Focus on the basics

Picture the following person: she has a high income and it’s only going up. She spends less than she makes and has accumulated […]

Know when to hold ’em, know when to fold ’em

The goal of our investment process at Dock Street is to find businesses we can own for […]

Computation is Driving Intelligence

When you start a car and leave it in park, that’s called idling. The machine is on, but there’s no forward progress. Driving […]

Trying to understand Wall Street skeptics

Is Artificial Intelligence just another bubble? The answer seems to be “yes” for many technology stock analysts. Listening to tech company […]

What’s happened since January?

Earlier this year, the markets were shocked by a Chinese AI model called DeepSeek. Lots of hasty conclusions were drawn by the media […]

September and October are often difficult for stockholders

September is historically the worst month for stocks and October has provided investors with some of the most historically […]

Something we haven’t heard lately

Nearly ten years ago, I needed to call one of our largest clients at the time to let him know that his […]

The Monoperator Business

The natural state of capitalism is a hyper-competitive race to the bottom in both prices and profit margins. Think Walmart, Costco, and Amazon. These […]

The persistent worry about economic decline

One careful reader of our April letter on uncertainty (The Tariff Panic) asked why I argued […]

Your May statement contains some pleasant surprises

If you began a South Seas cruise in early February and forgot your cell phone, and then ignored the news […]