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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 […]

So We Get Questions

Q — Should we be concerned that you have a small investment team? How can you cover hundreds of stocks? Won’t you miss things? A — No, we don’t need to and of course. We run a concentrated portfolio that […]

Notes From the Front Line: UCLA

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. The report is based on […]

In Support the of Home Team

by Ben Claremon | Research Analyst It was less than two years ago that I was sitting with some of my UCLA Anderson classmates, desperately trying to figure out what to do for our Applied Management Research or AMR project. […]

What We Are Thinking: Approach Resources

by Eugene Robin, CFA | Research Analyst Approach Resources, Incorporated (Ticker: AREX) is an independent oil and gas exploration company located in west Texas. As a spin-out from energy private equity firm Yorktown Partners, Approach situated itself on land that […]

A Plea for Higher Interest Rates

What’s great about Jim Grant writing for the unwashed minority (those who toil in official positions in Washington) is that you can re-link and comment without running into the Wrath of Grant’s for violating his confidence as a paid-up subscriber. Our […]

The Ongoing Tyranny of the Growth vs. Value Argument

Co-written by Jeffrey Bronchick + Ben Claremon A recent article in the Wall Street Journal—from which we lifted the chart below—once again highlights the never-ending debate about the merits of growth versus value, a discussion that inevitably forces an investment […]

Warren and Ben

What Fidelity Asked Warren Buffett

Trying This at Home

We reprint with permission a recent email from a sell-side colleague who we hold in high regard, despite his familiarity with the institutional investment consulting industry. (Laugh here.) Like any number of experienced investment people, he has seen a lot […]

CSC Strategy Letter | Number 4 | ‘Tis the Season I Doubt You Will Remember

Download Cove Street Capital’s December 2011 Strategy Letter Number 4, “Tis the Season I Click Doubt You Will Remember”

Found: The Lost Decade

Even if you repeat it enough, it doesn’t make it true. Unless you are burdened with a few hundred billion to manage, you do NOT have to invest in a market capitalization weighted index, which, by mathematical design is moving […]

Explaining Ourselves: Jefferies

So, we have very recently been a buyer of Jefferies (Ticker: JEF) stock, which anyone following the financial headlines would know has been pummeled in recent months. It was during this evisceration that we took our initial position…and then bought […]

CSC Strategy Letter | Number 3 | Occupy Yahoo

Download Cove Street Capital’s November 2011 Strategy Letter Number 3, “Occupy Yahoo”

Earnings Per Share Myopia

by Ben Claremon | Research Analyst Welcome to earnings season and the barrage of company press releases and conference calls. Securities analysts all over the country currently have their noses buried in 8-K’s and 10-Q’s, hoping to get a sense […]

Terrific Value – Long Road

SEI Investments — 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. The report […]

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.