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
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.
There aren’t that many times in an investor’s career when the environment changes so much in a few weeks. The following interview on the ValueWalk’s
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
Well…he has less competition. From the ViaSat files: SoftBank’s OneWeb Is Said to Mull Bankruptcy as Cash Dwindles (Reprinted from Bloomberg, by Eliza Ronalds-Hannon, Gillian
Klarman Sees Bargains, Baupost Seeks More Capital During Chaos (Reprinted from Bloomberg, Michael McDonald, 2020-03-19) Seth Klarman is bargain hunting. The value investor told clients
Dear CSC Partner: In this uncharted mess of circumstances in which we are presently all immersed, unless requested otherwise, we will try to keep our
BREAKING: We interrupt this regularly scheduled letter for a brief and likely useless take on “the virus.” The first issue is that when a
