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Episode
The Long View: Pat Dorsey - Economic Moats and More
Views
3K
0.3× the show’s average
Episode3K
Show avg9K
Published
6mo ago
Apr 1, 2026
Length
43m
show avg 47m
From the show
Chapters
Morningstar’s former head of equity research on what investors get wrong with moats, what to look for in company management, why quantitative screens are less useful than they were, and the process he uses to filter out signal versus noise. Episode Highlights This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income
- 0:00Defining Economic Moats and Moat Source Mistakes
- 5:34Shifting Landscape for Returns on Invested Capital as a Metric
- 7:52Inevitable vs. Noninevitable Moats
- 9:36Moat Durability, Network Effects, and Lessons From PayPal
- 13:46Management Quality, Founders, and Pricing Discipline
- 24:02High-Quality Companies, “Too Hard” Bucket, and AI Uncertainty
- 29:29Premortem, Behavioral Edge, and Opportunity Cost
Mentioned
Names dropped
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