https://soundcloud.com/mikesnotes/moats-and-allocators
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Supported by Greenhaven Road Capital, finding value off the beaten path.
After writing the post about Pat Dorsey I started to read, listen, and watch more of Dorey’s talks, presentations, and interviews. It led me to a more complete picture of Moats and Allocators. This audio post will cover:
Why alpha erosion occurs and the hard work to prevent it. In Dorsey’s words, capitalism works.
Building moats. Why can Tiffany & Co, Tide, and Whitman’s chocolate all charge more? We’ll also look at New Coke, Apple in middle age, and a Twitter poll.
Allocating capital. The best capital allocators are – probably – Intelligent Fanatics and Outsiders. Oh, and these two; Charlie Munger, early Warren Buffett, 2012 Warren Buffett, Bill Gates and Warren Buffett.
We’ll end the episode with the same question Patrick O’Shaughnessy asked Dorsey, what would you do with HQ Trivia? My guesses; become a social consensus brand (best chance), raise switching costs (infinitesimal chance), establish network effects (meh, maybe), or become a shared experience (wildcard).
Warning: This podcast includes a musical number that may be stuck in your head for the rest of the day.
The Waiter's Pad 
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