In this episode of Invest Like the Best, Patrick O'Shaughnessy interviews Pat Dorsey of Dorsey Asset Management for a second time, diving deeper into valuation frameworks, competitive advantages, and capital allocation using specific examples like Facebook, Chegg and Amazon. Dorsey shares his emphasis on qualitative insights, primary research, and understanding the customer's perspective, highlighting the importance of human capital and adapting to changing market dynamics. The conversation explores SaaS business models, the significance of lifetime value to customer acquisition cost ratios, and the nuances of global investing, including considerations for currency risk and corporate governance. Dorsey also reflects on his experience starting an asset management business, stressing the importance of process, people, and focusing on long-term value creation over short-term gains.
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