It is no secret that a cadre of mega cap tech stocks have had a spectacular run so far in 2023. And while the “Magnificent
A very long time ago, the author was the first outside columnist for TheStreet.com, which in its early days had a terrific set of people
As analysts, we are tasked with identifying companies that can produce favorable risk adjusted returns with a substantial margin of safety. Like any number of
“We” applaud the creation of Exchange Traded Funds as a low cost and liquid way for investors to achieve portfolio diversity. We then apply the
“The amendment will, among other things, suspend Live Nation’s net leverage covenant under its existing senior secured credit agreement for the second and third quarters
Stuart Miller, Executive Chairman, Lennar Corp.March 19th Conference Call “But as you all consider framing your questions, please remember that the national landscape continues to
Thank you FT for this little reference. Pulling from the recent Softbank investor presentation, we present two of their charts referencing some “problems” at WeWork.
…show him or her the following chart, courtesy of Goldman Sachs (with a hat tip to the Wall Street Journal): For those of you who
Three American business school professors decided to find out. In a first-of-its-kind study, they analyzed more than 26,000 earnings calls from more than 2,100 public
The vast majority of the Cove Street investment team’s day is spent reading, creating and perusing models, and finding and talking to relevant third party
Patience is not a virtue that is developed easily, especially if your primary job is to assemble portfolios of publicly traded equities. The amount of
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
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
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
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
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
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,
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
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
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
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 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
One of Wall Street’s Favorite Metrics Is Now Getting Mocked | Bloomberg
— Download this post as a PDF — “Is there not A tongue in every star that talks with man, And wooes him to be
by Dean Pagonis | CSC Research Analyst As the newest member of the Cove Street research team, I have generally been shielded from most ongoing
A nice reminder for all of us…since it can seem easy to forget when one lives in a world seemingly full of unicorns.
