Podcast appearances and mentions of pat dorsey

¿Los aranceles de Trump fueron una locura… o una jugada estratégica?En einversion #bolsadevalores #economiael reconocido economista Daniel Lacalle analiza sin filtros la política comercial de Donald Trump, la guerra arancelaria, y —lo más importante— cómo estas decisiones impactan directamente en los mercados financieros y en tu dinero.

Our destination is Part 2 with legendary Colorado guide, author, and trout teacher Pat Dorsey—owner of the Blue Quill Angler and perhaps the foremost expert on the South Platte. Pat dials it up a notch or two in this episode, sharing his go-to fly patterns, fly design insights, and strategies for fly fishing new water. We dig into questions like: How fast should you fish? Why does Pat love indicators? And what makes a fly truly innovative? You'll also hear stories of drift boat weddings, the origin of the Mercury Midge, and Pat's first-ever guide trip. Stick around for a quick chat with one of Pat's longtime clients—and a surprise about what's next for him.  Let's rig up the indicator rod and jump in with Pat! With host, Steve Haigh Be the first to know about new episodes.  Become a subscriber  Destination Angler on YouTube Contact Pat:  https://bluequillangler.com/ |  patd@bluequillangler.com  |  Instagram @patdorseyflyfishing & Facebook Destination Angler Podcast:   Website YouTube Instagram & Facebook  @DestinationAnglerPodcast  Please check out our Sponsors: Got Fishing  Crafting world-class fly-fishing adventures specially designed to your level of experience and budget.    Facebook @GotFishingAdventures Instagram @GotFishing  TroutRoutes  The number one fishing app, helping trout anglers avoid the crowds and explore new public water. Download it and receive 20% off using Destination20 promo code in the app store today! Facebook @troutinsights Instagram @TroutRoutes    Adamsbuilt Fishing  THE trusted source for quality fly fishing gear, built to last at an affordable price. Waders, Nets, Outerwear.  Facebook & Instagram @Adamsbuilt Comments & Suggestions:  host, Steve Haigh, email shaigh@DestinationAnglerPodcast.com Available on Apple, Spotify, or wherever you get your podcasts. Recorded February 9, 2025

Our Destination is Part 1 of our deep dive into top tailwaters in Colorado with 30-year veteran guide and author, Pat Dorsey, Blue Quill Angler, Evergreen, Colorado.  With 30 years on the water, Pat knows these rivers inside and out—including the South Platte, Blue, Yampa, Williams Fork, Taylor, Frying Pan, and Gunnison Gorge. Pat breaks down the technical side of tailwater fishing, answering big questions like: Why are deep pools so tricky?  What separates a good angler from a great one?  What exactly is a “guide fly”?  He also shares expert tips on winter fishing, sight fishing, and the age-old debate—freestones vs. tailwaters. Stick around ‘til the end for Pat's out-of-the-box strategies to turn tough days into great ones! With host, Steve Haigh Be the first to know about new episodes.  Become a subscriber  Destination Angler on YouTube Contact Pat:  https://bluequillangler.com/ |  patd@bluequillangler.com  |  Instagram @patdorseyflyfishing & Facebook Destination Angler Podcast:   Website YouTube Instagram & Facebook  @DestinationAnglerPodcast  Please check out our Sponsors: Adamsbuilt Fishing  THE trusted source for quality fly fishing gear, built to last at an affordable price. Waders, Nets, Outerwear.  Facebook & Instagram @Adamsbuilt Got Fishing  Crafting world-class fly-fishing adventures specially designed to your level of experience and budget.    Facebook @GotFishingAdventures Instagram @GotFishing  TroutRoutes  The number one fishing app, helping trout anglers avoid the crowds and explore new public water. Download it and receive 20% off using Destination20 promo code in the app store today! Facebook @troutinsights Instagram @TroutRoutes    Comments & Suggestions:  host, Steve Haigh, email shaigh@DestinationAnglerPodcast.com Available on Apple, Spotify, or wherever you get your podcasts. Recorded February 9, 2025

Gestor de Fondos Explica Por Qué el Múltiplo No Importa a Largo Plazo | Xavi Brun

Mark goes through why the conventional wisdom is to reinvest dividends, but despite this, why he has stopped.This week, Mark's Unconventional Wisdom column takes a deep dive into the Yale model. He looks at whether Industry superfunds are following the wrong investment strategy, as there are signs that it may not work as well in the future as it has in the past. For International Women's Day, Shani's Future Focus column looks at how women have been able to find financial security regardless of vigorous societal opposition, looking at examples from different cultures around the world. She leans into new research from Morningstar's Behavioural Research team to provide evidence based insights on how to increase your financial security by focusing on strengthening your foundations. Australians are often told that the only way to achieve wealth is through the property market. This week Sim explores the question many young people are grappling with amid sky rocketing house prices, should you invest in shares or save for a house deposit? A company's moat and the returns on capital it is able to generate for shareholders are not static. Over time they can get better or they can get worse, for reasons in and outside of a company's control. In this week's Bookworm, Joseph looks at two Aussie companies that may be scoring what Pat Dorsey sees as a classic own goal when it comes to capital allocation.To submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Additional resources from our episodes are available via our website.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

Gestor de Hedge Fund explica por qué el 70% de su cartera está en 4 Acciones | Dani Tello

Insurance is a necessary evil of a holistic financial plan. Some investors avoid enroling or reviewing their insurances.as it's a tedious task that provides no immediate benefit. It however, provides peace of mind and protection at some of the most vulnerable times of your life. It's important to optimise your insurance to make sure you are adequately covered, but also that you are minimising the costs. We go through the best ways to protect yourself.You can view the full article here.Mark's Unconventional Wisdom column focuses on AI this week. He explores why he's not intentionally investing in the AI trend, and why it may not live up to the expectations that investors may have. When it comes to buying individual shares, investors should seek to avoid big losers every bit as much as they vaunt potential winners. Joseph explores Pat Dorsey's "ten minute test" for cutting lower quality companies from consideration quickly. Does the familiar ASX name he puts under the microscope get pass marks? Find out in Joseph's Bookworm column. An Investing Compass listener has asked a question about why Shani invests in managed funds. Shani shows how she's based her investing strategy, and therefore her investing products, around what suits her goals and behaviour the best. Find out what Shani likes about managed funds in her Future Focus column.Ongoing cost of living pressures continue to weigh down on young Aussies trying to fulfil the Australian dream. This raises an important question about the financial viability of raising the next generation. Whilst the crippling price of homeownership is no secret, the cost of having a child is perhaps a lesser discussed issue. With birth rates on the decline, Sim explores whether the average millennial can afford to have children in the current economic climate.Interested in our investing course? Find it here.To submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Additional resources from our episodes are available via our website.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

Pat Dorsey visits Google to discuss his book “The Little Book that Builds Wealth”. Over time, most businesses with high returns on capital attract competition that forces down profitability. However, a small minority of companies are able to defy the laws of economic gravity by creating competitive advantages, or “economic moats” that insulate them from competition and allow them to maintain high returns on capital. After spending fifteen years analyzing thousands of companies, Pat has identified a handful of structural characteristics that create competitive advantage. In this Talk, he discusses these characteristics, how management teams can create and destroy competitive advantage, and how he applies competitive analysis in managing institutional capital at his firm Dorsey Asset Management. Pat is the founder of Dorsey Asset Management, which manages concentrated global portfolios for institutional investors. Prior to starting Dorsey Asset, Pat was Director of Research for Sanibel Captiva Trust, an independent trust company with approximately $1 billion in assets under management serving high net worth clients. He has also served as the Director of Equity Research for Morningstar, where he led the growth of Morningstar's equity research group from 10 to over 100 analysts. Pat developed Morningstar's economic moat ratings, as well as the methodology behind Morningstar's framework for analyzing competitive advantage. Originally published in January of 2015. Visit http://youtube.com/TalksAtGoogle/ to watch the video.

Matt Cochrane returns to the podcast! We have been doing a bunch of episodes where we re-read investing classics and talk about them. So far, we've revisited “Beating the Street” by Peter Lynch and “Common Stocks and Uncommon Profits” by Phil Fisher.Today, we're going to talk about “The Little Book That Builds Wealth” by Pat Dorsey.Pat Dorsey was the pioneer behind Morningstar's economic moat concept. Morningstar currently ranks companies based on whether or not they deem them to have a wide moat, a narrow moat, or no moat. Dorsey put together that entire framework. Today, he runs money based on trying to buy moats at reasonable prices.Links* The Little Book That Builds Wealth: https://www.amazon.com/Little-Book-That-Builds-Wealth-ebook/dp/B07MMYC9VT* Long Term Mindset: https://longtermmindset.co/start/DisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor's own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

On this episode of Chit Chat Stocks, we go through the work of Pat Dorsey, who focuses on analyzing moats and competitive advantages. We discuss: (11:02) Exploring Intangible Assets (24:32) The Importance of Switching Costs (33:53) Unpacking Network Effects (46:58) Economies of Scale and Cost Advantages (54:05) Analyzing Pat Dorsey's Portfolio (01:05:12) Key Takeaways from Pat Dorsey ***************************************************** Subscribe to our YouTube channel: https://www.youtube.com/@ChitChatStocks  Follow us on Twitter/X: ⁠https://twitter.com/chitchatstocks  Follow us on Substack: ⁠https://chitchatstocks.substack.com/  ********************************************************************* Sign-up for a bond account at Public.com/chitchatstocks  A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 8/28/2024. A bond's yield is a function of its market price, which can fluctuate; therefore a bond's YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.  Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account.  The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions. Fractional Bonds also carry additional risks including that they are only available on Public and cannot be transferred to other brokerages. Read more about the risks associated with fixed income and fractional bonds. See Bond Account Disclosures to learn more. ********************************************************************* FinChat.io is The Complete Stock Research Platform for fundamental investors. With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use. Use our LINK and get 15% off any premium plan: ⁠finchat.io/chitchat  ********************************************************************* Sign up for YellowBrick Investing to track the best investing pitches across the internet: joinyellowbrick.com/chitchat ********************************************************************* Disclosure: Chit Chat Stocks hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation.

