Dorsey: Dorsey Shifted Investment Criteria From 70% Moat to 70% Management
Pat Dorsey · Moat Investing Nuances – Pat Dorsey (EP.509) · Jul 6, 2026 · at 21:07
Pat Dorsey, founder of Dorsey Asset Management, discusses how his investment philosophy evolved toward prioritizing executive management quality over business moats.
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“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 great business.”
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