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Thoughts

Exclusive commentary and insights from Team CSC's deep fundamental research, repeatable investment process, and culture of continuous improvement.

Category: Markets, Rationality & Decision Making

Economics at Large

Lessons from Another Proxy Season

As the designated proxy analyst this spring, I had the recent pleasure of pouring over nearly 100 proxies – between both companies we do and

Austin Farris June 20, 2023

Economics at Large

And It’s Fun As Hell

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

Jeffrey Bronchick, CFA June 12, 2023

Markets, Rationality & Decision Making

Premium Mediocrity: Summer Reading

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

Jeffrey Bronchick, CFA June 5, 2023

Markets, Rationality & Decision Making

Mini-Plug: Ecovyst

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

Jeffrey Bronchick, CFA May 26, 2023

Markets, Rationality & Decision Making

Cleaning Up – It’s Possible

Yes, that is the Principal at the far end as the moderator for an investment panel at the Markel Annual Meeting (Yes – please come

Jeffrey Bronchick, CFA May 19, 2023

Markets, Rationality & Decision Making

If I look Hard Enough in This Field of Ponies, I am Bound to Find an Efficient Market

There is a relatively new top 5 Position. What is the value of the privately held portfolio? We paid for zero. The future remains uncertain

Jeffrey Bronchick, CFA May 10, 2023

Markets, Rationality & Decision Making

Oxymoron Time?

Verdad Research puts forth these boxes. It sums up to old school CFA stuff: you tend to get paid well in statistically cheap and you

Jeffrey Bronchick, CFA May 1, 2023

Economics at Large

Well, We Have One Reader!

This is from an X shareholder in CNX Resources we mentioned in a previous blog. “I was recently reading or listening to something – I

Jeffrey Bronchick, CFA April 21, 2023

Markets, Rationality & Decision Making

How Not to Make Money in an Energy Stock

Get sucked into this “crazy” mentality which works for every industry but oil and gas. Own assets near the largest “users” of natural gas in

Jeffrey Bronchick, CFA April 18, 2023

Markets, Rationality & Decision Making

Old School Buffett

WB is running around Japan meeting his “Big 5” Japanese investments and raising nearly free capital to fund it, which is another neat way of

Jeffrey Bronchick, CFA April 13, 2023

Markets, Rationality & Decision Making

Nothing is Easy When People Are Involved: Cano Health

We were not remotely involved in this as an FYI. But if we were simply repaid for every dollar lost in a situation where it

Jeffrey Bronchick, CFA April 3, 2023

Economics at Large

He is Smart and Has an Excellent Sense of Proper Color Palette Usage

Said another way – bank blow-ups are garden variety stupid. The collective “we” rarely change. Said at least one other way, Man is a deterministic

Jeffrey Bronchick, CFA March 14, 2023

Markets, Rationality & Decision Making

This is REALLY Important to Read

…if you are thinking about spending literally trillions of dollars on a new policy imperative. A Recent conference clip from Seifollah Ghasemi, Chairman, President &

Jeffrey Bronchick, CFA March 3, 2023

Economics at Large

Note to the Board: Do You Really Have A Robust View of Capital Allocation?

Our experience says no. This is math behind it.

Jeffrey Bronchick, CFA March 2, 2023

Economics at Large

The Endogenous V and No Repentance on the Call for Lower Interest Rates

We don’t “do” a lot of macro – see last Berkshire annual for the 11,000th repetition why. But we like contrary thinking. And this remains

Jeffrey Bronchick, CFA February 28, 2023

Markets, Rationality & Decision Making

Sure is Nice to Work for Berkshire

Ted and Todd and the Berkshire Annual 2023 (Source: 2021 Annual Shareholder Meeting)

Jeffrey Bronchick, CFA February 27, 2023

Markets, Rationality & Decision Making

Stuff You Find
When You Move Offices

And wish you hadn’t…

Jeffrey Bronchick, CFA February 21, 2023

Markets, Rationality & Decision Making

Just When You Thought This Was A Great Idea

We hate A/B stocks. The amount of people who are “entitled” to a Dictatorship of a public company is depressingly less than the reality of

Jeffrey Bronchick, CFA February 7, 2023

Economics at Large

Talking Your Book (TYB)

TYB is not a crime and we are in favor of it as much as the next person with a full position. But rarely do

Jeffrey Bronchick, CFA January 31, 2023

Economics at Large

We Always Get Questions About Banks

Many institutional clients judge us on relative results vs the Russell 2000 Value. 25% of the index is in Financials which are mostly banks. Reason

