Same team, same work, new title 

Nearly ten years ago, Evan McGoff walked into my office and said something like, “I’ve been working on something I’d like to show you.” That “something” turned out to be of great benefit to Dock Street clients. It wasn’t a huge departure from our investment approach dating from the early 1990’s, but it was a new way of searching for and finding the superior businesses we had always favored. 

Since then, Evan has not stood still. He has continued to find new ways to answer the central question facing all investors, “What should be added to a portfolio of common stocks, and what should be ignored.” His methodology drives us to ignore a lot. Since 2016, out of the 3,500 publicly listed companies we could research, we have focused our attention on only 100. And we really only dig deep on about 50.

As we have said many times, we are looking for exceptional financial performance and only then do we try to learn why a company is doing so well. Evan’s work has made our search for sensible places to invest our clients’ capital much more rewarding than it was before. To illustrate that point take a look at the table below:

We have decided that it is time for Evan to be named the Chief Investment Officer at Dock Street. He has been doing the job of a CIO for quite some time and while I plan to continue working for a very long time, it is Evan who has and will continue to define what we are looking for and what should be owned for the long-term.

To put a finer point on the confidence I have in Evan’s methodology and judgment, I have told my wife Susan that if anything happens to me, “Make sure Evan keeps running the money.”

Of course, no Chief Investment Officer works alone. Most of us meet weekly as an investment committee and it’s in those settings where the big decisions are made. Adding Adam Egelberg to the team has deepened our knowledge and understanding of the companies we own and those we study. Spencer Ogden’s experience with hedge funds and alternative investments has provided us with a greater understanding of what drives the market in the short-term and how our competitors look at our portfolio companies.

So yes, this is news. But less is “new” here than it might appear. This is a change that acknowledges a reality that has been the case for several years. Dock Street’s future and our clients’ assets remain in good hands.

Best regards,

Daniel A. Ogden

 

Disclosure: 

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. Actual performance of Dock Street clients may be higher or lower than presented here. Returns are net of all fees and expenses.

Annualized Returns 

Balanced Portfolio – The performance of a typical Dock Street portfolio comprised of a mix of Equity, Fixed Income and Cash investments. Presented inclusive of interest and dividends and net of fees.

Dock Street Equity – Equity positions which are the primary equity holdings of Dock Street clients and are oriented towards long term growth. Performance is shown inclusive of dividends.

S&P 500 – The performance of the S&P 500 index inclusive of dividends. Fees are not included so this performance is not available to the typical investor.

Cash & Equivalents – Holdings in custodial cash, money market funds, floating rate ETFs and other cash sweep vehicles.