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

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 (Ticker: 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 […]

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 […]

Our Roots for Sale

Warren Buffett: Former Executive Offices – 97 Cove St, New Bedford MA 02744

CSC Strategy Letter | Number 9 | Idiosyncratic Risk…and the Other Kind

Download Cove Street Capital’s November 2012 Strategy Letter Number 9, “Idiosyncratic Risk…and the Other Kind”

Increasingly Obvious Unintended Consequences

While we prefer not to opine in a macro-economic sense on most occasions, this piece sourced from Grant’s, nicely sums up thoughts expressed in a number of our strategy letters. Artificially depressed interest rates are killing us.

Jefferies: Possible Postscript

Funny things often happen on the way to the bank. It is also fair to say that sometimes you never reach the bank, or you end up taking a cab when you thought you were walking. Where this fits with […]

Well Worn and Well Worth Re-reading

We have embarked on a longer-term project to digitize about 6 yards and 28 years of collected investment “literature.” Because this is the age of social media, we will share the more timeless pieces. Pardon their appearance. Download the first.

Somehow This Did Not Make It Into Our Presentation

Uncorking the Muse: Alcohol Intoxication Facilitates Creative Problem Solving

What Is Really Wrong With This Country and the Economy?

Please read this and try not to weep. Let me see if I understand this correctly. The President of the United States gathers together a task force of government lawyers in order to coordinate the ability to sue private companies? […]

Other People’s Thoughts – Jim Bianco of Bianco Research

As someone who does not watch CNBC unless I’m away from the office and utterly trapped in a small hotel room that only offers 5 stations and is located in a remote region of the country, I wasn’t aware that […]

CSC Strategy Letter | Number 8 | You Didn’t Build This Rally

Download Cove Street Capital’s September 2012 Strategy Letter Number 8, “You Didn’t Build This Rally”

Cove Street Capital Calling

Despite having twenty-eight years in the investment management industry and the natural cynicism that comes with experience, I nonetheless retain the ability to be amazed at what can pass for normalcy in the full light of day. Case in point […]

Summer Reading Continued

“The fault, dear Brutus, is not in our stars, but in ourselves…” The latest in a long line of thought provoking pieces by investment consultant guru Charles Ellis about what ails the “business” of investment management and the propensity for all actors—clients, consultants, […]

Munger Reprise

I sometimes have a dim realization that I need the same intellectual lessons pounded into me over different time periods in order to avoid the regular and robust temptation to do something stupid. We will be regularly posting pieces on […]

Now About that Factory Tour…

Following last week’s Fender post: Why Fender Pulled Its IPO

Buy a Used Guitar, Not the Stock

In my analytical career, there is a laundry list of things I have studied for investment purposes, including such topics as life insurance, cement, pet products, pension accounting, high speed disc couplings, polymers, mattresses, and urea. So it has only […]

Summer Reading

Good investing is  a continuous evaluation of business characteristics, valuation and judgement about the people running the show. Valuation is math and perseverance. The changing natures of business models and the wonder and flaws of people are shifting sands requiring […]

CSC Strategy Letter | Number 7 | Volcker Does Not Rule

Download Cove Street Capital’s June 2012 Strategy Letter Number 7, “Volcker Does Not Rule”

The Next Generation: An Interview with Ben Claremon & Eugene Robin

CSC research analysts and blog contributors Ben Claremon and Eugene Robin were recently interviewed for “The Wall Street Transcript.” Read it here .

What We See Versus What We Infer

THIS is a superbly interesting thought process that is eminently applicable to investment management, and it can be argued that I have seen balance sheets that look worse than some of the included slides. – Jeffrey Bronchick, CFA | CSC […]

A Brief Presentation by Our CIO

Our CIO Jeffrey Bronchick gave a presentation at the Emerging Managers Summit in Chicago. Download the slides here.

CSC Strategy Letter | Number 6 | Lots to Fear or Fear Itself?

Download Cove Street Capital’s March 2012 Strategy Letter Number 6, “Lots to Fear or Fear Itself?”

Inoculation 2012: The Berkshire Hathaway Meeting

Dear Value Investors, This was my fourth trip to the so-called Woodstock for Value Investors and my latest attempt to capture the majority of the comments made by Warren Buffett and Charlie Munger. Over that time, what hasn’t materially changed […]

More Things That Don’t Change Over Time

“Keynes the Stock Market Investor” is a pretty interesting piece that was partially excerpted in the Wall Street Journal several weeks ago, but being gluttons for punishment, we had to read the original. We would note the following only modestly self-serving […]

The Active Management Pretend Game

by Eugene Robin | Research Analyst Let us start by saying that this is not an essay on whether or not a large pool of institutional asset allocators should consider an indexing strategy or not. What follows is an analysis of […]

CSC Strategy Letter | Number 5 | Caviar for the General

Download Cove Street Capital’s March 2012 Strategy Letter Number 5, “Caviar for the General”

Everything Turns Grey: Chesapeake

by Eugene Robin | Research Analyst The title of this blog post borrows a line from an Agent Orange song that I loved listening to when I was growing up. I think it encapsulates the argument currently taking place between […]

Portable Nonsense

While this is a wonderfully snarky clip from the Economist, if I were paying “2 and 20,” I am not sure I would think it’s so funny. It also seems to be a decent plug for Cove Street Capital’s Classic […]

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.