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.

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.