Sadly, most CEOs don’t read this. They should.
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Quotation of the Day: “The problem for these guys is that I fully understand the system and I understand how they make their money. And that’s what they don’t like about me.” —Senator Elizabeth Warren, responding to criticism from Jamie […]
We’ve witnessed many weird and fascinating things in these six years of zero interest rates and quantitative easing but nothing that we’ve seen has personified the looseness of monetary policy like what was uttered on RCI Hospitality’s second quarter call. […]
A nice reminder for all of us…since it can seem easy to forget when one lives in a world seemingly full of unicorns.
“I don’t believe any of us have the pretension of believing that by being very good analysts, or by going through very elaborate computations, we can be pretty sure of the correctness of our results. The only thing that we […]
“I came, I saw, I purchased at a low multiple” …from Graham to Asness it still works. CLICK HERE to read more.
Investing other people’s money for a fee is fiendishly simple—just avoid being terribly wrong. This applies to widely diversified or concentrated portfolios. Read on.
A few thousand years ago, a friend of the CSC lead PM was a good friend of Jim Cramer who was starting this “online thing” back in the late 1990’s. Was there room for someone writing about value? It was […]
CLICK HERE to download Cove Street Capital’s July 2015 Strategy Letter Number 21, “Three Anecdotes Don’t Make a Data”
Related: Plus ça Change, Plus C’est La Même Chose. ************************ The following is a letter by Wynnefield Capital Management to fellow shareholders of OM Group (OMG), released June 11, 2015: ************************ Wynnefield Capital Management, LLC 450 7th Avenue, Suite 509 […]
(Translation: Another Weasel-like Deal Where Public Shareholders are Sold-Out.) The topic for today is the deal announcement on May 31st that the OM Group (NYSE: OMG) decided to sell itself to the private equity firm Apollo Group for $34 a […]
by Ben Claremon | Research Analyst As of the huge currency moves the world has witnessed over the last year or so, the topic of currency hedging has recently become very pertinent to both investors and companies who generate sales […]
All the Light We Cannot See — Anthony Doerr Churchill — Paul Johnson Hitch-22: A Memoir — Christopher Hitchens How Life Imitates Chess: Making the Right Moves, from the Board to the Boardroom — Gary Kasporov The Limits of Strategy: […]
I have no idea how this guy has a life when I merely glance at his bio—but that is not our concern. Substitute “money manager” instead of doctor and his commencement speech becomes worth thinking about. And his new book, […]
CLICK HERE to download Cove Street Capital’s May 2015 Strategy Letter Number 20, “Don’t Bring a Knife To a Gun Fight”
Managing $163 billion is not easy. What this piece points out is: It’s generally right. “Private” or “Alternatives” are a good idea only when practiced in small size and in small distribution. What is clear is that “alternative” investing as […]
“Logic and experience indicate that barring investments in a major, integral sector of the global economy would—especially for a large endowment reliant on sophisticated economic techniques, pooled funds, and broad diversification—come at a substantial cost,” wrote Harvard President Drew Faust […]
I have been an on-again, off-again subscriber of the Journal of Applied Corporate Finance (and a predecessor) for more than 20 years. It is worth reabsorbing every few years because our ears get so full of the conventional, PR-driven crap […]
by Rohan Rangaraj | Research Analyst One of the official Favorite Books in the Cove Street Capital Library is The Outsiders by William Thorndike, an in-depth study of eight of the last half-century’s greatest CEOs in terms of value creation. […]
CLICK HERE to download a recent speech by noted Soros “sidekick” Stanley Druckenmiller.
by Eugene Robin | Research Analyst The magnitude of the recent price decline caught many of “us” off guard and caused many (including Cove Street) to re-think our notion of what constitutes a sustainable oil price. Here, we analyze the […]
From time to time I have embarrassing moments, like admitting I have read L.J. Rittenhouse’s book, “Investing Between the Lines: How to Make Smarter Decisions by Decoding CEO Communications.” This was a fairly simplistic read on a 2 hour flight […]
by Dean Pagonis | Research Analyst We think you might have noticed the dollar has been appreciating versus most currencies. (Have you heard the one about the Canadian Peso?) Source: New York Times, 2015 So yes, there is a negative […]
This report remains the single most coherent and consistently negative argument against…a lot of things we do.
Mr. Gideon King’s parting notes on his decision to close down his hedge fund business: “Controlling capital and engaging intellectually is good work if one can get it. The business, on the other hand, has changed dramatically. As the endless […]
From time to time we must look in the investment mirror and conclude that we are stinking and we have no one to blame but ourselves. This is an interesting piece that academically exposes a lot of the other times.
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