Why do we write?

by | May 26, 2015 | General

How these client emails help the investment process

What purposes are served by these notes to clients? We write to make clear what we are thinking, both to our clients and ourselves. During informal conversations in the office, we are constantly testing ideas, and asking questions, so these notes are the refined version of those conversations.

We all read a lot—purchased research, newspapers, blogs, and books. Writing down our thoughts helps us to crystallize the ideas that come at us from multiple sources.  

There’s nothing like writing complete sentences to expose an idea as silly or something unimportant. The stuff we discard between the notes that are published form a trash heap of half-baked ideas and conclusions not reached.

All of these notes, the ones you see as well as the ones you don’t, also serve as a record of what we were thinking at certain turning points in the market or when we made certain investments. Being reminded of what we said at certain times is one way to keep us humble.

These emails allow clients to stay informed about our ideas and provide them the chance to challenge them. Questions help us weed out the good ideas from the bad—so keep them coming.

So we’re lucky. We are paid to read, learn, and explain ourselves to an attentive audience. In between, we use what we learn to make decisions that we hope will benefit our clients financially.

So we invite readers to tell us when we’re wrong or unclear, but even more important tell us if we’re boring. That would be worse than being wrong.

Best regards,

Daniel A. Ogden

Dock Street Asset Management, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission. You should not assume that any discussion or information contained in this letter serves as the receipt of, or as a substitute for, personalized investment advice from Dock Street Asset Management, Inc.

It is published solely for informational purposes and is not to be construed as a solicitation nor does it constitute advice, investment or otherwise.

To the extent that a reader has questions regarding the applicability of any specific issue discussed above to their individual situation, they are encouraged to consult with the professional advisor of their choosing.

A copy of our Form ADV Part II regarding our advisory services and fees is available upon request.

Our comments are an expression of opinion. While we believe our statements to be true, they always depend on the reliability of our own credible sources. Past performance is no guarantee of future returns.