Client Letters

For the last 30 years, Dock Street has written over 500 client letters with our investment insights, philosophy, responses to world events, and more. Many of Dock Street’s letters will now be shared here as well.

  • What’s Going On?

    Stocks are being sold, but why?

    After a good beginning of the year for the stock market, coupled with excellent earnings reports, investors find themselves in the […]

  • Baby with the Bathwater

    Many investors treat all companies as if they’re the same.

    Over the last few days, software stocks have been selling off aggressively as new AI coding tools have shown dramatic improvements […]

  • The Coming Productivity Boom Is Already Here

    The future is often just more of the present

     

    Some of the largest companies in the world are spending more money than ever, building data centers to […]

  • Growth Accelerates

    Most indicators moving in the right direction

    Lately the news on the economy and the early results of the Trump Tariffs has been highly surprising and very […]

  • Running an AI Factory

    And the Holy Grail of ROIC

     

    In order to profitably operate a factory, you need to maximize capacity utilization. AI factories are no different. 

    Capital intensive […]

  • The 7 Minute Economist

    Recession worries resurface

    The cover of this week’s Economist summarizes the worries driving the November correction in the stock market. The only problem is they have the causation backwards—falling […]

  • A New Chapter at Dock Street

    Same work, same team, steady leadership

     

    Over thirty-five years ago, I founded Dock Street. Since then, we’ve grown into a firm with a team and clients who’ve […]

  • Gemini 3 is DeepSeek Part 2

    Both mean more GPUs are needed, not fewer.

     

    Thanksgiving is around the corner, but on the New York Stock Exchange, it’s Groundhog Day.

    Earlier this year […]

  • Here We Go Again

    A normal market correction is underway

    Following six straight months of gains, we finally have entered into a significant market pullback. As you may recall, we expected […]

  • Cash Flow is Wealth

    Net Worth comes in many forms, but without cash flow, it is worthless

    In any Jane Austen novel net worth is never mentioned. But income! – that was everything. “He has […]