Learn how to fish emergers with Pat Dorsey's favorite fly patterns and insightful tips. From casting with non-dominant hands to managing trout populations and untangling lines, this podcast covers it all. Dive into climate change concerns, Euro rod recommendations, and the art of mastering fishing emergers. Explore the complexities of midge sizes, caddisflies, and successful emergent fishing tactics. Discover versatile fly patterns and tips from Colorado fly tyers, while enjoying mutual admiration among industry peers.

Pat Dorsey, founder of Dorsey Asset Management and former Director of Equity Research at Morningstar, dives into the concept of economic moats—those unique competitive advantages that help some companies thrive amidst competition. He shares insights on how management influences these moats and illustrates his points with real-world examples like Krispy Kreme and Microsoft. Dorsey emphasizes the importance of long-term thinking in investing and explores niche markets, operational excellence, and the complexities of value chains in building profitable businesses.

Pat Dorsey, former director of equity research at Morningstar and founder of Dorsey Asset Management, discusses the concept of economic moats and capital allocation. They explore the key differences between the sell side and the buy side, the importance of reinvesting in the product, switching costs as a determining factor for a company's moat, and the value of positional brands for investment. The significance of capital allocation in creating shareholder value, the impact of lumpiness in capital allocation, and the importance of investing in companies with strong economic moats are also emphasized. Additionally, they discuss swapping leadership, sales culture, their investment process, and the importance of mentoring the next generation of investors.