Dorsey: Low Portfolio Turnover Is Excessively Romanticized in the Investment Industry
Pat Dorsey · Moat Investing Nuances – Pat Dorsey (EP.509) · Jul 6, 2026 · at 51:49
Pat Dorsey, founder of Dorsey Asset Management, challenges the idealized buy-and-hold narrative versus the practical discipline of managing portfolio mistakes.
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“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 different. It's hard to admit to clients, well, we were wrong about this, or we found a better opportunity over here, because you might look indecisive, your turnover numbers might go up.”
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