Fails videos

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

Published on Jan 16, 2015 148,427 views

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.

Comments
  • Austin Paolino
    Austin Paolino 1 year ago Stephen Colbert? Is that you?
  • Picopros
    Picopros 4 years ago Building sustainable businesses by having a "moat" by Pat Dorsey
  • Haipeng Li
    Haipeng Li 10 months ago It is interesting that people wanna see his track record to believe his words. It helps if he shows, but the advice he provided in the video is of no less value if he doesn't. Use your own judgement.
  • Mike Anderson
    Mike Anderson 1 year ago 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
  • Ravi Ramenani
    Ravi Ramenani 4 years ago Awesome stuff...Thanks Google
  • Ken Cornia
    Ken Cornia 1 year ago 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.