One of “our” many behavioral flaws is best described as Recency – as in we either can’t remember a damn thing and thus we extrapolate
Non-GAAP earnings are increasingly being used for management compensation. A large difference between GAAP and non-GAAP earnings is a lead indicator for poor future stock
Download Cove Street Capital’s April 2019 Strategy Letter Number 35 “Cocktail Napkins.”
Sometimes (often actually) in investing, you do know where you’re going, and when you do, you can be efficient. Put in place a plan and
This was lifted from a recent column by John Authers, who now writes for Bloomberg after a long career at the Financial Times. In regard
Worth reading at least the first six pages. A class act that we stupidly sold long ago when it seemed “expensive.” Before tripling again. Whether
We read random academic papers. We are innately wary of any sentence that starts with “Our model says. ” We prefer literature without quadratic formulas.
Written by Dean Pagonis Mistakes are a key part of life. People who develop wisdom make a large number of mistakes, but they mitigate the
Culled from the 2018 Markel Letter to Shareholders. Right Owners The first idea is that of the “Right Owners.” As your management team, we want
“In the modern corporate sphere the desire to make profits, however, has been replaced with the desire to achieve growth at any cost. Often this
Very few things trigger CSC as a collective as the idea of the ‘adjusted’ quarterly/annual performance metric. While it has become very common and an
The ever-eloquent and ever-right gentleman from Spain. Very much a worthy education. On Boards of Directors: Power, Reality, Incentives and Value Creation – Fernando del
If you have traipsed through a CFA program, you probably remember Mr. Damodaran, who co-wrote any number of books on valuation. And if I didn’t
From an Interview with Chad Myhre, Portfolio Manager, Public School & Education Employee Retirement Systems of Missouri: CIO: What’s the most challenging? Myhre: One of
New CEO Larry Culp on the Q4 GE earnings call: Number one is managing first and foremost for operational performance. Preparing for the earnings call,
So you might have noticed a few articles around the web in regard to AI/data mining/quantitative finance/etc. While we remain irrevocably wedded to the premise
Click here for Ben Claremon’s presentation on Axalta. This report is published for information purposes only. You should not consider the information a recommendation to
This is a relatively new purchase for Cove Street and we are delighted to see something thoughtful and intelligent to assist our cause. “While we
Download Cove Street Capital’s January 2019 Strategy Letter Number 34, “The Old Normal.”
“We make a living by what we get, but we make a life by what we give.” —Winston Churchill Each year, Cove Street gives both
Source – Asian Investment Bank CLSA and the Asian Corporate Governance Association – December 2018
John Malone and Co. from the 2018 Liberty Media Investor Day: Well, we have to take the long view and I’ve always taken the long
At lunch a long time ago, Brian told me, “Here is our plan…buy businesses with 40% gross margins from idiots in private equity who don’t
Click here for our 2018 presentation.
Like the proper evaluation of good red wine, it pays to go back to the proverbial well and regularly review thoughts that have previously made
From the SEC vs. Elon Musk filing: According to Musk, he calculated the $420 price per share based on a 20% premium over that day’s
From The Wall Street Journal: The SEC has broad power to address issues such as listing costs, unreasonable litigation and the expensive, time-consuming reporting requirements
By: Ben Claremon | Principal & Portfolio Manager We are often evaluated by our current (and potential) partners based on our most glaring successes and
