Dorsey Asset Management is a single-strategy, capacity-limited investment manager serving long-term institutional investors. We concentrate our capital in a small number of high-quality businesses that we can own with conviction for long periods of time, focusing on businesses with economic moats, reinvestment opportunities, and value-creating capital allocation practices. Our focus on businesses with reinvestment runways stems from our belief that the value of competitive advantage is maximized when cash flow can be plowed back into high-return projects for many years. Our team-based investment process is focused on deep primary research, which generates the qualitative insights we need to clearly assess the strength of competitive advantage and the scope for future reinvestment. We eschew false precision in favor of directional confidence when valuing businesses, viewing each company we research as a dynamic cash-generating enterprise rather than as a static collection of assets. We invest globally, and do not short, use leverage, or hedge currency exposure.