Pat Dorsey
16 statements across 1 episodes · 3 bullish · 4 bearish · 1 people on the record · first statement Jul 6, 2026 by Pat Dorsey · said 2 times in 2 episodes since 2021 · across every show →
On the record as a speaker too: Pat Dorsey's record, appearances and statements → this page counts the times other people say the name.
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brought up most by Mike Tian (1), Jim Falbe (1)
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Everything said about Pat Dorsey, oldest first
Jul 6, 2026 positive
Dorsey: Endowments Back Early Managers Because Smaller Fund Sizes Generate Better Returns
“The endowment and foundation community as one that not only doesn't fear concentration, but also is generally more willing to take a bet on people early in their careers because they realize often when you're smaller, that's when the best returns show up.”
Jul 6, 2026 negative
Dorsey: Sum-of-the-Parts Valuations Are Absurd Without Explicit Catalysts to Break Up
“And investing is probably some of the parts valuations. They're absurd. If it's a company that's clearly articulated, hey, we're going to break up or we're going to sell off this division or whatever, But if it's a company that has given no evidence that these…”
Jul 6, 2026 negative
Dorsey: Buffett's Maxim About Idiot-Proof Businesses Has Done More Harm Than Good
“That phrase from Buffett has probably done more harm than good over time to a lot of investors in not interrogating the quality of management or underweighting signals that maybe capital allocation is poor, that management's incentives aren't aligned because t…”
Jul 6, 2026
Dorsey: Concentrated Portfolios Cannot Tolerate Left-Tail Risks of Unpredictable Managers
“Especially in a concentrated portfolio, we have to think about that left tail risk differently than if we ran 50 stocks. If you run 50 stocks, okay, fine. I'll take a three percent bet on somebody who might be the most amazing manager of all time, but there's …”
Jul 6, 2026 neutral
Dorsey: Most Fund Stock Sales Stem From Investment Errors, Not Profit-Taking
“Most of our sales have come because we got it wrong. The thesis was wrong. Management did something we didn't expect, or we thought they were better capital allocators than they turned out to be. The bulk of our sales have been driven by errors that we needed …”
Jul 6, 2026 neutral
Jul 6, 2026
Dorsey: Low Portfolio Turnover Is Excessively Romanticized in the Investment Industry
“Low turnover sometimes gets put on a pedestal. The platonic ideal of the investor is you buy a few stocks that are wonderful and compound, and then you sit around reading annual reports for 10 years and watch the money roll in. The reality is, of course, very …”
Jul 6, 2026 neutral
Dorsey: Dorsey Shifted Investment Criteria From 70% Moat to 70% Management
“When Dorsey Asset launched in 2014, I was probably 60, 70 moat and 30 management. So you want to weight things, and I'm probably the reverse today. That's largely because I've seen just how poorly people can behave and how much damage they can do to even a gre…”
Jul 6, 2026 positive
Dorsey: Offline Q&A on Investment Memos Makes Live Research Meetings More Robust
“We tend to do a lot of offline Q&A on memos because I find that it makes the meeting more robust and more discursive and more of a back and forth because you're not asking, oh, I didn't see what segment margins are for that thing. What was that write off in 20…”
Jul 6, 2026
Dorsey: Investors Overvalue Current Portfolio Holdings Due to Behavioral Endowment Bias
“There's a lot of empirically demonstrated behavioral finance evidence that we overvalue what we own. The famous coffee mug study. It's easy to do with your portfolio as well. We're familiar with this company. We've owned it for a while. You don't put it in a l…”
Jul 6, 2026
Jul 6, 2026 negative
Dorsey: Executives Speaking as if They Own the Company Signals Severe Misalignment
“If managers talk about the company as if it's them, as if they own the company, instead of owning a half a percent of it via options, which is usually the case, that's usually a bad sign, because that means they're more aligned with themselves than with extern…”
Jul 6, 2026
Dorsey: Portfolio Managers Must Have Personal Comfort With Every Holding
“Sometimes it's the personal comfort level, because at the end of the day, when the numbers are flashing red and the news is bad, I've got to make a decision. That's my job. If I don't have a good feeling about the business, if there's something nagging at me a…”
Jul 6, 2026 positive
Jul 6, 2026 negative