We know all too well that what has worked recently is owning low-ROE and non-earning companies. But going forward, isn’t it reasonable to expect solid
There are large elements to truth in this piece, but it also references a period where NOTHING was easier and smarter and cheaper than being
We manage other people’s money so it is only fair that we are compared to something. The Russell Index mafia is that something and calling
Republished from Almost Daily Grant’s, a Grant’s Interest Rate Observer daily newsletter. Under The Hood A Different Kind Of U-Turn. Electric Vehicle Hopeful Lordstown Motors
I read a lot. And cut and paste a lot. And save a lot of things, From time to time, I don’t feel like “working”
“Servicers who put struggling families first have nothing to fear from our oversight, but we will hold accountable those who cause harm to homeowners and
There are lots of things that OWNERS should hate about Exxon, all of which are related to their last decade of capital allocation in their
I was recently asked to share a small cap investment idea with the attendees of the Q2 Virtual Summit hosted by the Investor Summit Group.
The IEA is arguably the key source of global energy issues and math. Summarizing: The aspirations of Green grossly underestimate the capacity of the existing
We don’t know these people and we are not vouching for their work or conclusions, but they are holding the right hot poker that is
Cove Street’s PM, Jeffrey Bronchick, has a daughter in Richmond, Virginia, which coincidentally is the home of Markel Corp and their mini-Berkshire style annual meeting.
If there is something upon which anyone in the world can agree, it’s that there is simply an overwhelming amount of “information” out there that
Some of the benefits of investing in private assets instead of public companies have been well documented. As an investor in a private fund, you
The following is an excerpt from Cove Street’s Small Cap PLUS Q1 2021 letter. It represents a totally fictional, certainly not autobiographical, account of what
No, this is not a spinoff of Tim Ferriss’s The 4-Hour Workweek. There are in fact no shortcuts to great investing. Having said that, it is very
This was culled from the first quarterly conference call for Canoo, which needless to say is a SPAC merger that as far as I can
Let’s just say the graveyard is full of those who think they are “bigger” than the market and “markets” exist to be bent to
This relates to a lot of things in the world outside of Wobegon.
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
From the Every Investor Will Get a Trophy File: Taper Tantrums Ahead? Financial Times January 2021: “The second support to be removed is expected
We have always been in the camp of “waves of IPOs are closer to a sign of a market top than a sign of strength
What is the actual float of a company? How many shares are actually tradeable relative to the headline free float share count that major data
Never in the history of the world have more people had more access to information. And yet… On My Mind: They Blinded Us From Science
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
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”
