Monthly Archives: January 2013

CSC Strategy Letter | Number 10 | The Lost Decade…Found?

CLICK HERE to download Cove Street Capital’s January 2013 Strategy Letter, Number 10, “The Lost Decade…Found?”

What Were We Thinking—Central Garden and Pet

Central Garden and Pet (CENTA) has been in and out of the portfolio several times over the last eleven years with results varying from stunning (a 6-bagger from the 2002 lows) to a lot less than that (repurchased the stock at $11 and bought it all the way down to $3 in 2008/09). Business/Value/People: Central has a perfectly understandable set of businesses that should be operating at industry peer levels. The valuation “always” seems very cheap relative to this normalized […]

The Nonsense Math Effect

Please insert the phrases “money manager,” “hedge fund,” “large pension plan,” and “underperformance” at will throughout this piece.  The Nonsense Math Effect  Mathematics is a fundamental tool of research. Although potentially applicable in every discipline, the amount of training in mathematics that students typically receive varies greatly between different disciplines. In those disciplines where most researchers do not master mathematics, the use of mathematics may be held in too much awe. To demonstrate this I conducted an online experiment with […]