Bienvenidos a Salud Financiera. Un programa en directo diario dónde puedes aprender y preguntar sobre finanzas personales y mercados financieros. En este episodio #159 hablaremos de los consejos para invertir en acciones que nos da Pat Dorsey. También se debate sobre las columnas de opinión que nos hablan de invertir en high yield como alternativa a la renta variable. No te pierdas nada de nuestra comunidad: https://linktr.ee/misaludfinanciera - Curso de ETFs disponible en https://go.hotmart.com/U91482169Y- Curso de Fondos disponible en https://hotmart.com/es/marketplace/productos/de-cero-a-inversor-en-fondos/O93564337ICupón Descuento del 20% con el código "REGALO"Enlaces de Interés- https://fundspeople.com/es/opinion/el-efecto-que-produce-en-la-rentabilidad-de-la-cartera-incluir-deuda-high-yield-es-mas-parecido-al-de-incluir-renta-variable-que-renta-fija/- https://www.morningstar.es/es/news/253424/encontrar-rendimiento-m%c3%a1s-all%c3%a1-de-la-deuda-p%c3%bablica.aspxCronología00:00 Introducción02:55 Consejos para Invertir en Acciones de Pat Dorsey14:25 ¿Es hora de invertir en Renta Fija High Yield?21:40 Análisis del fondo Lonvia World Mid Cap

Bienvenidos a Salud Financiera. Un programa en directo diario dónde puedes aprender y preguntar sobre finanzas personales y mercados financieros. En este episodio #158 analizaremos las principales lecciones de Pat Dorsey en su libro "5 Reglas para invertir en Acciones con Éxito". Comentaremos adicionalmente la noticia de la marcha del gestor Rolando Grandi y la valoración de los fondos Echiquier Space, Artificial Intelligence y World Next Leaders No te pierdas nada de nuestra comunidad: https://linktr.ee/misaludfinanciera - Curso de ETFs disponible en https://go.hotmart.com/U91482169Y- Curso de Fondos disponible en https://hotmart.com/es/marketplace/productos/de-cero-a-inversor-en-fondos/O93564337ICupón Descuento del 20% con el código "REGALO"Enlaces de Interés- https://saludfinanciera.substack.com/p/test-10-minutos-pat-dorsey- https://rankiapro.com/es/noticias/rolando-grandi-deja-la-financiere-de-lechiquier/- https://amzn.to/4g8OVYICronología00:00 Introducción01:30 Reseña del Libro "5 Reglas para invertir en Acciones con Éxito" de Pat Dorsey13:45 Análisis de la salida de Rolando Grandi de los fondos de Echiquier

In hour one Terry is joined by Steve Pennaz, Pat Dorsey, Steve Gibson, and Dan Gates. They discuss current trends with fishing lures and electronics, fly fishing updates, updates at Larimer County regarding the fire restrictions, and mountain lion hunting and Outdoorsman day! 

Bienvenidos a Salud Financiera. Un programa en directo diario dónde puedes aprender y preguntar sobre finanzas personales y mercados financieros. En este episodio #138 lo dedicaremos a responder varias preguntas en un formato consultorio de finanzas personales. No te pierdas nada de nuestra comunidad: https://linktr.ee/misaludfinanciera - Curso de ETFs disponible en https://go.hotmart.com/U91482169Y- Curso de Fondos disponible en https://hotmart.com/es/marketplace/productos/de-cero-a-inversor-en-fondos/O93564337ICronología00:00 Introducción01:35 Lecciones de Pat Dorsey sobre Fosos Defensivos10:35 Análisis de los Mayores Fondos de España Enlace de interés- https://fundspeople.com/es/estos-son-los-gigantes-de-la-gestion-en-espana-fondos-con-un-patrimonio-superior-a-1-000-millones-a-julio-de-2024

Bienvenidos a Salud Financiera. Un programa en directo diario dónde puedes aprender y preguntar sobre finanzas personales y mercados financieros. En este episodio #136 lo dedicaremos a la figura de Pat Dorsey. Analizaremos los fondos que mejor lo han hecho en los últimos 12 meses y el fondo AB International HealtcareNo te pierdas nada de nuestra comunidad: https://linktr.ee/misaludfinanciera - Curso de ETFs disponible en https://go.hotmart.com/U91482169Y- Curso de Fondos disponible en https://hotmart.com/es/marketplace/productos/de-cero-a-inversor-en-fondos/O93564337IEnlaces de Interéshttps://dorseyasset.com/wp-content/uploads/2024/01/competitive-advantage-and-capital-allocation_dorsey-asset-management_january-2024.pdfhttps://www.alliancebernstein.com/es/es/financial-intermediary/funds/equities/ab-international-health-care.LU0058720904.htmlCronología00:00 Introducción01:40 Biografía de Pat Dorsey06:25 Fondos Más Rentables del último año15:00 Análisis del Fondo AB International Healthcare Fund

In this week's episode, Patrick Donley (@JPatrickDonley) sits down with Value Stock Geek to chat about his journey into value investing, how he's developed his unique investing philosophy, and who his biggest influences have been in the value community. They also talk about how VSG worked his way out of debt, how he got into the FIRE movement, what the “weird portfolio” is, and what he would tell a younger investor just getting started. Value Stock Geek is an anonymous blogger who has been blogging & tweeting about his portfolio and value investing concepts since 2016. He operates a Substack where he investigates new companies every week and posts updates on his personal portfolio, where he buys and sells these companies. He has also written up a unique approach to asset allocation, which they discuss in the interview. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 02:05 - How VSG got interested in value investing and what his biggest influences were. 05:46 - How the dot com bubble affected him. 06:37 - How he worked his way out of debt after falling into some typical consumer traps. 09:11 - When and how he got interested in the FIRE movement. 15:16 - What value investors have influenced his current approach to stock selection. 17:52 - How VSG has learned to think about moats. 23:10 - What the “weird portfolio” is. 33:59 - Why he writes weekly research reports. 39:33 - How to use Dataroma to clone great investors. 47:35 - What he's learned from some of the guests on his podcast. 49:58 - What his favorite money and investing movies are. 52:16 - What his favorite stock is right now. 54:22 - What he would tell a younger investor on how to get started investing. *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Recommended Book: The Intelligent Investor by Benjamin Graham. Recommended Book: The Snowball by Alice Schroeder. Recommended Book: Early Retirement Extreme by Jacob Lund Fisker. Recommended Book: Deep Value by Tobias Carlisle. Recommended Book: The Little Book that Beats the Market by Joel Greenblatt. Recommended Book: The Little Book That Builds Wealth by Pat Dorsey. Recommended Book: Money by Tony Robbins. Recommended Book: Principles by Ray Dalio. Recommended Book: The Simple Path to Wealth by JL Collins. Recommended Book: Tapdancing to Work by Carol Loomis. Check out: Dataroma. Enjoy ad-free episodes when you subscribe to our Premium Feed. Check out the books mentioned in the podcast here. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: DeleteMe Monarch Money Fundrise Linkedin Marketing Solutions NerdWallet TurboTax NetSuite Toyota Connect with Patrick: Twitter Connect with VSG: Website  | Twitter Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Chapter 1 What's The Little Book That Builds Wealth Book by Pat DorseyThe Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments is a book by Pat Dorsey that provides a simple and effective framework for investing in high-quality companies with long-term growth potential. Dorsey, a former director of equity research at Morningstar, outlines his process for identifying businesses with durable competitive advantages, strong financials, and capable management teams. The book aims to help investors build a solid portfolio of successful investments that can generate wealth over time.Chapter 2 Is The Little Book That Builds Wealth Book A Good BookThe Little Book That Builds Wealth by Pat Dorsey is generally well-regarded as a good book by those interested in investing and financial planning. Dorsey provides practical advice and strategies for building wealth through sound investment practices. The book is easy to read and understand, making it accessible to beginners and seasoned investors alike. Overall, if you are looking for a concise and informative guide to building wealth through investment, The Little Book That Builds Wealth is a good choice.Chapter 3 The Little Book That Builds Wealth Book by Pat Dorsey SummaryThe Little Book That Builds Wealth by Pat Dorsey is a concise guide to investing in high-quality companies to generate long-term wealth. Dorsey, the former Director of Equity Research at Morningstar, distills his decades of experience in analyzing companies into a simple and easy-to-understand framework for investors.The book revolves around the idea of focusing on companies with a sustainable competitive advantage, or economic moat, that allows them to maintain high profitability and protect their market share over the long term. Dorsey identifies five key sources of economic moats: intangible assets, switching costs, network effects, cost advantages, and efficient scale.By investing in companies with strong economic moats, investors can benefit from the compounding effect of long-term growth and consistent returns. Dorsey provides practical guidance on how to identify and evaluate economic moats, including a checklist of questions to ask when analyzing a company's competitive advantage.Overall, The Little Book That Builds Wealth is a valuable resource for investors looking to build a portfolio of high-quality companies that can deliver sustainable returns over time. Dorsey's straightforward approach to investing and focus on long-term value creation make this book a must-read for anyone interested in successful investing. Chapter 4 The Little Book That Builds Wealth Book AuthorPat Dorsey is a well-known author and investment strategist who released "The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments" in 2008. Dorsey is also the author of another book titled "The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market," which was released in 2004.Among Dorsey's books, "The Five Rules for Successful Stock Investing" is considered the best in terms of editions and popularity. This comprehensive guide provides valuable insights and strategies for successful stock investing, making it a highly recommended read for both novice and experienced investors.Chapter 5 The Little Book That Builds Wealth Book Meaning & ThemeThe Little Book That Builds Wealth Book Meaning"The Little Book That Builds Wealth" by Pat Dorsey is a book that offers simple...

