The idea of regulation and the establishment of a legitimate exchange is to ensure that phony and fraudulent ideas DON’T go public in the first place.
Let’s be clear. Investing money is really about one of at least three things: structuring a pool of capital to meet stated goals, simply making
A sneaky little cull from the Financial Times this week on the world of Private Credit. Some in long pants might recall the former Citi CEO calling the top in 2007.
This is the FINRA proposal allowing investment managers to include specific return targets when raising money from “qualified” pools of money. If I knew I
We bought our Mutual Fund for $1 when we started Cove Street. It might have been overvalued on an NPV weighted for back-office commitment. This
The good folks at Verdad do quantitative work that exceeds our personal time commitment to the quantitative. So they are part of our read widely
Rigorous investment analysis involves the consideration of all “known” variables as well as a wide swathe of qualitative considerations of unknown unknowns to the best
“Generally speaking, it pays to stay away from declining businesses. It’s very hard. You’d be amazed at some of the offers of businesses we get
The calendar third quarter of 2023 was a messy one for financial markets at large, and we were not immune to its lack of charms.
The International Energy Agency has forecasted that demand for fossil fuels will peak before 2030. “I don’t think they’re remotely right . . . You can build scenarios, but
Somewhat obvious relevance to what we do here from a New Yorker profile of Lionel Messi: The legendary striker can often be found off the
And it deserves widespread distribution. SEC Charges Newell Brands and Former CEO for Misleading Investors About Sales Performance FOR IMMEDIATE RELEASE 2023-210 Washington D.C., Sept.
By Dawn Lim, Layan Odeh and Linly Lin (Bloomberg Businessweek) — In its heyday, Fenway Partners snapped up a fleet of companies from outposts overlooking
I would think the general institutional investor that is in Private Equity funds understands that they are buying into a pool of investments, each of
The world turns. New people are born and eventually move off the couch and into something resembling employment. And thus new generations of nonsense about
From Bloomberg article Rogers Wins as Court Blasts ‘Unreasonable’ Antitrust Czar August 30th, 2023 (Bloomberg) — A court ordered Canada’s competition body to pay millions
From Berkshire Annual Meeting 2023: What gives you opportunities is other people doing dumb things. And it’s — and I would say that — well,
From industry rag FundFire: Janus Henderson CEO Ali Dibadj is making no secret of his goal to buy private credit capabilities, saying in an earnings
Less stocks, less trimming, less taxes. Less indexation? Not really, as one of these mega-winners finds you rather than vice versa. The other practical issue
I will categorically deny that I have ever hired anyone for the simple reason that I did not want take a turn at voting CSC
There are some events that prove you entirely wrong, regardless of how “off spreadsheet” they are. Was this one of them?
From time to time, there are some decent questions raised about investing that emanate from the academic world of investment research. You should always dig
Click the image to download a PDF version. We return after a slightly longer than usual gap between writings as…we were busy. Yes, it is
Clipped from a recent and almost always good The Diff/Bryne Hobart blog: First, there are some traits good investors need that are fairly stable over
When poor governance and shareholder idiocy happens and we do or say nothing, isn’t that lying down in front of a misattribution of Sir Edmund
This “may” be a version of me admitting in 2023 that cat videos exist and are very cute, but since it is a long essay
You can run your PA as you see fit. We would suggest this is your second largest position as is ours. This recent presentation does
