关于
Pat Dorsey is an American investment analyst, author, and fund manager who is widely recognized as one of the foremost experts on economic moats and competitive advantages in investing. Here's who he is:
Pat Dorsey served as Morningstar's Director of Equity Research from 2000 to 2011, where he built and led one of the most respected equity research teams in the industry. During his tenure, he developed Morningstar's economic moat methodology, which became the foundation for how the firm evaluated competitive advantages in companies. His systematic approach to identifying sustainable competitive advantages revolutionized how many investors think about long-term value creation.
Dorsey is known for his rigorous framework for analyzing economic moats - the sustainable competitive advantages that allow companies to maintain above-average returns for extended periods. He identified five primary sources of economic moats: switching costs, network effects, cost advantages, intangible assets, and efficient scale. His work made the concept of competitive advantages more accessible and actionable for individual investors.
After leaving Morningstar, Dorsey founded Dorsey Asset Management in 2012, where he applies his moat-focused investment philosophy as Chief Investment Officer. He continues to be a sought-after speaker and commentator on competitive strategy and long-term investing. His analytical approach emphasizes understanding business fundamentals over short-term market movements, making him a respected voice in value-oriented investing circles.
Pat Dorsey's Best Quotes
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"The goal is not to buy stocks when they're cheap, but to buy great businesses when they're reasonably priced."
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"An economic moat is a structural feature that allows a company to sustain above-average returns over a long period of time."
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"Time is the friend of the wonderful business and the enemy of the mediocre one."
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"The most dangerous words in investing are 'this time it's different' - but the second most dangerous are 'it will never change.'"
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"A wide moat without good management is like a castle without a king - impressive, but ultimately vulnerable."
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"Don't confuse a company that's doing well with a company that's built to do well."
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"The best businesses are those where success breeds more success - where getting bigger makes you stronger, not weaker."
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"Competitive advantages are only as good as the people who maintain them."
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"In investing, being approximately right is much better than being precisely wrong."
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"The market can be wrong about a stock for a very long time, but it's rarely wrong about the underlying competitive dynamics of a business forever."
作品
The Five Rules for Successful Stock Investing
Dorsey's flagship book presents his systematic approach to stock analysis, built around Morningstar's methodology. He explains how to identify companies with sustainable competitive advantages (economic moats), evaluate management quality, and determine appropriate valuation levels. The book provides practical frameworks for analyzing financial statements, understanding different business models, and building a long-term investment strategy focused on competitive advantages.
The Little Book That Builds Wealth
Part of Wiley's "Little Book" series, this concise guide distills Dorsey's economic moat framework into an accessible format for individual investors. It focuses specifically on identifying and valuing companies with sustainable competitive advantages, providing clear criteria for recognizing wide-moat businesses and explaining why these companies tend to compound wealth over time.
Morningstar Guide to Investing: 5 Key Lessons from the Pros
Co-authored with other Morningstar analysts, this comprehensive guide covers fundamental analysis, portfolio construction, and long-term investing principles. Dorsey contributed sections on competitive analysis and business evaluation, sharing insights from Morningstar's research methodology and explaining how to apply professional investment techniques as an individual investor.
The Analysis of Economic Moats (Various Morningstar Research Paper's)
During his time at Morningstar, Dorsey published numerous influential research papers that established the theoretical foundation for economic moat analysis. These papers defined the five sources of competitive advantage, provided sector-specific applications of moat theory, and demonstrated how to integrate competitive analysis with traditional valuation methods.
Dorsey Asset Management Investment Letters
Since founding his investment firm, Dorsey has written detailed quarterly letters to investors that showcase his moat-focused investment philosophy in action. These letters provide real-world examples of how competitive advantage analysis drives investment decisions and offer insights into applying moat theory across different market environments and business cycles.