The Investing Power Hour is live-streamed every Thursday on the Chit Chat Stocks YouTube channel. This week we discussed: - Pat Dorsey's 4 moat categories (plus examples) - Lyft's earnings snafu and whether it was purposeful - Sam Altman's wild semiconductor ambitions - Is TopGolf Callaway turning into a shitco? ***************************************************** Subscribe to our YouTube channel: https://www.youtube.com/@ChitChatStocks  Follow us on Twitter/X: ⁠https://twitter.com/chitchatstocks  Follow us on Substack: ⁠https://chitchatstocks.substack.com/  ********************************************************************* ⁠Public.com⁠ just launched options trading, and they're doing something no other brokerage has done before: sharing 50% of their options revenue directly with you. That means instead of paying to place options trades, you get something back on every single trade.  -Earn $0.18 rebate per contract traded  -No commission fees  -No per-contract fees  By sharing 50% of their options revenue, Public has created a more transparent options trading experience. You'll know exactly how much they make from each trade because they literally give you half of it. Activate options trading at ⁠Public.com/chitchatstocks⁠ by March 31 to lock in your lifetime rebate.  Options are not suitable for all investors and carry significant risk.  Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the Characteristics and Risks of Standardized Options to learn more. For each options transaction, Public Investing shares 50% of their order flow revenue as a rebate to help reduce your trading costs. This rebate will be displayed as a negative number in the “Additional Fees” column of your Trade Confirmation Statement and will be immediately reflected in the total dollars paid or received for the transaction. Order flow rebates are only issued for options trades and not for transactions involving other assets, including equities. For more information, refer to the Fee Schedule. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See public.com/#disclosures-main for more information.. ********************************************************************* FinChat.io is The Complete Stock Research Platform for fundamental investors. With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use. Use our LINK and get 25% off any premium plan: ⁠https://finchat.io/chitchat/?lmref=J3bklw  ********************************************************************* Disclosure: Chit Chat Stocks hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation.

El libro “El pequeño libro que genera riqueza” de Pat Dorsey es una guía para aprender a identificar empresas sólidas y atractivas de cara a la inversión.La estrategia que toma como punto de partida es muy sencilla ⬇️[[ Centrarse en comprar empresas FANTÁSTICAS a precios RAZONABLES, tal y como defiende el mismísimo Warren Buffett ]]Para implementar esta estrategia, se deben seguir cuatro pasos esenciales:1️⃣ Elegir2️⃣ Comprar3️⃣ Mantener4️⃣ RepetirEn el vídeo, te los describo brevemente.Para identificar a las mejores compañías, Pat Dorsey utiliza el concepto clave de “MOAT”, que es una metáfora para las llamadas “ventajas competitivas” o “fosos defensivos”. Según Pat Dorsey, las empresas realmente valiosas para invertir son capaces de:⟫ Generar ingresos recurrentes⟫ Tienen un grado suficiente de certeza⟫ Producen un adecuado retorno sobre el capital invertido⟫ Tienen ventajas competitivas que pueden sostener en el tiempo frente a sus competidores.Para descubrir este tipo de compañías, el libro propone identificar 4 grandes tipos de ventajas competitivas.¡Te las detallo en el vídeo para que tú también puedas SACAR PARTIDO DE ELLAS!

In hour 1 of Terry Wickstrom Outdoors, Terry is joined by Troy Coburn, Jessica Ericson, Jasmine Saxon, Alan Martinez and Pat Dorsey. Their discussions include: jigs, streamers, fall brown trout, International Archaeology Day, Zebra mussels and fly fishing.

Rejoignez le club : https://mailchi.mp/dividendeclub/newsletter  Abonnez vous à la Lettre Boule de Neige pour toucher des dividendes : https://mailchi.mp/6dc86b4d1728/liste-attente-lettre-bn  Commencez à investir dès aujourd'hui et recevez 100€ : https://www.degiro.fr/parrainage/commencez-a-investir?id=6469AB39&utm_source=mgm Achetez le livre de Pat Dorsey : https://amzn.to/3LQtvCl  

Pat Dorsey called in to give some fishing updates and Father's Day gift ideas. Pat also talked about his new book. Michelle Seubert joined Terry to talk about International Mud Day Austin Parr jumped on to give fishing updates and tips on fishing high waters.See omnystudio.com/listener for privacy information.

OK, I lied. There aren't 15 tips. There are probably more and if you want to count them up you can e-mail me and correct my mistake. But I get a lot of questions about fishing emergers, and I thought a podcast on how to identify when fish are taking emergers and how to fish them would be welcome. Not only that, world-famous and beloved fishing guide and author Pat Dorsey [36:05] gives us his favorite fly patterns for fishing emergers including a couple secret ones. In the Fly Box this week, we have some thoughtful questions and a few tips from listeners, including: A great tip on casting with your non-dominant hand Will wildfire smoke affect trout populations? If I hear there are native brook trout in a stream, how do I find out where they are?  A nice tip on untangling snarls of fly line. Bigger brook trout started taking my nymphs on the swing instead of dead-drifted. How should I take advantage of this next time? How much of an incline in a small mountain stream can trout survive? A listener was disappointed in my podcast with John Gierach because we did not discuss how anglers can have a positive impact on climate change. Two listeners want to know what type of floating line to put on their Euro rods when they switch to dry flies. Why are some articulated streamers tied with the hook down and why are some tied with the hook up? I have a busy life. Am I missing opportunities by not tying my own flies? Brown trout are invasive in my cutthroat stream. Should I take them home to eat them, or just kill them and throw them up on the bank?  Is it ethical to back and fish a place on my own if a guide showed me the spot? I have heard if you cut the welded loop off a fly line you can't use it any more because it will absorb water. Is this true?

Chris Hohn, Josh Tarasoff, Pat Dorsey, Michael Burry, Terry Smith.

Show Notes: https://wetflyswing.com/397  Presented By: Chota Outdoor Gear, Drifthook, Zoe Angling Group, Trxstle Sponsors: https://wetflyswing.com/sponsors   Skeed Borkowski is here today to take us into the Northern Lights Lodge and the wilderness of Northern British Columbia.  We discover what it takes to catch bull trout on the fly. We talk about the relationship of these big rainbow trout to Skeena steelhead. We also talk about the Stillwater areas which we'll be digging into more as we get going this year. Skeed has the greatest name out there and he is the most interesting man in Northern Canada.  Bull Trout Fly Fishing Show Notes with Skeed Borkowski 05:30 - Their lodge is situated in Quesnel Lake. 12:45 - Northern Lights Lodge was established in 1942. 25:45 - Their salmon runs come all the way from Vancouver to Fraser River to Quesnel River to Quesnel Lake. 29:25 - September to mid-October is the best time to target bull trout. The average you can catch is about 24 inches. 40:00 - They had a large sockeye run at about 800,000 that came into the system in different tributaries. 41:45 - We talk about the gear setup for bull trout. 45:00 - Skeed tells the story of when he had a heart attack. 54:45 - Skeed describes what the lodge looks like and how much its capacity is to accommodate. 1:11:50 - Skeed sent me a photo of Pat Dorsey. Show Notes: https://wetflyswing.com/397 

In this episode we Wadeoutthere with Pat Dorsey from Parker, Colorado.  Pat grew up fly fishing the South Platte River with his father and uncle, and started his professional career in fly fishing tying flies.  Pat has been guiding for over thirty years, is the head guide and co-owner of the Blue Quill Angler fly shop,  and author of several books, including his latest Favorite Flies for Colorado.   Pat is a passionate angler, with the heart of a teacher.  We discuss fly selection, family, and the South Platte River.You can get in touch with Pat or follow him on Instagram at:@patdorseyflyfishingTo schedule a guided trip with Pat visit:The Blue Quill Angler.comCheck out these books from Pat:Favorite Flies for Colorado: 50 Essential Patterns From Local Experts Colorado Guide FliesFly Fishing Guide to the South Platte RiverTying and Fishing Tailwater FliesFly Fishing Tailwaters - Tactics and Patterns for Year Round WatersA Fly Fisher's Guide to the South Platte RiverIf you want more information on some of the topics we discussed try reading these blog posts from Wadeoutthere:READ: WADEOUTTHERE | Small Flies, Light Takes, and Lost Fish. It's Good for You.READ: WADEOUTTHERE | Sight Fishing - Part 1. Pick Your BattlesREAD: WADEOUTTHERE | Sight Fishing - Part 2. ObservationREAD: WADEOUTTHERE | Why We Take Our Children Fly FishingREAD: WADEOUTTHERE | Look Through, and Fish the Flash For more fly fishing stories, lessons learned, and artwork check out my blog and online gallery at Wadeoutthere.com

Hot on the heels of the latest 13F filings from some of the world's best investment fund managers, this episode focuses on 8 small cap stock investments from 5 top investors: Robert Vinall, Josh Tarasoff, Greg Alexander, Pat Dorsey, Chuck Akre. Timestamps: 00:00 Introduction to small cap stock investing 01:08 Investor Robert Vinall - RV Capital 04:34 Trupanion 08:46 Wix.com 11:50 Ryman Healthcare 15:40 Investor Josh Tarasoff - Greenlea Lane Capital 17:20 Monday.com 18:53 Investor Greg Alexander 21:40 Investor Pat Dorsey 23:31 Smartsheet Inc 24:40 Upwork 25:39 Poshmark 28:10 Investor Chuck Akre 29:18 DigitalBridge Referenced videos: Robert Vinall: My Investor Q&A - with questions on management, building RV Capital and my holdings https://youtu.be/uGDmvRWAgy8 Robert Vinall: What is Trupanion doing to win the pet insurance market? A chat with Darryl Rawlings (Founder & CEO) https://youtu.be/q25eUpPxYmY #investing #investors #smallcapstocks  Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://anchor.fm/theartofvalue/message

