By: Ben Claremon | Principal & Portfolio Manager We are often evaluated by our current (and potential) partners based on our most glaring successes and
A long, long, long time ago, I was the first client of the Applied Finance Group, which was founded by a young Rafe Resendes who
Value Investors are Running out of Dumb Humans In a recent Financial Times piece, Aswath Damodaran, a finance professor at the NYU Stern School, has
Download Cove Street Capital’s August 2018 Strategy Letter Number 33, “More Time to Be Mindful?”
In a world that swims with absolutely awful and irrational economic ideas, this piece somehow manages to sink below the daily discourse and establishes a
Sirius XM CFO David Frear discussing the rumor that Sirius will buy out Live Nation: We kind of get the need for people to sort
Charlie Munger on the Psychology of Human Misjudgment: Harvard University, 1995
From The Journal of Investing: What Happens to Stocks when Interest Rates Rise?
Cosmetic Improvement? The latest survey of US Consumers by Bespoke Investment revealed something both depressing and very interesting. The survey, in its fourth year, regularly
Some interesting clips from the Financial Analysts Journal Q2, 2018 article entitled: Everybody’s Doing It: Short Volatility Strategies and Shadow Financial Insurers. A defining characteristic
Download Cove Street Capital’s May 2018 Strategy Letter Number 32, “As Good As It Gets? The Meme.”
From AQR Capital Management’s Journal of Portfolio Management
Can’t See For Miles The perils of technology forecasting, particularly regarding energy – Mark P. Mills Railroads, the automobile and aircraft, chemistry and pharmaceuticals, electricity,
From the “Adjusted Earnings” disease to privately funding and valuing Unicorns, to the (“alleged”) Theranos fraud, to zero covenant lending, to the spectacle of Elon
From the Sequoia Mutual Fund Shareholders meeting Q&A: Q. How do you think about securing an informational advantage with a company as large and well-
From JP Morgan’s CEO Jamie Dimon’s Letter to Shareholders 2018:: There are some modest negatives or potentially important differences (than during the last crisis): •
A friend of mine, Richard Lewis, runs a very interesting blog called Latticework Investing. Richard is a huge Charlie Munger fan and provides a great
Consolidated Tomoka Investor Presentation – 2018 Annual Meeting
BNY Mellon Annual Report: Our Financial and Business Performance Our company continued to produce reasonable financial performance in 2017. On a reported basis, our revenues
The SEC litigation against Elizabeth Holmes and Theranos.
From The Financial Times: Recently the financier Bill Miller donated $75m to the study of philosophy at Johns Hopkins University. The size of the gift
Plenty has been said to date about the general psychosis gripping the general public and equity markets as it concerns “cryptocurrencies.” We have noted these
“We’re in Omaha, let’s say you had bought the Union Pacific Railroad yourself, like we bought the BNSF, and you had bought it a year
We do have a number of client partners for whom we manage assets in a “socially responsible” fashion. That means a lot of things to
Download Cove Street Capital’s January 2018 Strategy Letter Number 31, “Another Lap Around The Sun”
From Research Affiliates: “What is often lost in the conversation of the right level of CAPE is an appreciation for expectations of return in the
What’s the most important consideration for investing? Howard Marks wrote a book titled “The Most Important Thing,” and I think it had 20 lessons. So
(Bloomberg) – Companies rebranding themselves as cryptocurrency firms aren’t the only ones benefiting from bitcoin mania. Crypto Co. today disclosed a private stock sale to
