The following is an excerpt from our Q3 2020 Small Cap Plus letter. If you have ever found yourself struggling to explain why, in the
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
Did Lockdown Work? An Economist’s Cross-Country Comparison by Christian Bjornskov
Radical Uncertainty: Decision-Making Beyond the Numbers by Mervyn King and John Kay I am fully aware of my ability to convey enthusiasm about seemingly esoteric
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
It is almost always a contrary indicator when the sell-side is unanimous, but what happens when they can’t agree at all? In reality, when there
FDR is regarded as one of the most effective communicators in radio history. Although the fireside chats are often thought of as having been a
The Strategic Game of ? and ? – John Boyd, June 1987
“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
“Value” has a number of different components all tied at the hip. Internally, we simplify by mentally handicapping companies as either “Buffets or Grahams” based
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
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
New York Governor Andrew Cuomo was asked at a press conference on March 31st about the risks of purchasing redundant medical equipment: “We are broke.
Call us crazy, but the thought occurred us in the last few weeks that there might be stocks that have gotten crushed in the last
From the 2020 Berkshire Hathaway Annual Letter to Shareholders: Board of Directors In recent years, both the composition of corporate boards and their purpose
Our favorite new acronym (within an industry that has far too many) is “TINA”. TINA is not the name of a person or object. It
Negative Interest Rates and Assorted Fixed Income Weirdness One Claudio Borio, head of the monetary and economic department at the BIS, recently remarked of $14.8
While I will cop to a mildly obnoxious habit of introducing references that almost always require an internet search, I also will start this year
Female CEOs are not correlated any differently with success than their gender counterparts. CFOs However? Interesting. S&P Global Quantamental Research
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.
In a prolonged anti-value momentum-driven rally, it’s easy and natural to forget the long-term value proposition of a rebalancing discipline. The evidence and intuition underlying
Under the heading of things that just can’t last, today’s topic is venture capital firms continuing to invest in technology companies that consistently lose an
Selloff in Complex Investments Flashes Warning for Junk Bonds
It may surprise you to hear that we sincerely believe there are aspects of the investment management industry that are truly unique. Before you start
Political Cycles and Stock Returns – Lubos Pastor and Pietro Veronesi
You Can’t Be a Wimp — Make the Tough Calls — Harvard Business Review
Source: The Wall Street Journal
