(Except for the 25 year holding period part.)
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This was once our largest holding before it grew up on us. — This report is published for information purposes only. You should not consider the information a recommendation to buy or sell any particular security, and this should not […]
Press Release National Beverage Corp. Continues To Refresh Via Shareholder Value + Healthy Beverages And MORE Cash! FORT LAUDERDALE, Fla.–(BUSINESS WIRE)– National Beverage Corp. (NASDAQ: FIZZ) today announced its eighth special cash dividend and released the following letter to shareholders […]
This was Cove Street Capital’s 2015 holiday book gift: From: Thomas N. Mahoney, CFA, CAIA, UBS Private Wealth Management To: Jeffrey Bronchick, CFA, Cove Street Capital Subject: CFALA Superforecasting challenge Dear Jeff: Thanks for sending me the book “Superforecasting” in […]
There are a number of highly successful companies that have corporate governance structures with several classes of stock. In many cases one of classes has essential voting control over all matters under the sun but not belonging to the heavens. […]
This is an interesting piece that essentially says, “by the time you have finished reading this, you will have have wasted your time reading this.” The “edge” has been dissipated, which certainly never stops anyone in the food chain of […]
We run separate accounts and a mutual fund, so we have 2 cents about Mr. Jason Zweig’s piece about the awful state of prospectus writing. That I actually have to think twice when I even mention the words mutual fund […]
Download Cove Street Capital’s March 2017 Strategy Letter Number 28, “Hooey and the Sausage Making”
To paraphrase Einstein, things should be as simple as possible, but not too simple. From that starting point, good investing at Cove Street Capital begins with analysis of business model, security valuation, and an assessment of the people running the […]
by Eugene Robin | Principal, Research Analyst The so-called “Trump Rally” has been fascinating to watch from our vantage point. For one thing, it has made us look stupid in comparison to the benchmark we are most often compared against […]
Strings Attached — a 2007 write-up of the vintage-guitar market. ‘Gits in Yer’ 401k — 2006 commentary on vintage guitars as a long-term investment.
John Hussman is an economist who runs some mutual funds. He has been bearish and miserably wrong for a long time, but he is thoughtful and presents legitimate data. This is a decent summary of the other side of post […]
Per the very readable new book by Michael Lewis, “The Undoing Project,” Amos Tversky kept these thoughts on a piece of paper by his desk. They are now on mine. People predict by making up stories. People predict very little […]
by Ben Claremon, Principal and Research Analyst Before you start rolling your eyes, this is not what you might think it is. Sorry, you aren’t going to get any insightful political commentary from us. We are not spending any time […]
Download the presentation slides. — This report is published for information purposes only. You should not consider the information a recommendation to buy or sell any particular security, and this should not be considered as investment advice of any kind. […]
Download a detailed analysis of how a government agency can go completely off the rails of rationality. And it’s probably worse than we think.
Download Cove Street Capital’s November 2016 Strategy Letter Number 27, “Some Things Really Do Change”
by Dean Pagonis | CSC Research Analyst As the newest member of the Cove Street research team, I have generally been shielded from most ongoing client adventures. However, (for reasons that have always been clear to me!), I have been […]
While we simply HATE to do things that seem to contribute 90% to the din of noise that surrounds investing, this was put in our current client presentation.
From a New York Times interview with Davis Swenson, head of Yale endowment: Mr. Swensen likes teaming up to invest with his former analysts. For one thing, it can reduce the risk of panicky withdrawals. “We were talking to a […]
From Fortune: Senators Call the Wrong Time Warner CEO to Testify about the AT&T Merger You may have heard about the controversial $85.4 billion merger between cable provider Time Warner twx and telecom giant AT&T. U.S. lawmakers have heard about […]
This is simply a devastatingly effective argument that has never been read in Washington DC and is what we fear in the middle of the night. It also has a non-zero probability of being right.
Check out this video on YouTube: Garrett Rips Secretary Lew For Not Playing by the Same Rules as the Rest of Us
Download Cove Street Capital’s September 2016 Strategy Letter Number 26, “Dow 36,000…and the Grumbling Hive”
Now, one would think that statements like “More small caps reducing shares, paying dividends” would seem to the investor at large to be a good thing. After all, how can more people thinking about how to allocate capital in a […]
Press Release Cove Street Capital, LLC and Other Shareholders Resoundingly Rebuke Westell Technologies, Inc. Board of Directors and Strategic Direction EL SEGUNDO, CA, September 22, 2016 – At the annual shareholders meeting of Westell Technologies, Inc. on September 13th, 2016, […]
From the 2016 Liberty Media Annual Report Dear Fellow Shareholders, The past twelve months have seen the continued structural evolution of Liberty Media. Most notably, in April of this year, we recapitalized Liberty Media Corporation into three tracking stock groups, […]
The opinions expressed herein are those of Cove Street Capital and are subject to change without notice. Past performance is not a guarantee or indicator of future results. You should not consider the information in this blog a recommendation to buy or sell any particular security. These securities may not be in your account by the time you receive this report, or may have been repurchased for your account. You should not assume that any of the securities discussed in this report are or will be profitable, or that recommendations we make in the future will be profitable or equal the performance of the securities listed in this report. Recommendations made for the last twelve months are available upon request. Cove Street Capital is an investment advisor registered with the Securities and Exchange Commission. Consider the investment objectives, risks, and expenses before investing.