Pat Dorsey
Founder, Dorsey Asset Management (~$1.7B concentrated global equity) · Creator of Morningstar's economic-moat research framework
“You're seeing this right now. With Adobe, there's an AI problem here. Had they not been so aggressive in pricing over time, would the customers be as willing to switch to new AI tools? ... What they do is they enlarge the profit pool that then says, oh gee, this might be more attractive for somebody to come in and try and take part of those profits.”
“Our largest position right now is ASML, a monopoly and a key part of the semiconductor value chain. ... They've been good capital allocators and disciplined over time.”
Pat Dorsey
One-line summary: Moat-investing practitioner; tracked here for named-company moat-erosion calls (Adobe/AI) and portfolio disclosures (ASML largest position, Meta since 2015).
What they're known for
Created Morningstar's economic-moat research framework and led its equity research for a dozen years before founding Dorsey Asset Management (2014), a ~$1.7B concentrated (10–15 stock) global long-only equity manager focused on wide-moat businesses with reinvestment runways (2026-07-06-podcast-capital-allocators-moat-investing-nuances-pat-dorsey-ep-509).
Why they matter to stock-market
A moat-durability specialist who names positions: largest holding is asml ("a monopoly and a key part of the semiconductor value chain"), longest-held is Meta (since 2015), and he flags Adobe as a live moat-erosion case — aggressive pricing enlarged the profit pool, inviting AI-tool entrants and making customers willing to switch (2026-07-06-podcast-capital-allocators-moat-investing-nuances-pat-dorsey-ep-509). His causal claims about why a moat is eroding (not his stock opinions) are what this project tracks.
Said
Speaker-attributed claims extracted from diarized sources. Each bullet mirrors one entry in quotes: frontmatter — keep them in sync.
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On seat-based-saas-ai-disruption (Adobe moat erosion):
"You're seeing this right now. With Adobe, there's an AI problem here. Had they not been so aggressive in pricing over time, would the customers be as willing to switch to new AI tools? ... What they do is they enlarge the profit pool that then says, oh gee, this might be more attractive for somebody to come in and try and take part of those profits." — 2026-07-06-podcast-capital-allocators-moat-investing-nuances-pat-dorsey-ep-509 (2026-07-06)
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On asml (semiconductor value chain):
"Our largest position right now is ASML, a monopoly and a key part of the semiconductor value chain. ... They've been good capital allocators and disciplined over time." — 2026-07-06-podcast-capital-allocators-moat-investing-nuances-pat-dorsey-ep-509 (2026-07-06)
Sources
Related
- agentic-ai-seat-erosion-to-saas-rerate — his Adobe pricing-abuse claim corroborates the ADBE short-basket leg
- asml
- ted-seides