Please stay tuned for important disclosure information at the conclusion of this episode.

Hi and welcome to the Longview. I'm Ben Johnson, head of client solutions with Morningstar.

And I'm Amy Arnott, portfolio strategist for Morningstar.

Today's guest on The Longview is Pat Dorsey.

Pat is the founder of Dorsey Asset Management, a boutique asset manager

serving institutional clients. From 2000 to 2011, Pat was the director of equity research for

Morningstar, where he led the growth of Morningstar's equity research group from 20 to 90 analysts. Pat was

instrumental in the development of Morningstar's economic moat ratings,

as well as the methodology behind Morningstar's framework for analyzing competitive advantage.

Pat is also the author of two books, the five rules for successful stock investing,

and the little book that builds wealth. Pat holds a master's degree

in political science from Northwestern University and a bachelor's degree in government from Wesleyan

University. Pat is a CFA charter holder. Well, Pat, welcome to the Longview. Thank you so much for

joining us today. Yeah, you bet. Happy to be here. So Pat, welcome to the Longview. Thank you so much for joining us today.

Yeah, you bet.

Happy to be here.

So, Pat, I want to start with, I guess, maybe a question of identity.

Specifically, you've developed a reputation as sort of the quote unquote moat guy.

So if we can start by firstly defining what is a moat in your mind, your interpretation,

and how did you wind up becoming the moat guy? I mean, look, a moat is just a structural

competitive advantage, something that's an attribute of a business that makes it difficult to compete with them and generally lends them

some pricing power. Could be scale, could be switching costs, could be a brand, a few different things.

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