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Category : Recommended Reading

Grinnell College

There is a lot of money in the world and there are often fascinating stories behind it. This is a great story and what also makes it great is what a pertinent lesson it is for “some people” to understand […]

What Truly Matters is Finding the Right Partners

There is a very real temptation to think someone else is smart based upon the premise that they say things with which you completely agree. Here is a perfect example. Now let’s put this interview into reality. We have met […]

Capital Allocation 101

Sadly, most CEOs don’t read this. They should.

Tweedy Browne’s Characteristics of Successful Investing

A nice reminder for all of us…since it can seem easy to forget when one lives in a world seemingly full of unicorns.

Value Investing: Fact and Fiction

“I came, I saw, I purchased at a low multiple” …from Graham to Asness it still works. CLICK HERE to read more.

Active Share is Overrated — Just Be Right!

Investing other people’s money for a fee is fiendishly simple—just avoid being terribly wrong. This applies to widely diversified or concentrated portfolios. Read on.

Blast from the Past

A few thousand years ago, a friend of the CSC lead PM was a good friend of Jim Cramer who was starting this “online thing” back in the late 1990’s. Was there room for someone writing about value? It was […]

Summer Reading List

All the Light We Cannot See — Anthony Doerr Churchill — Paul Johnson Hitch-22: A Memoir — Christopher Hitchens How Life Imitates Chess: Making the Right Moves, from the Board to the Boardroom — Gary Kasporov The Limits of Strategy: […]

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, […]

Confessions

I have been an on-again, off-again subscriber of the Journal of Applied Corporate Finance (and a predecessor) for more than 20 years. It is worth reabsorbing every few years because our ears get so full of the conventional, PR-driven crap […]

Send Your Kids to Bowdoin?

CLICK HERE to download a recent speech by noted Soros “sidekick” Stanley Druckenmiller.

Coherent and Consistent

This report remains the single most coherent and consistently negative argument against…a lot of things we do.

The Blame Game

From time to time we must look in the investment mirror and conclude that we are stinking and we have no one to blame but ourselves. This is an interesting piece that academically exposes a lot of the other times.

Reading Disorder

A senior member of our investment team read this transcript and couldn’t help but replace the words “investment management” in lieu of the subject being discussed. Worth reading and thinking about.

Does This Make it Impossible for a Value Investor to Have a Beard?

CLICK HERE to download “The hipster effect: When anticonformists all look the same” by Jonathan Touboul

Reading List – The Classics

_________________________________________________ Recently added: Conservative Investors Sleep Well – Philip A. Fisher Good Strategy Bad Strategy: The Difference and Why It Matters – Richard Rumelt Organizational Intelligence: Knowledge and Policy in Government and Industry – Harold L. Wilensky _________________________________________________

Holiday Reading – Dundee Annual Report

I am not sure I am 100% in alignment with “Gold is the Answer” but this ramble is worth reading on a number of fronts from a guy who has put up a terrific record and doesn’t get a lot […]

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. Click here […]

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 […]

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 […]

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 […]

What We See Versus What We Infer

CLICK HERE to download 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 | […]