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Pat Dorsey: “The Little Book that Builds Wealth” | Talks at Google

What does it mean for a company to have a moat? What are the key drivers to valuation? Pat Dorsey will use examples to shed light on these, and more questions.

About the Book:
Capitalism works. That’s why most businesses with high returns on capital attract competition that forces down profitability over time. However, a small minority of companies are able to defy the laws of economic gravity by creating competitive advantages, or “economic moats” that insulate them from competition and allow them to maintain high returns on capital. After spending fifteen years analyzing thousands of companies, Pat has identified a handful of structural characteristics that create competitive advantage. He will discuss these characteristics, how management teams can create and destroy competitive advantage, and how he applies competitive analysis in managing institutional capital at Dorsey Asset Management.

About the author:
Pat is the founder of Dorsey Asset Management, which manages concentrated global portfolios for institutional investors. Prior to starting Dorsey Asset, Pat was Director of Research for Sanibel Captiva Trust, an independent trust company with approximately $1 billion in assets under management serving high net worth clients.

From 2000 to 2011, Pat was Director of Equity Research for Morningstar, where he led the growth of Morningstar’s equity research group from 10 to over 100 analysts. Pat developed Morningstar’s economic moat ratings, as well as the methodology behind Morningstar’s framework for analyzing competitive advantage. Pat is also the author of two books — The Five Rules for Successful Stock Investing and The Little Book that Builds Wealth — and has been quoted in publications such as the Wall Street Journal, Fortune, the New York Times, and BusinessWeek.

Pat holds a Master’s degree in Political Science from Northwestern University and a bachelor’s degree in government from Wesleyan University. He is a CFA charterholder.

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26 Comments

  1. 20:07 The number of connections increase exponentially with nodes? Yes, it increases non-linearly. But no, it increases quadratically. n=number of nodes, c=number of connections. c = n*(n-1)/2 = n**2/2 + n/2. That is still a lot. This shows that you don't have to know much math for being able to analyze businesses.

  2. Pat Dorsey talked about finding great companies which is easier than it looks, and he has done this for decades and Tobias Calistle talks is telling you to do dumpster diving and is way harder than you know. Plus I can't understand what he said.

  3. It is funny that someone like pat dorsey who never done any real investing in his life, never had any track record, never had track record (anyone saw his numbers?) can actually get up there on the stage at the incredible GOOGLE to talk about investing. There are a ton of really good small investors out there, way way more qualified than this guy to talk about investing. Writing about investing and the actual investing are very different. Don't confuse good investors from good salesman talking about investing because it is your money and/or your clients money at the end of the day

  4. Very nice analysis of a moat, moreover how to recognize a moat per value investing in a niche business market to ensure business earnings sustainability for optimal future returns on investment capital.

  5. at no point in this presentation does he show his investment track record

    and more important none of the people in the audience asked him about it they just assumed he knew what he was talking about

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  7. you don't need the speaker investment track record.
    this is a problem to 'numbers people' because they believe in statistics too much.
    track record (statistic) won't necessarily be repeated by simply do the same thing.
    if what the speaker said makes 'business sense', then you can adopt it. or not, if you have better idea or better other references.
    if you can't judge whether it's makes sense or not, read or listen more from other references. then think about what's that actually will work.

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