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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: Philosophical Musings

Counterfactual Investing

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

Jeffrey Bronchick, CFA November 12, 2019

Interesting, but It’s Hard to See Either a “Traditional” Democrat or Republican Running in 2020.

Political Cycles and Stock Returns – Lubos Pastor and Pietro Veronesi

Jeffrey Bronchick, CFA November 4, 2019

Oh…and Just Be Right

You Can’t Be a Wimp — Make the Tough Calls — Harvard Business Review

Jeffrey Bronchick, CFA October 16, 2019

People Tend to Do Today What They Should Have Done Four Years Ago

Source: The Wall Street Journal

Jeffrey Bronchick, CFA October 14, 2019

While You Were Sleeping During that Earnings Call

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

Jeffrey Bronchick, CFA October 4, 2019

Fear the Righteous Person

In Michael Lewis’ interesting podcast, Against the Rules, he relays the biblical story of King Solomon adjudicating a dispute between two women who claimed they

Jeffrey Bronchick, CFA September 25, 2019

Not Sure If “Screw Loose” Is Our Lead Pitch, but There Is a Lot of This in US

Swensen likes to talk about how he looks for money managers who have “a screw loose.” In terms of self-interest, the rational thing to do

Andrew Leaf September 16, 2019

Al Rappaport Has Always Been an Important Read

How CEOs Can Forge a New Kind of Shareholder Value – Alfred Rappaport (Bloomberg Opinion) The Business Roundtable, the organization for chief executive officers of

Jeffrey Bronchick, CFA September 5, 2019

Hear Ye!

Today my colleagues propose to roll back the requirement that auditors attest to the adequacy of certain companies’ internal controls. The proposal’s analysis of the

Jeffrey Bronchick, CFA August 23, 2019

The Death of Value Investing…and Mean Reversion

I certainly have no interest in trying to call the top of any market cycle. No one has the ability to do that consistently. And

Jeffrey Bronchick, CFA July 29, 2019

For the First Annual Summer CSC Giveaway Contest

If we told you a very high ranking finance minister wrote and went public with this, could you guess the country? “In this administration, decisions

Jeffrey Bronchick, CFA July 12, 2019

It’s Just This Simple

We read and listen to a lot of stupid things written by people who work at places who should know better. Sadly, they are often

Jeffrey Bronchick, CFA May 15, 2019

Twenty Years Seems like a Reasonable Proxy for a Complete Cycle Within the Bounds of Career and Firm Risk (Or Is it Three Years?)

One of “our” many behavioral flaws is best described as Recency – as in we either can’t remember a damn thing and thus we extrapolate

Jeffrey Bronchick, CFA April 30, 2019

I Am Shocked, Simply Shocked, to Find That There Is Gambling Here

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

Jeffrey Bronchick, CFA April 24, 2019

A Car Wash?

After returning from an investor conference and speaking with companies across the economic spectrum, one theme emerged: employees are costing more and are harder to

Andrew Leaf April 18, 2019

Replace Investing with Business…And You Will Properly Credit the 2018 Amazon Annual Report

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

Jeffrey Bronchick, CFA April 15, 2019

Good Thinking

This was lifted from a recent column by John Authers, who now writes for Bloomberg after a long career at the Financial Times. In regard

Jeffrey Bronchick, CFA April 15, 2019

Here is Where We Call BS

We read random academic papers. We are innately wary of any sentence that starts with “Our model says. ” We prefer literature without quadratic formulas.

Jeffrey Bronchick, CFA April 9, 2019

How We Try to Avoid Mistakes

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

Jeffrey Bronchick, CFA March 28, 2019

Looking for the Right Owners: Help Us Help You

Culled from the 2018 Markel Letter to Shareholders. Right Owners The first idea is that of the “Right Owners.” As your management team, we want

Jeffrey Bronchick, CFA March 26, 2019

Stupid is Path Dependent

As mentioned in the WSJ

Jeffrey Bronchick, CFA March 20, 2019

The Almighty ‘Adjusted’ Dollar

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

Jeffrey Bronchick, CFA March 19, 2019

Nothing New, But Well Said Nonetheless

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

Jeffrey Bronchick, CFA March 4, 2019

A Little More Than Noise (Though Sometimes Deafening)

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

Jeffrey Bronchick, CFA February 7, 2019

Principles of Accounting

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,

Jeffrey Bronchick, CFA February 4, 2019

The Richard Feynman “I too am a dog” Fallacy

So you might have noticed a few articles around the web in regard to AI/data mining/quantitative finance/etc. While we remain irrevocably wedded to the premise

Jeffrey Bronchick, CFA January 24, 2019

Gosh Darn, We Learn Something New Everyday!

Source: Bloomberg

Jeffrey Bronchick, CFA January 18, 2019

Apparently It Is Difficult to Tell Who Has Been Naughty and Who Has Been Nice

Source – Asian Investment Bank CLSA and the Asian Corporate Governance Association – December 2018

Jeffrey Bronchick, CFA December 7, 2018

It REALLY Would be Nice to Have Permanent Capital

John Malone and Co. from the 2018 Liberty Media Investor Day: Well, we have to take the long view and I’ve always taken the long

Jeffrey Bronchick, CFA November 26, 2018

Thoughts

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

Categories

Category: Philosophical Musings

Counterfactual Investing

Interesting, but It’s Hard to See Either a “Traditional” Democrat or Republican Running in 2020.

Oh…and Just Be Right

People Tend to Do Today What They Should Have Done Four Years Ago

While You Were Sleeping During that Earnings Call

Fear the Righteous Person

Not Sure If “Screw Loose” Is Our Lead Pitch, but There Is a Lot of This in US

Al Rappaport Has Always Been an Important Read

Hear Ye!

Read More Source Material

The Death of Value Investing…and Mean Reversion

For the First Annual Summer CSC Giveaway Contest

It’s Just This Simple

Twenty Years Seems like a Reasonable Proxy for a Complete Cycle Within the Bounds of Career and Firm Risk (Or Is it Three Years?)

I Am Shocked, Simply Shocked, to Find That There Is Gambling Here

A Car Wash?

Replace Investing with Business…And You Will Properly Credit the 2018 Amazon Annual Report

Good Thinking

Here is Where We Call BS

How We Try to Avoid Mistakes

Looking for the Right Owners: Help Us Help You

Stupid is Path Dependent

The Almighty ‘Adjusted’ Dollar

Nothing New, But Well Said Nonetheless

A Little More Than Noise (Though Sometimes Deafening)

Principles of Accounting

The Richard Feynman “I too am a dog” Fallacy

Gosh Darn, We Learn Something New Everyday!

Apparently It Is Difficult to Tell Who Has Been Naughty and Who Has Been Nice

It REALLY Would be Nice to Have Permanent Capital

Important Notice

Thoughts

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

Categories

Category: Philosophical Musings

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