We reprint with permission a recent email from a sell-side colleague who we hold in high regard, despite his familiarity with the institutional investment consulting industry (laugh here). Like any number of experienced investment people, he has seen a lot of what passes for money management and thus he has always harbored a sneaking suspicion that he could do it at least as well as any number of individuals he has witnessed. But as a universal truth of managing money, […]
Click HERE to download Cove Street Capital’s December Strategy Letter, Number 4, “Tis the Season I Doubt You Will Remember.”
Even if you repeat it enough, it doesn’t make it true. Unless you are burdened with a few hundred billion to manage, you do NOT have to invest in a market capitalization weighted index which, by mathematical design, is moving you toward more expensive stocks.