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Pat Dorsey The Little Book that Builds Wealth Talks at Google
MALE SPEAKER: Sowelcome, everyone. My name is INAUDIBLE, andI'm very pleased to welcome you for another special talk inour Value Investing series. We have a very specialspeaker with us today. But before I get intohis introduction, I want to talk brieflyabout this term quot;moat,quot; which you aregoing to be hearing
a lot about in today's talk. Well, according toWikipedia, a moat is a deep, broad, ditch, eitherdry or filled with water, that surrounds a castle, otherbuilding, or town, historically to provide it with apreliminary line of defense. However, thanks to Mr.Buffett and a legion of value investors,this word quot;moatquot; has become an excellentmetaphor to identify companies
with durablecompetitive advantage. Very few people,though, have managed to develop and synthesize aframework that systematically helps to identify moats froman investor's perspective. Pat Dorsey, ourauthor for today, has done a greatservice to students and individual investorstrying to do exactly that. In his bestsellingbook, quot;The Little
Book That Builds Wealth,quot; hehas shared actionable insights to identify modes inthe business world. His book is also a greatintroduction for anyone interested in learningmore about value investing. We are very, very pleasedto have Pat here with us. So without further ado,ladies and gentlemen, please join me inwelcoming Pat Dorsey. APPLAUSE
PAT DORSEY: Thanksfor the kind intro. I'm glad we have the technology,at least working mostly, here in one of the world'smost successful technology companies. LAUGHTER You would have thoughtI was presenting in Redmond, Washington. No, I'm joking.
Sorry, sorry, it was justright down the middle. It was too easy. It was too easy. You give me a fatpitch, I'm going to hit it or investin it, I suppose. So we've done the intros. I'm Pat. I used to run Morningstar'sEquity Research Group,
The Book of Life
â™ª â™ª (bird chirping) (sighs)Last tour of the day. I wonder why nobody wants them. (tires screeching) (girl giggles) (grunts) Bull'seye!
(laughter) â™ª â™ª Hi, super old guy! A museumé Againé (shudders) Ugh, I hate stuff. Oh, boy. WOMAN:It's okay, Thomas.
I'll take them. Uh. are you sureé (whispers): I think theseare the detention kids. (grunts) Yeah! (whooping, laughing) Don't you worry,I can handle them. You go take your break.
(hoarsely):Thanks. (grunts) Follow me, kids. Huhé Hmmé (kids panting) Yo, lady,the museum door is that way. Yes, it is but you aren'tlike the other kids.
Oh, no, no, no. You. need to seesomething special. (laughs) Right through that door. ALL:Huhé You're seeing things, lady. Am Ié Or are younot seeing thingsé ALL:Whoa!
Come on. (chuckling) Uh. â™ª â™ª (giggles) Now, today is November 2. Does anyone here knowwhy that date is importanté Taco Tuesday!