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
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
It’s nice to know we’re not alone…although it feels that way sometimes. Source: AYI Q1 2020 10-Q Looks like there were some other shareholders who
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
Every December our firm is excited to spend time and money toward a charitable cause that is chosen by a different CSC team member each
‘The Second’ Is Best: How El Segundo Grew Into LA’s Premiere Office Market: Commercial Observer
We really wanted to like what we read in the recently-released proxy statement for Acuity Brands (AYI). In response to an awful say-on-pay result from
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.
JD Wetherspoon founder Tim Martin has launched an attack on two of his pub chain’s biggest shareholders, accusing them of hypocrisy on corporate governance. Mr
It could be worse. This was parsed from a recent piece written by the great defender of the American capitalist system, Carl Icahn. On Aug.
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
Pacific Investment Management Co. is moving the bar for an asset allocation fund co-managed by Rob Arnott. Arnott’s Pimco All Asset All Authority Fund has
Political Cycles and Stock Returns – Lubos Pastor and Pietro Veronesi
Meb Faber is a SoCal-based investor I have known for a number of years. Meb is the CIO of a quant firm called Cambria Investments.
Download Cove Street Capital’s October 2019 Strategy Letter Number 37: “Fitzgerald, Goethe, Value”
