Competitive Advantages

Competitive Advantages

How we find great businesses Our portfolios are stuffed with companies that possess durable advantages over those who would compete for their customers. We identify these businesses in two steps: 1) we filter for extraordinary profit margins and business returns, and...
Competitive Advantages

New Investment Choices

There is now an alternative to stocks It’s back to normal for the 10 year Treasury Bond, as the chart below illustrates. In fact, with the bond yielding just over 4%, it is trading at its average yield since World War II. We think this approximates the yield investors...
Investment Planning with Dock Street

Investment Planning with Dock Street

Quality Investing and Advice without Compromises All customers want great service & reasonable prices. But the financial services industry has typically only offered one of these options at a time. If you want strong financial returns, you’re going to have to pay...
Continual Progress on Inflation

Continual Progress on Inflation

Without crashing the economy Last year the major financial story was stubbornly high inflation. In 2023, we’ve seen continual improvements as inflation gradually returns to more normal levels (as we anticipated last November). The most common measurements of inflation...
Continual Progress on Inflation

The Incumbent Advantage

It’s easier when you already have customers There’s tremendous excitement about the possibilities for AI in business. One of the most common questions I hear is “what’s the next great business that will get created because of AI?” The direct answer to that question is...
Continual Progress on Inflation

What’s Going on with Nvidia?

Nvidia drives a new wave of infrastructure investment When we first bought Nvidia in 2017, the catalyst was that large companies started buying Nvidia Graphics Processing Units (GPUs) for processing data for artificial intelligence (AI) calculations (see more here in...