This exchange is lifted from the recent DISH earnings call. DISH is attempting an “interesting/controversial/expensive/risky?’ build of a software-defined 5G network. They don’t promote, they
This week, another look at what value investing is and isn’t. Nothing really new here if you are a thinking investor, which means there
I recently had the privilege of appearing as a guest on one of the first episodes of the DealMakers Podcast. The conversation was a bit
An idea came to me recently that what value investing truly needs is a re-branding. Companies often re-brand and re-name themselves after some sort
This was one of the better pieces in a world of fawning financial journalism. Thank you Bloomberg for writing about something that doesn’t involve
There are a lot of things in life that are contradictory. This is a classic thought piece describing the tenuous connection between “investing today” and
The New Yorker has become almost unreadable for certain political and woke reasons, but from time to time, there is actually a focus on old
From Billion Dollar Loser, the new book chronicling the WeWork disaster: As one member of WeWork’s finance team put it: “The nature of private markets
Value Losses Lead $10 Billion Quant Trader AJO Partners to Shut: AJO Partners, a $10 billion quantitative fund manager, will shut by the end of
So imagine you are on one of those innumerable TV cop shows where apparently if you stick a variety of crime scene photos on a
Early in my career, I would saddle up the horse and carriage, go to the office, call a company of interest and ask for them
In a world that loves data and quantification no matter what the source or the possibility of reaching a bewildering machine learned conclusion that makes
From Charlie Ergen’s Q2 SATS Conference Call: “So it’s an interesting time. I think patience — I hope our patience will be rewarded. It hasn’t
Observation: If something cannot go forever, it won’t. At current performance rates, there will be five stocks comprising 110% of US market cap. That “seems”
SEC Proposes a Significant Change in Reporting by Institutional Investors It is truly amazing how much time and effort and dollars are spent tracking what
More fun summer reading. What is relevant are recent rumblings – promoted by “gee, not sure” – to allow 401K funds to offer Private Equity
While we prefer to spend most of our time on micro analysis, one cannot avoid being dragged into some of the issues of the day.
While we hate to generalize or box our thinking into “styles,” we naturally, self-evidently, and painfully—today—consider ourselves value managers. We have had many conversations in
As Beijing moves swiftly to increase control over Hong Kong citizens this week, the Wall Street Journal warns that their actions highlight a broader ambition
This is emblematic of Dumb Money — courtesy of people who are Smart Sellers: Lemonade IPO
This is the basic version of a letter we are sending to Classic Value Small Cap clients this quarter. These thoughts are applicable across all our
Klarman Sees Bargains, Baupost Seeks More Capital During Chaos (Reprinted from Bloomberg, Michael McDonald, 2020-03-19) Seth Klarman is bargain hunting. The value investor told clients
Pacific Investment Management Co. is moving the bar for an asset allocation fund co-managed by Rob Arnott. Arnott’s Pimco All Asset All Authority Fund has
“The paper is organized around a number of facts and fictions about the size effect that warrant clarification. The facts we present include: that the
While the S&P 500 reaches new highs, I’ve taken the opportunity to reread Margin of Safety by Seth Klarman. While rereading, I rediscovered the story
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
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
