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Category : Weblog

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 […]

CSC Strategy Letter | Number 8 | You Didn’t Build This Rally

Download Cove Street Capital’s September 2012 Strategy Letter Number 8, “You Didn’t Build This Rally”

Cove Street Capital Calling

Despite twenty-eight years in the investment management industry and the natural cynicism that comes with experience, I nonetheless retain the ability to be amazed at what can pass for normalcy in the full light of day. Case in point is […]

Summer Reading Continued

The fault, dear Brutus, is not in our stars, but in ourselves… The latest in a long line of thought provoking pieces by investment consultant guru Charles Ellis about what ails the “business” of investment management and the propensity for all actors—clients, consultants […]

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. CLICK HERE to download the article.  

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 | […]

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.

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 […]

More Things That Don’t Change Over Time

THIS (Keynes the Stock Market Inventor) 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 tract. We would note the following and […]

The Active Management Pretend Game

by Eugene Robin  |  Research Analyst, Cove Street Capital 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 […]

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, Cove Street Capital   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 […]

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 […]

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 strives for […]

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 […]

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 […]

What We Are Thinking: Approach Resources

by Eugene Robin Approach Resources, Incorporated (AREX: NASDAQ) is an independent oil and gas exploration company located in west Texas. As a spinout from energy private equity firm Yorktown Partners, Approach situated itself on land that was, at the time, […]

A Plea for Higher Interest Rates

What’s great about Jim 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 point […]

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

http://blogs.wsj.com/deals/2011/12/29/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 (JEF: NYSE) 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 […]