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	<title>Cove Street Capital</title>
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	<description>Thoughts</description>
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		<title>The Annual Pilgrimage to Omaha</title>
		<link>http://covestreetcapital.com/Blog/?p=971</link>
		<comments>http://covestreetcapital.com/Blog/?p=971#comments</comments>
		<pubDate>Mon, 13 May 2013 16:28:33 +0000</pubDate>
		<dc:creator>Cove Street Capital</dc:creator>
				<category><![CDATA[Recommended Reading]]></category>
		<category><![CDATA[The Inoculated Investor]]></category>

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		<description><![CDATA[Berkshire This past weekend’s trek to Omaha for the Berkshire Hathaway annual meeting represented the fifth consecutive time I have ventured to see the Oracle of Omaha and the man they call Charlie share their wisdom. Sorry folks, I didn’t take notes from the meeting this year. I have decided to pass that torch along [...]]]></description>
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		<title>Tessera: Our Vote is In</title>
		<link>http://covestreetcapital.com/Blog/?p=949</link>
		<comments>http://covestreetcapital.com/Blog/?p=949#comments</comments>
		<pubDate>Tue, 23 Apr 2013 16:47:03 +0000</pubDate>
		<dc:creator>Cove Street Capital</dc:creator>
				<category><![CDATA[Stock Ideas]]></category>

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		<description><![CDATA[Our premise is simple: we bought Tessera because the stock was cheap and we received nearly free optionality on either the development of a new technology or improvement in the managing of the core business.  In a very short period of time, the management team members proved themselves to be some combination of incompetent, careless [...]]]></description>
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		<title>Ben Claremon and the Great White North</title>
		<link>http://covestreetcapital.com/Blog/?p=935</link>
		<comments>http://covestreetcapital.com/Blog/?p=935#comments</comments>
		<pubDate>Thu, 18 Apr 2013 16:28:20 +0000</pubDate>
		<dc:creator>Cove Street Capital</dc:creator>
				<category><![CDATA[Stock Ideas]]></category>
		<category><![CDATA[The Inoculated Investor]]></category>

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		<description><![CDATA[Under normal circumstances, the prospect of leaving sunny Southern California to travel to a place where the day-time temperature encourages the wearing of fur is not particularly appealing. But I decided this year to make the slog to attend Fairfax Financial’s annual meeting in Toronto. Prem Watsa, the Chairman and CEO of Fairfax, has the [...]]]></description>
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		<title>CSC Strategy Letter &#124; Number 11 &#124; Call Him Ishmael</title>
		<link>http://covestreetcapital.com/Blog/?p=925</link>
		<comments>http://covestreetcapital.com/Blog/?p=925#comments</comments>
		<pubDate>Tue, 26 Mar 2013 18:01:56 +0000</pubDate>
		<dc:creator>Jeffrey Bronchick, CFA</dc:creator>
				<category><![CDATA[CSC Monthly Strategy Letter]]></category>

		<guid isPermaLink="false">http://covestreetcapital.com/Blog/?p=925</guid>
		<description><![CDATA[CLICK HERE to download Cove Street Capital’s March 2013 Strategy Letter, Number 11, “Call Him Ishmael&#8221;]]></description>
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		<title>Proxy Season and the Unusually Juicy Soap Opera at Tessera</title>
		<link>http://covestreetcapital.com/Blog/?p=861</link>
		<comments>http://covestreetcapital.com/Blog/?p=861#comments</comments>
		<pubDate>Mon, 18 Mar 2013 16:16:24 +0000</pubDate>
		<dc:creator>Cove Street Capital</dc:creator>
				<category><![CDATA[Notable and Quotable]]></category>
		<category><![CDATA[Stock Ideas]]></category>
		<category><![CDATA[The Business of Money Management]]></category>

