Dorsey: Why Your 'Widest Moat' Strategy Stunts Growth
Pat Dorsey challenges startup founders on common moat wisdom. Learn why network effects degrade and why the 'widest moat' can kill your growth potential.
Pat Dorsey: The Nuances of Investing in Moats (Capital Allocators, EP.509)
With Pat Dorsey, Ted Seides · Sunday, July 12, 2026
Pat Dorsey, founder of Dorsey Asset Management, discusses the evolution of his investment philosophy from his time at Morningstar to building his own concentrated global equity firm. He delves into the nuances of identifying durable competitive advantages, the critical importance of management quality and capital allocation, and the practicalities of portfolio construction and client communication.
Dorsey's Funnel: How To Spot Hidden Business Moats
Pat Dorsey reveals his rigorous funnel for finding businesses with durable moats and clear 'reinvestment runways.' Founders, use this to vet your next big idea.
Dorsey: Buffett's 'Any Idiot' Rule Leads to Bad Managers
Pat Dorsey flipped his investing thesis: management quality now outweighs moats. Learn why Buffett's 'idiot' rule is a trap and use Dorsey's checklist to spot bad leaders.
Pat Dorsey: Why Moats Aren't Just About ROIC Anymore
Pat Dorsey reveals how Morningstar built its moat framework, why ROIC is less useful today for software, and the qualitative analysis founders need for durable advantage.