Jeffrey Bronchick, CFA January 26, 2023

Economics at Large

Support for the Home Team Message

Mean Reversion. Valuation Matters. Behavioral Finance- people take a long time to see, admit and react to change. Dot-Com Redux How to invest after valuation

Jeffrey Bronchick, CFA January 24, 2023

Markets, Rationality & Decision Making

Shoddy Sell-Side Complaints Now Cross Over into Shoddy Short-Selling Complaints

We don’t know either of the parties. We don’t own the stock. But we certainly agree with X premise: social media has enabled any breathing

Jeffrey Bronchick, CFA January 23, 2023

Markets, Rationality & Decision Making

Don’t Take Our Word for It

One of the most common questions you hear when professional investors are being interviewed is “what do you think is interesting in the current market

Jeffrey Bronchick, CFA December 13, 2022

Markets, Rationality & Decision Making

A Ben Graham-ish Joke

Security Analysis was probably the investment book most quoted, and least actually read of its time. Howard Marks could be the most-read investment writer of

Jeffrey Bronchick, CFA December 5, 2022

Economics at Large

I Don’t Think My Plumber Should Be Focused On Curing Cancer, But It Would Be Nice To Cure Cancer

Press Release from FederalReserve.gov December 02, 2022 Statement by Governor Waller on principles for climate-related financial risk management for large financial institutions “I cannot support

Jeffrey Bronchick, CFA December 5, 2022

Economics at Large

A Great Piece That Really Requires a Response from Mrs. Combs on Her Husband’s Allocation of Time

Excerpt taken from Graham & Dodd Annual Breakfast 2022 Guest Speaker: Todd Combs, Moderator: Michael Mauboussin Summary: The event’s guest speaker was Todd Combs and

Jeffrey Bronchick, CFA December 1, 2022

Economics at Large

The Essence of Corporate Governance….Is Not Helpful to Investors

Excerpt from Musings on Markets: META Lesson 1: Corporate Governance “After five decades of research in corporate governance, my sense is that we have lost

Jeffrey Bronchick, CFA December 1, 2022

Markets, Rationality & Decision Making

Same as it Ever Was, Same as it Ever Was

You don’t have to be a poet to understand that today’s world continues to rhyme with thousands of years of our past because we just

Jeffrey Bronchick, CFA November 15, 2022

Economics at Large

The Inevitable

“Poorly comprised regulation is often just a gift to overcapitalized and over-lawyered people with a large PR budget.” And this isn’t even “real” regulation, which

Jeffrey Bronchick, CFA November 1, 2022

Economics at Large

We Bet He Wishes He Could Pull This One Down

Jeffrey Bronchick, CFA October 18, 2022

Thoughts

Exclusive commentary and insights from Team CSC's deep fundamental research, repeatable investment process, and culture of continuous improvement.

Categories

Category: Markets, Rationality & Decision Making

Lessons from Another Proxy Season

And It’s Fun As Hell

Premium Mediocrity: Summer Reading

Mini-Plug: Ecovyst

Cleaning Up – It’s Possible

If I look Hard Enough in This Field of Ponies, I am Bound to Find an Efficient Market

Oxymoron Time?

Well, We Have One Reader!

How Not to Make Money in an Energy Stock

Old School Buffett

Nothing is Easy When People Are Involved: Cano Health

He is Smart and Has an Excellent Sense of Proper Color Palette Usage

This is REALLY Important to Read

Note to the Board: Do You Really Have A Robust View of Capital Allocation?

The Endogenous V and No Repentance on the Call for Lower Interest Rates

Sure is Nice to Work for Berkshire

Stuff You Find
When You Move Offices

Just When You Thought This Was A Great Idea

Talking Your Book (TYB)

We Always Get Questions About Banks

Support for the Home Team Message

Shoddy Sell-Side Complaints Now Cross Over into Shoddy Short-Selling Complaints

Don’t Take Our Word for It

A Ben Graham-ish Joke

I Don’t Think My Plumber Should Be Focused On Curing Cancer, But It Would Be Nice To Cure Cancer

A Great Piece That Really Requires a Response from Mrs. Combs on Her Husband’s Allocation of Time

The Essence of Corporate Governance….Is Not Helpful to Investors

Same as it Ever Was, Same as it Ever Was

The Inevitable

We Bet He Wishes He Could Pull This One Down

Important Notice

Thoughts

Exclusive commentary and insights from Team CSC's deep fundamental research, repeatable investment process, and culture of continuous improvement.

Categories

Category: Markets, Rationality & Decision Making

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