Hot on the heels of the latest 13F filings from some of the world's best investment fund managers, this episode focuses on 8 small cap stock investments from 5 top investors: Robert Vinall, Josh Tarasoff, Greg Alexander, Pat Dorsey, Chuck Akre. Timestamps: 00:00 Introduction to small cap stock investing 01:08 Investor Robert Vinall - RV Capital 04:34 Trupanion 08:46 Wix.com 11:50 Ryman Healthcare 15:40 Investor Josh Tarasoff - Greenlea Lane Capital 17:20 Monday.com 18:53 Investor Greg Alexander 21:40 Investor Pat Dorsey 23:31 Smartsheet Inc 24:40 Upwork 25:39 Poshmark 28:10 Investor Chuck Akre 29:18 DigitalBridge Referenced videos: Robert Vinall: My Investor Q&A - with questions on management, building RV Capital and my holdings https://youtu.be/uGDmvRWAgy8 Robert Vinall: What is Trupanion doing to win the pet insurance market? A chat with Darryl Rawlings (Founder & CEO) https://youtu.be/q25eUpPxYmY #investing #investors #smallcapstocks  Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. --- Send in a voice message: https://anchor.fm/theartofvalue/message

Albert Camus escribió que «el éxito es fácil de obtener; lo difícil es merecerlo». Hay que pelear, no solo por ganar sino por hacerlo a tu manera. Emérito Quintana empezó invirtiendo un capital familiar y ahora gestiona el fondo Numantia Patrimonio Global. Influenciado por las enseñanzas de Jesús Huerta de Soto, sabe este inversor que su mayor ventaja, por encima de la valoración, es conductual, mantener la cabeza fría en medio de la tormenta. «Me pueden copiar la cartera pero no la convicción en ella».Apuntes:Tan solo los mejores lo logran. Peter Seilern.Las cinco reglas para invertir en acciones con éxito. Pat Dorsey.The intelligent investor. Benjamin Graham & Jason Zweig.La acción humana. Ludwig von Mises.El socialismo. Ludwig von Mises.Lecciones de economía. Jesús Huerta de Soto.10 consejos para tener éxito en la vida. Jesús Huerta de Soto.Dinero, crédito bancario y ciclos económicos. Jesús Huerta de Soto.Mises University 2022. David Gordon & Walter Block & Robert Murphy.Índice:0.28. «Me pueden copiar la cartera pero no la convicción en ella».7.49. La inversión en valor es concepto redundante.12.12. Ventajas competitivas: intangibles, switching costs, economías de escala y efectos de red.26.50. Margen de seguridad: diferencia entre el valor objetivo y la cotización.35.45. Paramés comprando más BMW cuando la acción estaba en caída libre.44.48. «Tener una cartera es como vigilar un rebaño».51.10. Los inversores muertos sacan mayor rentabilidad.54.10. La cartera actual de Numantia Patrimonio Global.1.00.47. La transición del oro al bitcoin. ¿Por qué es mejor?1.22.23. El entorno macroeconómico de unos países sobreendeudados1.27.29. Introducción a la escuela austríaca.1.33.06. La sabiduría de Huerta de Soto: «Qué invierta su puta madre».

Episode 61: JJ discusses the worst large cap performers so far in 2022, how ARKk is still managing to receive large inflows of capital, Softbank's Record Loss, Bitcoin's minor recovery, and investor Pat Dorsey's Q1 2022 portfolio activity. The Art of Value: https://anchor.fm/theartofvalue YouTube: https://www.youtube.com/channel/UCmlgXjiwAUNHyIS30dnIHBg Spotify: https://open.spotify.com/show/6I878RawBT9rwHnVUPPHSh?si=5c768532dda841a2 Twitter: https://twitter.com/theartofvalue Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial help before making any investment decision. --- Send in a voice message: https://anchor.fm/theartofvalue/message

Episode 61: JJ discusses the worst large cap performers so far in 2022, how ARKk is still managing to receive large inflows of capital, Softbank's Record Loss, Bitcoin's minor recovery, and investor Pat Dorsey's Q1 2022 portfolio activity. The Art of Value: https://anchor.fm/theartofvalue YouTube: https://www.youtube.com/channel/UCmlgXjiwAUNHyIS30dnIHBg Spotify: https://open.spotify.com/show/6I878RawBT9rwHnVUPPHSh?si=5c768532dda841a2 Twitter: https://twitter.com/theartofvalue Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial help before making any investment decision. --- Send in a voice message: https://anchor.fm/theartofvalue/message

FIND ALL OF OUR INFO HERE: https://linktr.ee/honeyholeangling Honey Hole Angling is the collaboration of four fly fishermen who somehow afforded podcast equipment and figured out how to release content on the internet. These are their stories, opinions, and perceptions of outdoor pursuits in the modern sporting world. On our podcast, Honey Hole Hangout, we talk about hunting, fly fishing, and misadventures in the outdoors. Listen as we answer submitted questions, review whiskey, interview guests, and cover some of our favorite stories: On Patrol, Florida Man, Creature Watch, Conservation Corner, Neat Things in Nature, and More. Join us this week as we discuss what's going, try another whiskey, play another round of Fly or Band, then transition to a great interview with Pat Dorsey from our weekend at Texas Fly Fishing & Brew Festival: — Buy our hats! — Landon buys all the fly fishing materials — Alberta Premium Cask Strength Rye — Someone bought an RV — We talk good BBQ — Camels should NOT get Botox — Lady catches a 13# ShareLunker — Creature Watch: Cadborosaurus  — Our new favorite game: Fly or Band? Thank you to Pat Dorsey for taking the time to chat with us. Listen to this great interview as we discuss: — Tailwater Fly Fishing — What Makes Tailwater fishing different — How the South Platte makes you a better fisher — Writing Books and Tying Flies — Fishing with Family Check out Pat online and book a trip: https://www.patdorseyflyfishing.com/ If you're in Colorado, stop in at Blue Quill Angler, or visit online: https://bluequillangler.com/ Please leave us a review if you liked our podcast! Join our Discord server and chat with us any time: https://discord.gg/Fube2NYCwd Learn more about your ad choices. Visit megaphone.fm/adchoices

En este nuevo podcast de OB presentamos las 5 reglas para invertir con éxito de Pat Dorsey y su cartera de acciones a cierre Diciembre 2021. Puedes consultar nuestra revista: https://www.oportunidadesenbolsa.com/

On today's episode, Sam runs through the key takeaways from The Little Book That Builds Wealth by Pat Dorsey. The little book that builds wealth provides a sensible framework for identifying companies that can sustain high returns on capital. In the book, Pat shows how an investor can look for a durable competitive advantage in choosing equities. He goes through four sources of structural competitive advantage those being; Intangible Assets, Switching Costs, Network Effects and Cost Advantages that are particularly valuable in selecting long term equities. If you enjoyed this episode and would like to be notified weekly about the latest episode be sure to subscribe to the newsletter: https://buff.ly/2PMUDrN

Al invertir en la bolsa, a veces únicamente nos fijamos en los precios para comprar barato y vende caro, sin embargo, cuando queremos tener una decisión mejor informada sobre dónde colocar nuestro dinero es importante fijarse en otros aspectos que a veces no son obvios: los fosos económicos. En este episodio veremos que son los fosos económicos, para que puedas identificar cuales son empresas en las que vale la pena invertir. Abordamos enseñanzas del libro: El pequeño libro que genera riqueza de Pat Dorsey. Sitio Web: https://englishkuri.com/ Agenda tu clase gratuita: https://calendly.com/englishkuri/clasegratis --- Support this podcast: https://anchor.fm/abraham-kuri-cruz/support

Show Notes: https://wetflyswing.com/253 Sponsor: https://wetflyswing.com/stonefly Phil Monahan, the editor of the Orvis Fly Fishing Blog and the man who keeps the content flowing is here to give us an Orvis Fishing Summary that's not quite what you'd expect.  This podcast includes Phil's background before Orvis, some of the challenges to running a massive daily blog a little on Yellowstone. We find out why Phil's criteria for becoming the editor of the Orvis blog was that he would not be a salesman.  10,623 blog posts have been published on the Orvis Blog.  Let me say that again, ten thousand six hundred and twenty-three blogs posts. Click the play button to listen to the full podcast or scroll to the bottom to read the full transcript from this podcast! Show Notes with Phil Monahan - Perk Perkins (past CEO of Orvis) was on the podcast in episode 225 here.  Tom Rosenbauer was on the show back in episode #63 here. - Fly Rod and Reel and American Angler are both gone from the print magazine arena as magazines continue to be challenged by online influence. - My steelhead article on swinging vs. Nymphing flies that was submitted to Phil in 2015 was published soon there after. - E-log or the Orvis endorsed lodges and guides through their travel section. - Fly Fisherman magazine and examples like Pat Dorsey and others are still great resources. - I noted John Gierach who was on the podcast in episode 47 here.  Gierach is one of the great fly fishing writers of our time.  Phil noted Bill Tapley at American Angler who was one of the best of his time. - Simon Perkins guided at Pro Outfitters in Montana for 8 years. - Phil notes that Patagonia who is the gold standard for companies who focus on conservation. - We noted the 50/50 on the water and the Bristol Bay topics - Brown Folks Fishing is another great group helping to promote fishing! - Trout unlimmitted on the Keep Em Wet Movement You can find Phil at News.Orvis.com Orvis Fly Fishing Blog Conclusion with Phil Monahan Phil Monahan walks us through some behind the seens in running and editing the Orvis Fly Fishing Blog, a daily fly fishing blog with over 10,500 blog posts! What's your connection with Orvis?  Have you ever owned an Orvis product or used their resources?  Leave a comment below or send me a DM or comment on Instagram: https://www.instagram.com/wetflyswing/

Pat Dorsey with Blue Quill Angler joins the show to talk about fly fishing updates. Christian Holloway Park Manager at Cherry Creek State Park joins the show to talk about Trunk or Treat and other happenings at Cherry Creek State Park. Pepper Canterbury Northeast region hunting & angling coordinator with Colorado Parks & Wildlife joins the show to talk about the Hunting with Horses clinic and seminar series. Brad Petersen with Brad Petersen Outdoors joins the show to talk about waterfowl and fishing updates. See omnystudio.com/listener for privacy information.

