Category : Weblog

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.

It’s Okay for Us to Quote Bond Managers

To the best of our knowledge, Van Hoisington and Lacy Hunt have been long 30-year Treasury strips since we started in this business in 1984, and the record has been ridiculously good in a cheerily volatile way. This is a […]

The Crowd Around Rising Rates

Bianco Research Comment: “Since December 2002 Bloomberg has conducted 99 monthly surveys. Of these, an incredible 95 surveys (96%) have forecasted higher rates. To repeat, only four times since 2002 (4%) have economists been forecasting lower rates. Those instances are […]

CSC Strategy Letter | Number 1 | Volume 1, Issue 1

Download Cove Street Capital’s July 2011 Investment Strategy Letter Number 1, “Volume 1, Issue 1”

European Spade Work

The Cove Street team remains confident we will see a European Vacation at an acceptable exchange rate. Here is a nice paid clip from the FT: S&P: Calling a Spade a Spade Be careful what you wish for. Those European […]

Yahoo and Jack Ma

Only somewhat facetiously, I wonder out loud why Jack Ma was not arrested at the U.S. 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 […]

Thank You Mr. Dimon

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