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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 […]

Interpreting Performance Attribution

Old Ideas that Require Repeating in Regard to Hiring a Money Manager

In Memory of Steve Jobs

This is a prepared text of the Commencement address delivered by Steve Jobs, CEO of Apple Computer and of Pixar Animation Studios, on June 12, 2005. Reprinted from the Stanford Report. I am honored to be with you today at […]

The VIX World of Difference

The VIX is the Chicago Board of Options (CBOE) Volatility Index, and regardless of what it was intended to do, what it does do is offer a measure of investor fear and loathing. The higher the number, the more the […]

In a Zero Hedge World, Investors Must Stay Nimble

by Ben Claremon | Research Analyst All European banks are insolvent! Germany is going to leave the Euro! The US is going to default on its debt obligations! Any investor who has spent time trolling the internet—especially the blogosphere—or listening […]

Data Mining: The Gift and the Curse

To further share the Cove Street research communication duty, I introduce Analyst Eugene Robin.  – Jeffrey Bronchick, CFA | Principal, CIO DATA MINING: THE GIFT AND THE CURSE by Eugene Robin, CFA | Research Analyst Reading over some of the […]

Do I Detect a Hint of Optimism?

To counter the rumor that I am incapable of ceding the pen, I present Ben Claremon—a.k.a. The Inoculated Investor—Cove Street Analyst.  – Jeffrey Bronchick, CFA | Principal, CIO DO I DETECT A HINT OF OPTIMISM by Ben Claremon | Research […]

CSC Strategy Letter | Number 2 | The Slow Investment Movement

Download Cove Street Capital’s August 2011 Strategy Letter Number 2 “The Slow Investment Movement”

Atlas Shrugged

Federal Reserve Chairman Ben Bernanke’s speech in Jackson Hole today was notable for what it did not contain—a big silly and asset levitating QE3 program—although he did leave that possibility open: “In addition to refining our forward guidance, the Federal […]

But This CEO Goes to 11

Many things can aggravate someone who is invested in a very cheap stock. This one is particularly irking. For reasons unbeknownst to those rationally running public companies, Leo Apotheker—the 9-month-old CEO of Hewlett Packard—participated in the following dialogue with Sanford […]

The World’s Richest Hypocrite

It seems hard to reconcile this piece by Warren Buffett with the fact that he is engaged in possibly the largest tax-free transfer of wealth in the history of modern mankind.

The Simple Life of Cash

It does take some creativity and high IQ for many to justify “2 & 20.” I also think a Mrs. Montier might insist on a better picture.  Click here to read more.

Steve Wynn Leading the Charge

How rare is it for a visible corporate leader to speak publicly on anything but their latest green initiative? July 2011 Conference Call I believe in Las Vegas. I think its best days are ahead of it. But I’m afraid […]

Another Priceless Quote Coming out of the European Crisis

From The Telegraph: “If the European Union could monetize the value of the credibility it has destroyed, it would be the richest organization on earth,” said one major credit manager.

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.