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		<description><![CDATA[We own Tessera at a cost of approximately $16 per share. Our thought process was simple: a conservative analysis of their IP portfolio’s current cash stream plus cash on the balance sheet suggested a valuation of $15 per share, leaving $1 of implied value for the venture portfolio of their Digital Optics (DOC) business, in [...]]]></description>
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		<title>Hello Ruby Tuesday</title>
		<link>http://covestreetcapital.com/Blog/?p=843</link>
		<comments>http://covestreetcapital.com/Blog/?p=843#comments</comments>
		<pubDate>Wed, 20 Feb 2013 17:07:30 +0000</pubDate>
		<dc:creator>Cove Street Capital</dc:creator>
				<category><![CDATA[CSC News]]></category>
		<category><![CDATA[Stock Ideas]]></category>
		<category><![CDATA[The Inoculated Investor]]></category>

		<guid isPermaLink="false">http://covestreetcapital.com/Blog/?p=843</guid>
		<description><![CDATA[A few weeks ago, Cove Street was asked to present a small cap stock idea for the 2013 Small-Cap Investing Summit. Our analyst Ben Claremon chose to discuss the investment thesis for Ruby Tuesday (RT) and created the attached presentation. Despite the fact that Ben was unfortunately not allotted the standard Bill Ackman 3 hour time [...]]]></description>
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		<title>The Worst Piece of Corporate BS</title>
		<link>http://covestreetcapital.com/Blog/?p=828</link>
		<comments>http://covestreetcapital.com/Blog/?p=828#comments</comments>
		<pubDate>Mon, 11 Feb 2013 16:43:35 +0000</pubDate>
		<dc:creator>Jeffrey Bronchick, CFA</dc:creator>
				<category><![CDATA[Stock Ideas]]></category>

		<guid isPermaLink="false">http://covestreetcapital.com/Blog/?p=828</guid>
		<description><![CDATA[The proposed management buyout of Dell is an abomination of corporate governance and decency on an extraordinarily large scale. While we have been too busy losing money in Hewlett-Packard to own Dell shares, I will take the liberty of being incensed for its shareholders. To wit: ANY management-led buyout of a public company is a [...]]]></description>
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		<title>CSC Strategy Letter &#124; Number 10 &#124; The Lost Decade…Found?</title>
		<link>http://covestreetcapital.com/Blog/?p=821</link>
		<comments>http://covestreetcapital.com/Blog/?p=821#comments</comments>
		<pubDate>Thu, 31 Jan 2013 18:24:41 +0000</pubDate>
		<dc:creator>Jeffrey Bronchick, CFA</dc:creator>
				<category><![CDATA[CSC Monthly Strategy Letter]]></category>

		<guid isPermaLink="false">http://covestreetcapital.com/Blog/?p=821</guid>
		<description><![CDATA[CLICK HERE to download Cove Street Capital’s January 2013 Strategy Letter, Number 10, “The Lost Decade…Found?”]]></description>
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		<title>What Were We Thinking—Central Garden and Pet</title>
		<link>http://covestreetcapital.com/Blog/?p=810</link>
		<comments>http://covestreetcapital.com/Blog/?p=810#comments</comments>
		<pubDate>Tue, 15 Jan 2013 19:21:39 +0000</pubDate>
		<dc:creator>Jeffrey Bronchick, CFA</dc:creator>
				<category><![CDATA[Stock Ideas]]></category>

		<guid isPermaLink="false">http://covestreetcapital.com/Blog/?p=810</guid>
		<description><![CDATA[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 [...]]]></description>
		<wfw:commentRss>http://covestreetcapital.com/Blog/?feed=rss2&#038;p=810</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Nonsense Math Effect</title>
		<link>http://covestreetcapital.com/Blog/?p=799</link>
		<comments>http://covestreetcapital.com/Blog/?p=799#comments</comments>
		<pubDate>Mon, 07 Jan 2013 19:49:23 +0000</pubDate>
		<dc:creator>Jeffrey Bronchick, CFA</dc:creator>
				<category><![CDATA[Economic Thoughts]]></category>
		<category><![CDATA[Finance and Theory]]></category>
		<category><![CDATA[The Business of Money Management]]></category>

		<guid isPermaLink="false">http://covestreetcapital.com/Blog/?p=799</guid>
		<description><![CDATA[Please insert the phrases &#8220;money manager,&#8221; &#8220;hedge fund,&#8221; &#8220;large pension plan,&#8221; and &#8220;underperformance&#8221; 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 [...]]]></description>
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