Pat Dorsey with Blue Quill Angler joins the show to talk about fly fishing updates. See omnystudio.com/listener for privacy information.

Alguna vez has escuchado el término MOAT? Bueno, es una palabra en inglés que se refiere a las ventajas competitivas de una empresa, es un "foso defensivo" tal como los que se creaban en los castillos medievales para que los invasores no entraran al refugio del rey. Pat Dorsey nos invita a descubrir cómo encontrar estas empresas con grandes fosos defensivos, que sin duda, nos entregarán grandes retornos a través de los años. https://www.instagram.com/gardieles/?hl=es-la https://twitter.com/LInversores https://www.patreon.com/gardieles

Now that you have determined your circle of competence and identified numerous companies within this circle, how can you decide which of all of them is worth sinking your savings into? This week we commence a 2 part series into identifying companies that have a durable and intrinsic competitive advantage as advocated by Uncle Charlie. To watch the BBC interview of Charlie Munger once again, click here. To buy a book titled "The little book that builds wealth" by Pat Dorsey which discusses Competitive advantages extensively, click here. Thank you... --- Send in a voice message: https://anchor.fm/value-nigeria/message

Hoy te presento un ETF que ha logrado batir al índice bursátil S&P500. Este fondo invierte en empresas americanas que tienen ventajas competitivas y sigue la filosofía de Warren Buffett y de Pat Dorsey (director de Morningstar). -- Si prefieres disfrutar de los contenidos en formato vídeo puedes hacerlo en mi canal de YouTube, Invertir para Conseguir.

In This episode of the Guided we speak with (Pat Dorsey). Pat is well known trout guide in Colorado, USA. Pat tells about the south plate river and Cheeseman as well, and some tips to ensure listens are fishing tailwaters effectively in theses areas. Pat shares his leader design set up for spooky fish and we learn what's new at the shop. If you have not yet Subscribed do so NOW and please leave a review! Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode Description: In this episode the Guided Podcast, Greg speaks to the famous guide, aurora and fly designer Pat Dorsey. Pat Dorsey is best known for his preaching’s on tailwaters. Greg talks to Pat about tailwater tips and tricks that will sure up your game this season. Pat shares with us his reasons why his leaders are more effective in catching fish and guess what you too can follow Pats leader recipe and create an effective leader as well. Greg and Pat talk about some great conservation efforts that anglers can practice when fishing and some are even towards pats home waters. To learn more about this great episode and our guest please subscribe to the show or download us on your favorite podcast listing platform. Guided Tips Mentioned: In this episode of Guided the guest had mentioned a tip or to help you get started or up your game in this industry. Here are todays episode tips from our Guided Podcast Guest. learn some effective fish handling methods use a light leaders and small bugs to fish spooky fish.   Other mentions in this Podcast: This area contains links to company’s, products, people, organizations and other note worthy mentions that were talked about during this episode interview on the Fly-Fishing Insider Podcast. Theses mentions are from both the guest or host of the show. Please enjoy the referenced links. Scientific Anglers Trout fly lines Scientific Anglers absolute Scientific Anglers Mono   Contact Guest: Website: patdorseyflyfishing.com Social: @patdorseyflyfishing Sponsor Contact: Website: scientificanglers.com Social: @scientificanglers Like the Podcast, Show Us: If you liked this episode of the Guided Podcast or our Guest, then please tell us and leave a podcast review for this episode! Do you have a great idea for guest or an Episode? Please let us know, you can reach the team at. www.flyfishinginsiderpodcast.com we are also very social where you can find a tone of great fly-fishing content, giveaways, tips and more follow us on Instagram @flyfishinginsiderpodcast or find our Facebook page Fly fishing Insider Podcast. Also did you know that every week on Tuesdays were have our show “Fly Fishing Insider Podcast” featuring the industry’s brands, innovators and trailblazers. Thank you for your support!

Alex, also known as “The Science of Hitting Investing” on Gurufocus and TSOH_Investing on Twitter, is an investor at an RIA and a prolific investing writer. I’ve really enjoyed his articles, so I was really excited to talk to him. And the conversation didn’t disappoint. During the interview, we talk about structuring a process to maximize your chance of finding good investment candidates, trying to reconstruct management dashboards as a way to understand investments, and the different parts of the value investing spectrum. Time Stamps0:01:00 – Introduction to Alex (@TSOH_Investing on Twitter https://twitter.com/TSOH_Investing; https://www.gurufocus.com/news.php?author=The+Science+of+Hitting&u=110170 on GuruFocus) 0:05:05 – The 3 Modalities of long-only value investing: (1) buy companies that are better than everyone thinks they are, (2) buy companies that are less bad than everyone thinks they are, and (3) greater fool theory. 0:06:45 – Alex on the path to value investing as a philosophy (passive-active split) 0:10:35 – Howard Marks on “Winning the Loser’s Game” (not making mistakes) 0:11:30 – Pros and cons of quality vs cheapness in investing (spillover research, ulcers, frictional costs, etc.) 0:15:30 – Alex’s thoughts on quality companies / compounders vs cheap names 0:17:00 – “When to Average Down” by John Hempton 0:21:20 – Risks of screening 0:23:00 – David Kilcullen “rich information” and sunk costs 0:25:30 – My experience with finding Tailored Brands through screening 0:27:00 – Thoughts on fixing my screening process (setting myself up for failure) 0:28:31 – How Alex runs his portfolio (low turnover, high quality, relatively concentrated) 0:37:54 – How to conduct a search to maximize the chances of finding a compounder 0:42:15 – Cumulative knowledge: an advantage of studying high-quality businesses 0:46:31 – Thinking about how to allocate research time with Costco as a case study 0:49:50 – Red flags (compensation, management ownership, shareholder letters, etc.) 1:00:00 – Trying to construct a management key performance indicator (KPI) dashboard 1:02:05 – An issue with financial modeling—everything is based on sales, and sales are hard to predict 1:03:45 – Pat Dorsey: don’t model using percentages (Visa example) 1:05:10 – TSOH investment style in a nutshell: “the return to a historic margin rate is in doubt, and I’m stepping in and saying it’s a short-term problem.” 1:07:00 – Disney analysis: CPI vs Magic Kingdom pricing vs airline pricing 1:09:17 – My observation on “the game:” cigar butts have secure sales but insecure cash flows; compounders have secure margins but insecure sales 1:11:00 – Bruce Greenwald said that long term, things become commodities (everything is a toaster in the long term), but some have disagreed ( https://sloanreview.mit.edu/article/the-myth-of-commoditization/ ) 1:24:00 – Thoughts on software 1:28:24 – Thoughts on optimizing industry study time: listen to smart people, observe what you know 1:33:27 – Thoughts on micro-caps and special situations 1:35:20 – Observations on short-form podcasting 1:40:31 – The importance of exploring the investing the world alongside great people 1:41:55 – Closing thoughts Strategy Chain Links Rate and review the podcast at https://podcasts.apple.com/us/podcast/strategy-chain/id1492935567 Find Amazon affiliate links at http://strategychainpodcast.com/support Send me questions at http://strategychainpodcast.com/contact Sign up for the email list at http://strategychainpodcast.com/ Social Media @strategychain (Facebook, Twitter, Instagram, Medium)

Episode 060. Dalam episode ini kita akan bahas keunggulan kompetitif (moat) menurut Pat Dorsey, pengelola Dorsey Asset Management. *** TENTANG Bolasalju Didirikan sejak 2010, Bolasalju.com diawali sebagai catatan dan praktik filosofi investasi jangka panjang yang kami yakini. Dari perjalanan tersebut kami menghadirkan edukasi inklusif melalui artikel dan media sosial, serta pilihan edukasi intensif untuk pemula dan investor serius. EDUKASI GRATIS (INKLUSIF): Situs Bolasalju: https://bolasalju.com/ Tips Investasi Harian: https://bolasalju.com/go/ytti/ Podcast Investor Cerdas: https://bolasalju.com/go/ytic/ Free e-book Cerdas Berinvestasi: https://bolasalju.com/go/ytcb/ EDUKASI INTENSIF: https://bolasalju.com/go/ytmb/ Klub Investor Bolasalju, bagi mereka yang serius belajar investasi nilai (aktif) : 1) webinar dengan tema value investing lengkap 6 sesi 2) pelajari cara menganalisa dari ide yang disediakan 3) inspirasi mengelola investasi jangka panjang dari portofolio virtual 4) webinar diskusi bulanan

Pat Dorsey with Blue Quill Anglers joins the show to talk about fly fishing in the South Platte. Pat says the best part is you never stop learning and you can’t go wrong with nymphs. Pat mentions the importance of observation and technique when executing tasks. Deputy Regional Manager in Denver Kristin Cannon joins the show to talk about leftover license sales options and locations including in-person COVID-19 requirements. Marketing Specialist Debbie Lininger joins the show to talk about Colorado Day and Military Month at state parks. Debbie mentions options with the family pass and restrictions with the veteran military pass for the month of August. Andy Cochran with Gunnison Sports Outfitters joins the show to talk about updates on Blue Mesa. Andy gives Terry a snapshot of his day and says brown trout and rainbow trout have been tremendously healthy this year. See omnystudio.com/listener for privacy information.

