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
This study should either seem obvious and not worth reading past the summary; or it should seem obvious and therefore Elizabeth Warren is the obvious
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
Did Lockdown Work? An Economist’s Cross-Country Comparison by Christian Bjornskov
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”
Cove Street has received a number of inquiries from both existing and potential clients regarding any changes we have made to our investment process due
Cleary Gottlieb’s Memo released on July 24th: Shareholder Complaints Seek To Hold Directors Liable For Lack of Diversity
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
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
Epidemic forecasting has a dubious track-record, and its failures became more prominent with COVID-19. Poor data input, wrong modeling assumptions, high sensitivity of estimates, lack
I recently had the opportunity to discuss Cove Street’s investment process and a few individual securities in an interview with Hidden Value Stocks. Specifically, 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
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
At risk of creating a widespread Dankberg “crush,” this is the “beyond the spreadsheet” case for Viasat that doesn’t get much play from the “how
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
Cove Street’s experience in working collaboratively with companies to improve corporate governance practices and capital allocation strategies has yielded a very simple insight: being a
“We” applaud the creation of Exchange Traded Funds as a low cost and liquid way for investors to achieve portfolio diversity. We then apply the
At a recent “meeting” of the Asset Management Advisory Committee, Jay Clayton, chairman of the Securities and Exchange Commission, noted: “I have not seen circumstances
One of our analysts, Eugene Robin, CFA, was recently featured on the ValueWalk podcast to discuss his favorite idea, Viasat – his former employer and
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
…but not great. Outside of the prospect of Bernie Sanders being President of the United States, this viewpoint, which has been stubbornly correct for a
“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
