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The Long View: Pat Dorsey - Economic Moats and More | VoiceRank

Morningstar, Inc. · April 1, 2026

The Long View: Pat Dorsey - Economic Moats and More

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Morningstar, Inc.·April 1, 2026

Views: 3K0.2× the show's usual

Length: 43mshow usual ~47m

Participants: 3

Topics: 4

Featured · Guests

Who appeared

Pat Dorsey

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Amy Arnott

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Ben Johnson

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Summary

Description

Morningstar’s former head of equity research on what investors get wrong with moats, what to look for in company management, why quantitative screens are less useful than they were, and the process he uses to filter out signal versus noise. Episode Highlights 00:00:00 Defining Economic Moats and Moat Source Mistakes 00:05:34 Shifting Landscape for Returns on Invested Capital as a Metric 00:07:52 Inevitable vs. Noninevitable Moats 00:09:36 Moat Durability, Network Effects, and Lessons From PayPal 00:13:46 Management Quality, Founders, and Pricing Discipline 00:24:02 High-Quality Companies, “Too Hard” Bucket, and AI Uncertainty 00:29:29 Premortem, Behavioral Edge, and Opportunity Cost This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income

Covered · Topics

What was discussed

Investing Economic Moats Asset Management Equity Research

Mentioned

Names dropped in conversation

Warren Buffett

“Probably because we were some of the first ones to take that Warren Buffett phrase of economic moat”

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