Welcome to Patrick O’Shaughnessy's podcast series, Invest Like the Best.

My guest this week is Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few companies to deliver huge returns over time. Several years ago he left Morningstar to form his own asset management firm, Dorsey asset management, and build a portfolio of companies with wide moats like those he studied at Morningstar. And while moats are critical, equally important is how companies allocate the capital generated–or made possible–by the existence of the moat.

A special thank you to Brian Bares who introduced me to Pat, and to Will Thorndike–an earlier guest on the show. In the vast majority of conversations you hear on this show, I’m meeting the guest for the first time. I mention this to encourage you to connect me with anyone whose story or way of looking at the world might resonate. Always feel free to contact me with ideas.

Pat and I begin our discussion with the key differences between the sell side and the buy side, and then discuss all aspects of moats and capital allocation.

Learn More:
For more episodes, go to: InvestorFieldGuide.com/podcast.