Show Notes: Show Notes: https://wetflyswing.com/120 Jeff Morgan sat down with me to cover small stream fly fishing.  Jeff is the author of a few great books including Small Stream Fly Fishing and the Oddballs books.  We talk about how small streams differ from large streams and why naturals are key in small creeks. We hear about his background in entomology and how he applies that to small streams and some of flies that work great including his deer hair daddy.  Find out why fish feed after high flow events and where you can find fish in small creeks. Show Sponsors Fly Fishing and Tying Journal: https://ftjangler.com/ Show Notes with Jeff Morgan Anglers Guide to the North Cascades was Jeff's first book.  Then Small Stream Fly Fishing and the Oddballs Books followed. We talked about the closing of WestFly.com which was Scott Richmond's baby that had been going out west for a long time. South Park skit on the three steps for business. I talked to Martin Joergensen here about what happens to the content once the founders leave us. Here's Gierach's Small Stream book that we discussed here. Dr. Norm Anderson was a mentor for Jeff and a major professor at Oregon State in Entomology. The Far Side of Entomology was a course that received major accolades by many including PlayBoy Magazine.  Here's a little more information on this topic here. Pat Dorsey was on the show here and talked about how they manage the river out of Denver in the correct manner. The Cascade Flying Ant is one of Jeff's goto fly patterns for small streams. Jeff's cranefly is another goto patter for him known as the deer hair daddy.  Who's your daddy ended up in playboy. Jeff notes Northwest Fly Fishing Outfitters as a big mentor in his life. Teddy Roosevelt in the Natural History Museum.  Teddy was a big player in helping people discover nature and hunting. Tom Whiting was on the show here and talked about how he has raised Whiting Farms to the top of the game in fly tying. Jeff mentioned these 3 huge books in the entomology game. Tom Rosenbauer's book on reading the water. Gary Lofontaine's Caddisfly book is the best book to get you thinking about fly fishing. You can reach Jeff here. Resources Noted in the Show The Far Side of Entomology NPR Story:  Videos Noted in the Show South Park Underwear Gnomes: Conclusion with Jeff Morgan Jeff Morgan and I dug into small stream fly fishing and a bunch of other topics including his background as a historian and some of the crazy flies that are in his oddballs book.  He hear about Jeff's mentors in entomology and how he moved forward fly fishing and tying through his books and writing online. Show Notes: Show Notes: https://wetflyswing.com/120

En este episodio tratamos de analizar las particularidades y dinámicas de diversos sectores con José Manuel Pesudo ("El bazar de la bolsa") y José Luis Moreno (@joselmp95), aderezado con comentarios sobre compañías concretas, situaciones presentes y pasadas. Índice: Reflexiones Presentació invitados: 3' 04. Sector Salud: 6' 22. Sector Retails: 29'14. Sector Software: 56' Sector Hardware: 1h 17' 07s. Sector Telecomunicaciones: 1h 32' 17s. Sector Bienes de consumo: 1h 45'. Sector Energía: 1h. 58' Sorpresa: 2h 26' 22s. WEB: http://www.pildorasdelconocimiento.com/ Guión completo: http://bit.ly/375h8eW Diapositivas: http://bit.ly/374j6wi Espero que lo disfrutéis. Detrás hay bastante trabajo de síntesis de información. En cualquier caso, no somos profetas, ni adivinos del futuro, ni tenemos un trackrecord de 15 años batiendo al mercado. Intenta construir tu propia opinión. *Para la elaboración del podcast, cada interlocutor ha empleado las referencias bibliográficas que ha considerado oportunas. En el caso de Fernando, para este episodio en concreto, se ha valido de su propia experiencia, así como de gran parte del conocimiento de los libros que se pueden consultar en (pildorasdelconocimiento.com/rankinglibros). Especialmente relevantes han sido los libros de Pat Dorsey. Si quieres seguir aprendiendo -y de paso apoyarnos para que este podcast siga creciendo- lo puedes hacer aquí: * El pequeño curso de la inversión paciente y racional: https://pildorasdelconocimiento.com/cursos/inversion * Curso completo de inversión en inmuebles: https://pildorasdelconocimiento.com/cursos/inmuebles * Sesgados: https://pildorasdelconocimiento.com/cursos/sesgados *Detectando fraudes contables: https://pildorasdelconocimiento.com/cursos/fraudes * Aprendiendo LaTeX desde cero: https://pildorasdelconocimiento.com/cursos/latex * Aprendiendo Robótica con ROS: https://bit.ly/2TGfETi Si te ha gustado no dudes en darle a "Me gusta" y un comentario.

En este episodio tratamos de analizar las particularidades y dinámicas de diversos sectores con José Manuel Pesudo ("El bazar de la bolsa") y José Luis Moreno (@joselmp95), aderezado con comentarios sobre compañías concretas, situaciones presentes y pasadas. Índice: Reflexiones Presentació invitados: 3' 04. Sector Salud: 6' 22. Sector Retails: 29'14. Sector Software: 56' Sector Hardware: 1h 17' 07s. Sector Telecomunicaciones: 1h 32' 17s. Sector Bienes de consumo: 1h 45'. Sector Energía: 1h. 58' Sorpresa: 2h 26' 22s. WEB: http://www.pildorasdelconocimiento.com/ Guión completo: http://bit.ly/375h8eW Diapositivas: http://bit.ly/374j6wi Si quieres aprender más y a la vez apoyarnos, lo puedes hacer a través de los siguientes cursos online: * El pequeño curso de la inversió paciente y racional: http://bit.ly/32Mr23h * Sesgados: http://bit.ly/2JnPArr * Detectando fraudes contables: http://bit.ly/2NdjS1d Espero que lo disfrutéis. Detrás hay bastante trabajo de síntesis de información. En cualquier caso, no somos profetas, ni adivinos del futuro, ni tenemos un trackrecord de 15 años batiendo al mercado. Intenta construir tu propia opinión. *Para la elaboración del podcast, cada interlocutor ha empleado las referencias bibliográficas que ha considerado oportunas. En el caso de Fernando, para este episodio en concreto, se ha valido de su propia experiencia, así como de gran parte del conocimiento de los libros que se pueden consultar en (pildorasdelconocimiento.com/rankinglibros). Especialmente relevantes han sido los libros de Pat Dorsey. Un fuerte abrazo. ÚNETE: www.pildorasdelconocimiento.com/newsletter

Show Notes: https://wetflyswing.com/rick Rick Takahashi is on the podcast to cover fly tying and fishing terrestrials.  Rick tells why he loves terrestrials and which terrestrials you should focus on as your A list. Rick describes his biggest influences and the books he loves including Caddisflies by Gary LaFontaine.  Tons of great resources and tips in this one by one of our great teachers in fly tying.  Hear about the best materials to find from the Dollar Store along with some other items and dollar store nuggets. Hosted OP Steelhead Trip with Dave: https://wetflyswing.com/OP Show Notes with Rick Takahashi Ross Purnell was the editor of Fly Fisherman Magazine. Rick put together some illustrations for Ross and the shop to get started. Jay Nichols with Headwaters Books came to Rick to write a book.  So he wrote his first book on midges. Modern Terrestrials and Modern Midges were the first two books for Rick. Rick has taught a number of demonstration fly tyers over the years. We discussed IFTD and Whiting Farms. Ask About Fly Fishing had Rick on their show to cover terrestrials as well. Gary Lafontaine was a huge influence on Rick with his underwater work in identifying the insects. CaddisFlies from Gary LaFontaine is one of the most influential books in fly fishing. The Letort Hopper with Rick's spin on it. River Roads Creations makes a great synthetic wing material that works great for some of Rick's favorite pattern. Bears Baetis is a pattern that uses wig material from the Dollar Store. Modern Midges was Rick's first book and how writing has always been the struggle. We noted Pat Dorsey who was on the podcast here and covered Colorado fishing. The Manzanar anglers who snuck out from the Japanese internment camps during the war and went trout fishing. The Taka-Hopper is one of Rick's goto flies. Charlie Craven's book along with Pat Dorsey and Landon Mayer's books are all goto resources for books in fly tying. The vice designed by Kevin Evans Barbara Ann by the Beach Boys The finest fly tying benches are what Rick uses and is another person who Rick influenced. Resources Noted in the Show Modern Terrestrials - Rick Takahashi Caddisflies by Gary LaFontaine Conclusion with Rick Takahashi I had a great conversation with Rick Takahashi on fly tying with a focus on terrestrials.  Not only do we cover all of this but Rick even breaks out a joke for us.  Haha, the lots are of telling jokes.  If you have a good joke to tell leave it in the comments. We also hear about Rick's band and his guitar playing, lead singing and the blues harp.  As usual we are all over the place on this one but we do get into some nice fly thing tips. Show Notes: https://wetflyswing.com/rick

My guest this week is Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few companies to deliver huge returns over time. Several years ago he left Morningstar to form his own asset management firm, Dorsey asset management, and build a portfolio of companies with wide moats like those he studied at Morningstar. And while moats are critical, equally important is how companies allocate the capital generated--or made possible--by the existence of the moat.   A special thank you to Brian Bares who introduced me to Pat, and to Will Thorndike--an earlier guest on the show. In the vast majority of conversations you hear on this show, I'm meeting the guest for the first time. I mention this to encourage you to connect me with anyone whose story or way of looking at the world might resonate. Always feel free to contact me with ideas.   Pat and I begin our discussion with the key differences between the sell side and the buy side, and then discuss all aspects of moats and capital allocation.    For comprehensive show notes on this episode go to http://investorfieldguide.com/dorsey For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 2:23 – (First question) – Transition from the sell side to the buy side and the biggest surprise  3:40 – What is a moat  5:16 – What part of the stock market universe has a moat  6:57 – Pat’s framework for identifying moat, starting with intangibles  8:32 – The power of brands  9:44 – what chance does an upstart have to come in and usurp a well-established brand    12:24 – Switching costs as part of the framework for identifying a moat  14:55 – The third component of identifying a moat, network effects, and what businesses should do to effectively build one  17:29 – Last component, cost advantages/economies of scale  19:29 – How do you analyze these four components into an investing framework that can be built into an actual strategy  21:13 – How does Pat think about this from a mis-pricing standpoint  23:37  – How does Pat incorporate current price of a company in consideration for future returns when pricing a moat  25:39 – How should a company with a moat operate to protect that characteristic, especially when it comes to their capital allocation  26:51 – Which characteristic of a moat does Pat find most intriguing  30:35 – What makes for good and smart capital allocation  35:58 – What is Pat’s process for identifying the best investment opportunities  38:38 – What are good economics when looking at a company  41:03 – If Pat could take any business, but have to swap leadership, what would he choose.  44:13 – Back to his process of finding investment opportunities  46:05 – Kindest thing anyone has ever done for Pat   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag Read more at https://investlikethebest.libsyn.com/pat-dorsey-buying-companies-with-economic-moats-invest-like-the-best-ep51#oBGdOp1br4EMtORd.99

