Category : Ben Claremon

One More Look at Currency

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 overseas. For anyone who has not been paying close attention to the how much the dollar has strengthened, here are a couple of eye-opening data points. The Euro/US Dollar rate closed at 1.07 on April 20th 2015, down from 1.38 […]

Quarterly Earnings: Our Sentiments Exactly!

by Ben Claremon | Research Analyst As long term-focused investors, we have a certain disdain for the quarterly earnings rigmarole and the associated maniacal focus on “beating” what are somewhat irrelevant earnings per share estimates. The truth of the matter is that, more often than not, what happens during an arbitrary 90 day period has very little bearing on the long-term opportunity for a company or on its intrinsic value. As such, the huge price moves—both up and down—that occur […]

Buffett vs. Icahn on Coca Cola? Slam dunk for Icahn.

by Jeff Bronchick and Ben Claremon We have been thinking about this issue for a few weeks, tempering our urge to dash out some heated thoughts of the moment. We have gotten over it. Ignoring for a moment the details of Coca Cola’s magnificent excessiveness in its executive compensation plan, the issue here is Buffett’s decision-as Coke’s largest shareholder and long-term confidante of the management team-to express his viewpoint that the pay package is indeed excessive by abstaining from a […]

The Annual Pilgrimage to Omaha

Berkshire This past weekend’s trek to Omaha for the Berkshire Hathaway annual meeting represented the fifth consecutive time I have ventured to see the Oracle of Omaha and the man they call Charlie share their wisdom. Sorry folks, I didn’t take notes from the meeting this year. I have decided to pass that torch along to the next generation of note takers. However, the upshot of not taking notes is that I was able to absorb more of what was […]

Ben Claremon and the Great White North

Under normal circumstances, the prospect of leaving sunny Southern California to travel to a place where the day-time temperature encourages the wearing of fur is not particularly appealing. But I decided this year to make the slog to attend Fairfax Financial’s annual meeting in Toronto. Prem Watsa, the Chairman and CEO of Fairfax, has the reputation of being the Warren Buffett of Canada as he has modeled Fairfax to be similar to Buffett’s Berkshire Hathaway in terms of structure and […]

Hello Ruby Tuesday

A few weeks ago, Cove Street was asked to present a small cap stock idea for the 2013 Small-Cap Investing Summit. Our analyst Ben Claremon chose to discuss the investment thesis for Ruby Tuesday (RT) and created the attached presentation. Despite the fact that Ben was unfortunately not allotted the standard Bill Ackman 3 hour time window, these slides provide an in-depth analysis of why we think RT is undervalued. CLICK HERE to download the slides. _______________________________________________________________________ The opinions expressed herein […]

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. CLICK HERE to download the article.  

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 is the amusing back and forth between Charlie and Warren or the number of people who come to Omaha to glean words of wisdom from the leaders of Berkshire Hathaway (BRK).   Unfortunately, what has changed is the format […]

Notes from the Front Line: UCLA

The opinions expressed herein are not those of Cove Street Capital. The post was written by Ben Claremon, an employee of CSC, and includes his summaries of speeches given at a recent UCLA Anderson Investment Association Conference. You should not consider this information a recommendation to buy or sell any particular security. 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 […]

In Support the of Home Team

by Ben Claremon 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. Most students fulfill this requirement by completing a consulting project for a local company and writing a paper detailing their recommendations. However, we had our sights set on a different kind of project, one that would have a much greater impact on Anderson. […]