# Moat Investing Nuances – Pat Dorsey (EP.509)

An episode of [Capital Allocators – Inside the Institutional Investment Industry](https://invisiblenetwork.ai/podcast/1223764016), 6 Jul 2026, 1 h 07 min.

Audio: https://traffic.libsyn.com/secure/tedseides/CA_-_EP.509_Pat_Dorsey_-_AUDIO_V3.mp3?dest-id=482814

Pat Dorsey is the Founder of Dorsey Asset Management, a $1.7 billion global public equity manager focused on companies with competitive advantages and long investment runways. Pat created Morningstar's moat research framework and led its equity research efforts for a dozen years before launching his firm in 2014. Our conversation covers the nuances of investing in businesses with wide moats across quantitative analysis, switching costs, network effects, brands, management, alignment, capital allocation, and reinvestment runways. We then turn to Pat's application of moat analysis to his investing, including concentration, global scope, position sizing, decision making, and lessons learned. Any leader should see for themselves the benefits of elite coaching. Try ALEX: tryalex.admiredleadership.com. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

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