Matt Endsley with Tightline Outdoors joins the show to talk about options for successful angling right now, including the slow death rig. Also, why June is excellent for fishing. Pat Dorsey with Blue Quill Anglers joins the show with some fly fishing updates, as well as water levels and river conditions. Also, Pat explains why you can't go wrong with the South Platte. Cory Kraft with Colorado Clays joins the show to talk about their rifle and pistol range, upcoming events and last-minute Father's Day gifts. Kirk Bien with Kirk's Fly Shop joins the show to talk about some fly fishing updates from around the area. See omnystudio.com/listener for privacy information.

Show Notes: https://wetflyswing.com/79 In this Fly Fishing Founders Chat I talk to Ross White from Deli Fresh Design who tells the story of how DLD came to be.  We get a perspective of how Ross is producing USA made products as a one man show. We talk about the Fly Fishing Rendevouz, Mirage Reels and Rising Nets.  Find out how Ross makes a name for himself when there are other companies out there producing similar slings and gear. Show Sponsors https://wetflyswing.com/members Show Notes with Ross White Orvis in the Park Meadows Mall.  Ross worked here for a little while before starting DLD. The Orvis Fly Fishing 101 and 201 courses.  Ross recommends this for all especially since they are free. The Winston Bamboo Fly Rod Shop. The Orvis Manchester Rod Shop.  Ross describes the size and what walking into the shop feels like. Tom Rosenbauer was on in episode 63 to talk about the history of Orvis and what they do best. The Spinoza Rod Company does bamboo Rods.  Ross notes the South Platte and Cheeseman Canyon.  Pat Dorsey describes how to catch fish in Cheeseman Canyon in episode 56 of the podcast. Rising Nets are made in the USA. The Fly Fishing Rendezvous is a popular show in Colorado that Ross attends. You can find Ross at DeliFreshDesign.com. Quotes in the Show  “Part of leadership (a big part of it, actually) is the ability to stick with the dream for a long time. Long enough that the critics realize that you’re going to get there one way or another… so they follow.”  -Seth Godin "I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."   -Michael Jordan Conclusion with Ross WhiteRoss provides a cool perspective by a company who is trying to do things for conservation and for fly fishing that will make a difference.  Find out how Ross builds and distributes his slings and products in the USA.  Ross is also a sponsor for the podcast! Show Notes: https://wetflyswing.com/79

Pat Dorsey has been guiding fly fishers for more than 25 years and calls the South Platte River in Colorado his home waters. The South Platte River can be one of the most challenging world-class trout fisheries in America. Pat knows this water better than most any other guide. Listen to this podcast to hear his strategies and tactics for successfully fly fishing this outstanding water.

Pat Dorsey has been guiding fly fishers for more than 25 years and calls the South Platte River in Colorado his home waters. The South Platte River can be one of the most challenging world-class trout fisheries in America. Pat knows this water better than most any other guide. Listen to this podcast to hear his strategies and tactics for successfully fly fishing this outstanding water.

I sat down and picked Pat Dorsey's brain on fishing tiny flies on tailwaters.  Pat breaks down how he gets his clients into fish on one of the most challenging rivers in the country. He shares his best tips to help you find and catch fish even when dealing with finicky fish.  We get into the best indicator setup to use as well as the hopper dropper and the dropper hopper.   Show Sponsors The Portland Fly Shop: https://theportlandflyshop.com/ The Grey Drake: https://www.thegreydrake.com/ You can support the podcast at our Patreon Page: https://wetflyswing.com/patreon   Show Notes with Pat Dorsey The Red Ant fly pattern is a goto. Jack Dennis was one of Pat's biggest mentors. We talk about the Black Beauty fly pattern. JP's nymphing mud is what Pat uses when he needs to fine tune his sinking rate. The thingamabobber is an indicator that he uses but the yarn indicator is more of his goto. The Grifiths Gnat is one of Pat's goto patterns. Hopper Dropper, and the Dropper Hopper **** at the clip The Reach Mend is a cast that you need to know. The Top Secret Midge is one of his top flies. The amplitude infiniti smooth from Scientific Anglers. Fly Fishing Guide to the South Platte River. The Fishpond waste pack is Pat's single most important piece of gear. You can reach out to Pat at PatDorseyFlyFishing.com or on Instagram.   Conclusion with Pat Dorsey Pat shared a bunch of really great tips to help you next time you are on a tailwater fishery. Click the link below to get the show notes links: https://wetflyswing.com/56  

http://wetflyswing.com/51 I sat down with Peter Stitcher from Ascent Fly Fishing to chat about analyzing the bug community to catch more fish.  Peter breaks out the PAUSE method which will be a game changer to help you get started. He shares the hatcher organization method, how to organize your box and when he fishes mouse patterns.  Peter talks about how he takes street kids off the street and welcomes them into their home.   Show Sponsors AscentFlyFishing.com  (coupon code:  WETFLYSWING) Ty-Rite.com Patreon Group:  https://wetflyswing.com/patreon Show Notes with Peter Stitcher Rick Hafele was my entomological mentor getting started. The Bugs and Brews meetups is where Peter shares his knowledge. he PAUSE method The Sci Fi Seine is less than $7 and is Peter's goto for bug sampling. River Oracle is where the science meets the river. The River Oracle magnifier and chart is another helpful tool for identifying the aquatic insects. The Creating Order in Your Fly Box video can be seen here.   In this video, Peter takes a customer box and tears in apart.  Then puts it back together. The Martian Mysis Shrimp is the glow in the dark bad boy that gets it done on tail waters in the dark. The Martian Mouse is the goto big streamer Peter uses to displace water to get savage strikes. Landon Mayer talked about streamers in episode 48 of the podcast here.  Landon is one the experts when it comes to streamer fishing. I interviewed Curtis Fry in this episode where he noted that they have people that test there patterns around the country. #FeartheBeard was a little fun movement they tested back in the day Duane Redford, Landon and Pat Dorsey have all supported what Peter is doing at Ascent. Kelly Gaulop is noted as a great resource on youtube. The Fly Fishing Redeviouz is in its 7th year with an emphasis on education. Texas Beer and Wine Festival and the Denver Fly Fishing show are two events Peter will be attending this year. The Drake podcast will be finishing up and closing down soon.   You can reach Peter at AscentFlyFishing.com or on Instagram here. Conclusion with Peter Stitcher I took home some great tips in this one for finding bugs and selecting the correct fly to use.  Peter breaks down every step of the process in finding bugs from starting at the car into digging into your creek. He also goes into some fishing tips using glo in the dark flies.  Lots of crazy and great stuff in this one. Click the link below to grab the links to the show notes: http://wetflyswing.com/51

St. Louis on the Air host Don Marsh explores some of the region's spooky locales and tales with Pat Dorsey, author of the book "Haunted Webster Groves."

Pablo Martínez Bernal nos explica el origen del value investing, su evolución durante el siglo XX y las estrategias de sus principales figuras. También repasa las principales enseñanzas de grandes inversores value como Benjamin Graham, Warren Buffett y Charlie Munger, Philip Fisher, Peter Lynch y Pat Dorsey. Para concluir, analiza los desafíos presentes y futuros a los que se enfrenta esta filosofía de inversión. Si te ha gustado el programa, déjanos un comentario y danos una valoración alta en la plataforma donde lo hayas escuchado. No olvides darte de alta en www.valueschool.es para obtener información sobre nuestras actividades y acceder a todo nuestro material gratuito. Recuerda que también puedes seguirnos en Facebook, Twitter, Instagram y en nuestro canal de YouTube. Muchas gracias por tu atención. (Música: "Corporate Innovative" by Scott Holmes). http://www.scottholmesmusic.com

Durante la presentación de estos dos extraordinarios libros, Pablo Martínez Bernal y Otto Kdolsky prestan especial atención a la clasificación de ventajas competitivas propuesta por Pat Dorsey y a la tipología de compañías empleada por Peter Lynch. A la exposición le sucede la ronda de preguntas en las que se crea un interesante debate. Si te ha gustado el programa, déjanos un comentario y danos una valoración alta en la plataforma donde lo hayas escuchado. No olvides darte de alta en www.valueschool.es para obtener información sobre nuestras actividades y acceder a todo nuestro material gratuito. Recuerda que también puedes seguirnos en Facebook, Twitter, Instagram y en nuestro canal de YouTube. Muchas gracias por tu atención. (Música: "Corporate Innovative" by Scott Holmes. http://www.scottholmesmusic.com

