Dorsey: The SEC Is the Toughest Securities Regulator on the Planet
Pat Dorsey · Moat Investing Nuances – Pat Dorsey (EP.509) · Jul 6, 2026 · at 44:20
Pat Dorsey (founder of Dorsey Asset Management) compares the regulatory transparency and investor protections of U.S.-listed companies against international equities.
0:00 / 0:08exact quote · 8.1s
720p mp4 · rendered on demand · StarZero watermark
“One is called the SEC, which is the nastiest securities regulator on the planet, which is great for us as investors.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Pat Dorsey
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…”
Dorsey: Founder-Run Businesses Perform No Better Than Non-Founder-Owned Companies
“I don't think they're any better than non-founder owned businesses.”
Dorsey: 99.9% of American CEOs Are Overpaid Relative to Value Created
“99.9% of American CEOs are overpaid relative to the value they create.”
Dorsey: Adobe's Aggressive Pricing Makes Customers Eager to Switch to AI
“You're seeing this right now with Adobe. There's an AI problem here. Had they not been so aggressive in pricing over time, would the customers be as willing to switch to new AI tools? It's an interesting counterfactual to think about.”
Dorsey: Dorsey Passed on CoStar Due to CEO Stock Sales and Misalignment
“The CEO in that case was successful, but for a founder, he largely had sold stock along the way, so he didn't retain a large ownership stake in the company. If all that spend and competing with Zillow didn't work out, shareholders were probably going to suffer…”
Dorsey: Fortune 500 CEOs Rise via Corporate Politics, Not Capital Allocation
“How does someone get to be the CEO of a Fortune 500 company or a Euro stocks 50 company? By demonstrating skill as a capital allocator all through their career? That's a giant pile of hooey. They do it by being a good self promoter, a good corporate politician…”