Dock Street’s Letters
For the last 30 years, the Dock Street team has sent out over 500 emails to their clients sharing our investment insights, philosophy, responses to world events, and more. Many of Dock Street’s letters will now be shared here as well.
Individuals Matter
History can teach us something about investing The war in Ukraine has revealed a truth about history largely ignored for a couple of generations—individuals matter and individuals make history. Vladimir Putin and Volodymyr Zelensky prove the point. Since Karl Marx developed the idea that history could be approached scientifically, the ancient emphasis on individual actors […]
The Energy Crisis of 2022
War divides the world, threatening prosperity The invasion of Ukraine is a human catastrophe and threatens to be a serious problem for the world economy. The price of crude oil is up 60% this year and might be on its way to a record above $150. More than one recession has been associated with high […]
What Would Tom Hodgman Do Today?
Tom Joined Dock Street in 1995—the best partner anyone could ask for When Dock Street really came together in the mid 1990’s, the Greenwich office was filled with highly experienced investors. So on days like today I often ask myself what would Stillman Rockefeller, Jack Howell, and Jon Old be doing with their stock portfolios? […]
Isn’t Investing Just Gambling?
No, it’s better, because the odds are in your favor After watching Super Bowl commercials this weekend, it’s pretty clear that there’s a lot of gambling going on. Several commercials highlighted apps that allow you to trade crypto-currencies & stocks in the same app. And several others were about apps that let you bet on […]
Collateral Damage
A correction can take the good with the bad January has been a nasty month for stock investors, but it should not have come as a surprise. Charlie Bilello says it well: Drawdowns are the norm for equities, not the exception; they are the price investors must pay to earn higher long-term returns than bonds […]
What is Growth?
Not all growth companies deserve the name Along with much of the stock market, Dock Street portfolios have suffered in the last week as active traders focus on the threat of rising interest rates. These same active traders are sitting on fat profits from the massive increase in stock prices since the low set in […]
Future Corporate Earnings
The signal in a sea of noise In September we wrote about how despite all the bad news, estimates for future earnings continued to rise. Now that we’re rounding out 2021 and there’s even more bad news, what are the prospects for 2022 and beyond? Below is an updated version of the chart we sent […]
The Taxi Driver Signal
Investment advice from the wrong people Toward the end of every bull market there are signs of speculation—as opposed to investing. Earlier this week Evan McGoff was treated to several minutes of cryptocurrency advice from a gig driver, the modern version of a taxi driver. Remarkably the driver wasn’t recommending Bitcoin, the first and largest […]
Rooting for the Stocks We Don’t Own
Fewer stocks are pushing the market higher Most of the stocks we own in portfolios happen to be larger companies. This is not a criterion for investment at Dock Street, but it is the result of 1) holding great businesses for many years as they get bigger, and 2) finding more of the financial advantages […]
Corporate Profits Drive The Market
Stock prices anticipate future corporate earnings The stock market has had a near vertical ascent for about 18 months. This has surprised many people as there has been no shortage of things to fret about. But the stock market is a forward looking indicator, and it correctly anticipated a sharp recovery in corporate profits.
The 20 latest Blog Posts
- Reading from Primary Sources
- Profits over Headlines
- The Bitcoin Bear
- The Bond Bear Market
- The Millennials’ Correction
- No Recession in Discretionary Spending
- In Spite of All The Danger
- Value Destruction—Temporary and Permanent
- Not Unprecedented
- How We Think About Corrections
- Individuals Matter
- The Energy Crisis of 2022
- What Would Tom Hodgman Do Today?
- Isn’t Investing Just Gambling?
- Collateral Damage
- What is Growth?
- Future Corporate Earnings
- The Taxi Driver Signal
- Rooting for the Stocks We Don’t Own
- Corporate Profits Drive The Market