My guest this week, back for a second conversation, is Pat Dorsey. Pat ran equity research at Morningstar before leaving to start his own asset management company: Dorsey Asset Management. His areas of deep interest are competitive advantage and capital allocation. He believes that capital allocation should be in service of competitive advantage and invests in a concentrated portfolio that he and his team feel embody these ideas.  If you have not already, I strongly recommend listening to our first conversation, which is a sort of crash course on moats. In this conversation, we cover different ground. We spend much more time on individual stocks like Facebook, Google, and Chegg, using them as examples to explore Pat’s investment philosophy and strategy.  Across a few conversations with Pat, I can tell he is in love with this stuff, and I always enjoy talking to investors like him who so passionately pursue and edge. Please enjoy round two with Pat Dorsey.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Links Referenced Pat Dorsey's first appearance on the podcast HQ - Live Trivia Game Show   Books Referenced World After Capital Principles: Life and Work   Show Notes 2:15 – (First Question) – Pat’s methods for valuing a business  4:17 – Is this process done after they would first identify potential targets for investment  5:11 – Pat’s take on how the market classifies stocks as growth vs value  6:40 – Qualitative insights and why the market can’t price them very accurately  9:57 – The business model behind zero marginal cost distribution business model  12:00 – Network effects and the potential downside to them down the road  13:54 – Valuing Facebook as a business heavily reliant on network effects 16:45 – What would have to change for Pat’s position on Facebook to radically change  18:58 – Most important lessons that a smaller/private business could learn from Facebook or Google’s business models  19:48 – Where is Amazon in Pat’s portfolio  20:27 – Primary research and the value that is derived from it  22:06 – An example of where primary research led to a big surprise about a company  24:05 – The value of travel in this business, starting with recent travel to India  26:05 – Why are they targeting India and Japan  27:24 – How does he think about the risk of investing in foreign markets  29:52 – His thinking on relative vs absolute market share  31:26 – Exploring the SaaS business model  34:35 – The application of moats and pricing power with SaaS businesses             34:36 – Pat Dorsey's first appearance on the podcast  36:17 – Understanding how to evaluate a SaaS or subscription-based business (Lifetime Value of the Customer vs Acquisition Cost)  40:07 – Other models that Pat explores and how to screen for them  41:37 – How does he parse the difference between attention and demand  43:19 – How would Pat monetize something like HQ - Live Trivia Game Show that has aggregated massive amount of attention  45:19 – How does Pat react to the idea that attention is scarce and human capital is so crucial             45:14 – World After Capital  47:04 – How does Pat evaluate human capital in a business  48:09 – Experience in starting an asset management business  50:20 – What are the levers that are biggest value drivers in the asset management business  53:57 – Pat’s view on the strength of the relationship between risk and return         57:06 – The most risk Pat has taken in the face of uncertainty  59:23 – Favorite recent learning resource             59:43 – Principles: Life and Work Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

My guest this week is Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few companies to deliver huge returns over time. Several years ago he left Morningstar to form his own asset management firm, Dorsey asset management, and build a portfolio of companies with wide moats like those he studied at Morningstar. And while moats are critical, equally important is how companies allocate the capital generated--or made possible--by the existence of the moat.   A special thank you to Brian Bares who introduced me to Pat, and to Will Thorndike--an earlier guest on the show. In the vast majority of conversations you hear on this show, I'm meeting the guest for the first time. I mention this to encourage you to connect me with anyone whose story or way of looking at the world might resonate. Always feel free to contact me with ideas.   Pat and I begin our discussion with the key differences between the sell side and the buy side, and then discuss all aspects of moats and capital allocation.    For comprehensive show notes on this episode go to http://investorfieldguide.com/dorsey For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 2:23 – (First question) – Transition from the sell side to the buy side and the biggest surprise  3:40 – What is a moat  5:16 – What part of the stock market universe has a moat  6:57 – Pat’s framework for identifying moat, starting with intangibles  8:32 – The power of brands  9:44 – what chance does an upstart have to come in and usurp a well-established brand    12:24 – Switching costs as part of the framework for identifying a moat  14:55 – The third component of identifying a moat, network effects, and what businesses should do to effectively build one  17:29 – Last component, cost advantages/economies of scale  19:29 – How do you analyze these four components into an investing framework that can be built into an actual strategy  21:13 – How does Pat think about this from a mis-pricing standpoint  23:37  – How does Pat incorporate current price of a company in consideration for future returns when pricing a moat  25:39 – How should a company with a moat operate to protect that characteristic, especially when it comes to their capital allocation  26:51 – Which characteristic of a moat does Pat find most intriguing  30:35 – What makes for good and smart capital allocation  35:58 – What is Pat’s process for identifying the best investment opportunities  38:38 – What are good economics when looking at a company  41:03 – If Pat could take any business, but have to swap leadership, what would he choose.  44:13 – Back to his process of finding investment opportunities  46:05 – Kindest thing anyone has ever done for Pat   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

In this week’s podcast, I have the pleasure of picking Pat Dorsey’s brain on winter and early spring midge fishing in tailwaters. Pat is one of our foremost experts on small fly fishing, and is known far and wide as a guide, writer, fly tier, and presenter. Plus he’s just a cool guy. In the Fly Box this week, we have a surprise guest talking about an infamous bumper sticker, the difference between tippet material and regular fishing line, estimating how big trout get in small streams, a couple of dubbing techniques, how to find seam leaks in waders, avoiding tangles in two-fly rigs (don’t expect any brilliant ideas), and using stripping baskets with Spey rods.

Guest Name: Joe Shafer - Joe Shafer - Joe Shafer Fly Fishing Guest Intro: Today, my guest is Joe Shafer. We've been friends for 25 years and he's actually my oldest friend that I've interviewed for this show. He is someone I respect a lot. Joe is in the law enforcement but that's not why he is on the show but because he owns a company called Joe Shafer Fly Fishing. He's my client and partner and we've worked together on his website and his strategy. I'm excited to have him on because he's going to bring a different element to the show. The fly fishing business is really cool and very detailed where you have to know your stuff, and it's a service-based business to the core. The better service you provide, the more clients like you, the better tips they lay down, the more they come back and see you. Topics We Discuss: How Joe got into the fly fishing business The benefits of fly fishing Building the brand: Promoting his fly fishing guide Using the website as a teaching tool for people The importance of translating your knowledge into something people can use and digest Processes/systems he used: Developing a good game plan The power of feedback Joe's biggest struggle of breaking down website content that is easily digestible Learning new processes regularly to make him better and to put out the best product possible Having the right mindset, overcoming fears, and building confidence Monitoring success for business: Utilizing social media as a tracking mechanism and looking for growth areas Knowing you're competent but you're scared: What do you do? Books, People, & Resources: Find out more about Joe Shafer on www.joeshaferflyfishing.com Connect with Joe on Twitter, Facebook, and LinkedIn. Colorado Guide Flies by Pat Dorsey  

Alec Hogg says being at PSG Group's 20th anniversary last night was a great privilege. In those two decades, the now R60bn group started from scratch in November 1995 by then recently fired stockbroker Jannie Mouton, has delivered compounded growth of 54% a year to shareholders. An investment of R100 000 back then would be worth R550m today. No other company in the world, even Apple, TenCent and Naspers, matches that growth rate. So impressive, that two of the big names in global value investing, former Morningstar research head Pat Dorsey and author William Thorndike made the trek to Stellenbosch to see how the one-time shop assistant from Carnarvon did it. Mouton's pride shone through in the 45 minutes he gave me immediately ahead of the formalities to tell his and PSG's story. What followed was a night of celebration and some rare showing off by a group that has never strayed from its hard working, humble roots. And, one hopes, never will. Because the next act only gets harder. More than R10bn of PSG's current market valuation is due to the expectations - for the first time ever its shares trade at a premium to the underlying "sum of the parts" value. That puts huge responsibility onto the next generation, what old-times call PSG's "Youth League". Mouton's sons Piet and Jan and colleagues like recently recruited Francois Gouws have huge boots to fill. With two thirds of the company's underlying value ascribed to its 30.7% stake in Capitec and 58.5% of Curro, the next generation start from a solid base. But they will need to find their own unicorns while guarding against the arrogance and complacency that has destroyed many businesses. Mouton, who turns 70 next year, retired once, very briefly. PSG's chairman has no intention of repeating that mistake. Ensuring his Youth League need only pop downstairs to his office for one of the best sounding boards imaginable.

Alec Hogg says being at PSG Group's 20th anniversary last night was a great privilege. In those two decades, the now R60bn group started from scratch in November 1995 by then recently fired stockbroker Jannie Mouton, has delivered compounded growth of 54% a year to shareholders. An investment of R100 000 back then would be worth R550m today. No other company in the world, even Apple, TenCent and Naspers, matches that growth rate. So impressive, that two of the big names in global value investing, former Morningstar research head Pat Dorsey and author William Thorndike made the trek to Stellenbosch to see how the one-time shop assistant from Carnarvon did it. Mouton's pride shone through in the 45 minutes he gave me immediately ahead of the formalities to tell his and PSG's story. What followed was a night of celebration and some rare showing off by a group that has never strayed from its hard working, humble roots. And, one hopes, never will. Because the next act only gets harder. More than R10bn of PSG's current market valuation is due to the expectations - for the first time ever its shares trade at a premium to the underlying "sum of the parts" value. That puts huge responsibility onto the next generation, what old-times call PSG's "Youth League". Mouton's sons Piet and Jan and colleagues like recently recruited Francois Gouws have huge boots to fill. With two thirds of the company's underlying value ascribed to its 30.7% stake in Capitec and 58.5% of Curro, the next generation start from a solid base. But they will need to find their own unicorns while guarding against the arrogance and complacency that has destroyed many businesses. Mouton, who turns 70 next year, retired once, very briefly. PSG's chairman has no intention of repeating that mistake. Ensuring his Youth League need only pop downstairs to his office for one of the best sounding boards imaginable.

Pat Dorsey has guided on the South Platte for more than eleven years. He spends at least 200 days per year on the stream so he knows the water intimately. Join us on this podcast to learn everything you need to know about fly fishing one of the most challenging trout streams in the United States.