Invest Like the Best with Patrick O'Shaughnessy cover image

Invest Like the Best with Patrick O'Shaughnessy

[REPLAY] Pat Dorsey - Buying Companies With Economic Moats - [Invest Like the Best, EP.51]

Aug 27, 2019
In this engaging discussion, Pat Dorsey, a former director of equity research at Morningstar and founder of Dorsey Asset Management, delves into the concept of economic moats—competitive advantages that ensure long-term investment success. He explains the crucial difference between sell-side and buy-side approaches, and explores how intangible assets drive value. The conversation also highlights the importance of capital allocation and the impact of network effects on business profitability. Dorsey shares insights on mentorship and the nurturing of future investors.
51:39

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Identifying businesses with structural advantages and strong economics is the first step in the investment process.
  • Successful companies prioritize thoughtful capital allocation to maximize returns and strengthen their moat.

Deep dives

Identifying businesses with structural advantages

The first step in the investment process is to identify businesses with structural advantages and strong economics. This can include industries like payment networks, vertical market software, exchanges, and luxury brands. These businesses tend to have high returns on capital, potential for growth, and the ability to reinvest capital.

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