Category : Notable and Quotable

And the Vending Machine Selling Cheetos is Completely Empty

From the Quanex Building Products Presentation on June 9th, 2016 Question (Unknown analyst): So for a number of the manufacturers, particularly in the window side, it seems that the surge in housing activity in ’13 and then the subsequent drop-off […]

Right On…181 Years Later

William Leggett, a Jacksonian Democrat and abolitionist, writing in the New York Evening Post, Nov. 21, 1834: “Whenever a Government assumes the power of discriminating between the different classes of the community, it becomes, in effect, the arbiter of their […]

Do We Think This Country Would Be Better Off with More Jaime Dimons or Elizabeth Warrens?

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 […]

Very Relevant Thoughts for CSC – Culled from “The Rediscovered Benjamin Graham”

“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 […]

Atul Gawande, Money Manager

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, […]

This is a Great Response

“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 […]

Well Said.

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 […]

Social Media Lets Us Pretend to Know Something About Everything

by Jeffrey Bronchick | Chief Investment Officer Read this article from the New York Times and replace many of the nouns with “investor,” “stock,” and “investment industry.” Long before social media, Wall Street and its predecessors had a wildly viral network […]

Proxy Season and the Unusually Juicy Soap Opera at Tessera

We own Tessera at a cost of approximately $16 per share. Our thought process was simple: a conservative analysis of their IP portfolio’s current cash stream plus cash on the balance sheet suggested a valuation of $15 per share, leaving […]

A Brief Presentation by Our CIO

Our CIO Jeff Bronchick gave a presentation at the Emerging Managers Summit in Chicago. CLICK HERE to download the slides.

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 Strategic […]

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 […]

But This CEO Goes to 11

Many things can aggravate an investor in a very cheap stock. This one is particularly irking. Leo Apotheker, the “9 month old” CEO of Hewlett Packard, for reasons unbeknownst to those rationally running public companies, participated in the following dialogue […]

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

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

Yahoo and Jack Ma

Only somewhat facetiously, I wonder out-loud why Jack Ma was not arrested at the US border last week when he spoke at The Wall Street Journal’s All Things Digital Conference. On a massive and very public scale, he is conveying […]

Thank you Mr. Dimon

At what was surely a suave gathering of banking officials in Atlanta on June 7th, this exchange was noted between Morgan’s Jaime Dimon and Fed Chief Ben Bernanke. The answer should scare you. Mr. Dimon: Y’know, I have this, totally, […]