sizing, decision-making, and the lessons he’s learned running a 12-stock portfolio for over a decade. Chapters 00:00 Cold open 00:16 Pat’s early path — from comparative politics to Morningstar 02:00 Landing at Morningstar as equity coverage begins 03:41 The question Michael Porter never answered 04:18 Building the first quantitative moat rubric 06:50 Why ROIC alone no longer signals a moat 08:23 The case for a qualitative lens 09:38 Costco, Medline, and scale economies shared 10:05 Switching costs cut both ways 13:41 How Pat thinks about brand moats 16:56 Buffett’s “any idiot” line — and why it misleads 18:20 Assessing management: humility over brilliance 20:56 Reading alignment — “I” versus “we” 23:50 Founder-led businesses: no free pass 27:52 Capital allocation is a rare, unlearned skill 33:09 The most common misconceptions about moats 40:53 Why reinvestment runway matters more than the moat itself 42:02 Narrowing 1,700 companies down to 12 44:18 The US advantage: SEC oversight and manager quality 46:49 What it takes for a non-US business to qualify 48:46 Inside Dorsey’s research process 50:56 How Pat approaches valuation 55:22 Position sizing and the 15% ceiling 57:01 Confidence versus stubbornness 59:19 What keeps a name out of the portfolio 1:01:10 What actually drives a sell decision 1:02:32 The single biggest lesson from 12 years 1:05:16 The “weird isn’t wonderful” mistake 1:08:21 Transparency and earning client trust 1:13:37 Closing round: pizza, best advice, and pet peeves Any leader should see for themselves the benefits of elite coaching. Try ALEX: tryalex.admiredleadership.com. Subscribe: https://www.youtube.com/@capitalallocatorspodcast Visit: https://capitalallocators.com Follow Ted: https://twitter.com/tseides Capital Allocators is the podcast for institutional investors. Host Ted Seides conducts in-depth conversations with the world's most sophisticated allocators and managers. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠) #PatDorsey #MoatInvesting #CapitalAllocators #ValueInvesting #InstitutionalInvesting

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