Below are your portfolio reports for the full year, 2024. The S&P 500 advanced 25% in 2024, nearly matching the gains recorded in 2023. Back to back 20%+ years for the S&P are rare so clients should not expect a similar tail wind in 2025. More to the point, in each of those two years since 2022, Dock Street stock portfolios have gained over 40% annually. Once again, a result that is unlikely to be repeated.

All warnings aside, we continue to see opportunity in businesses based in the United States. There is no start-up culture in Europe and while the entrepreneurial drive in China is alive, the dominance of the state-owned enterprises limits the opportunities available to newer businesses. It is easy to assume that the world is a mess, but we continue to believe that the US is the best house in a bad neighborhood.

The Artificial Intelligence boom is the latest evidence supporting the idea that the US remains a great place to grow a business. Our efforts are directed at identifying businesses with the potential to grow and reward investors over time.

Please let us know if you have any questions about your accounts at Dock Street.