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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: Thoughts

When Sell-Side Analysts Disagree

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

Jeffrey Bronchick, CFA June 2, 2020

Ben Claremon Interviewed by Activist Insight

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

Jeffrey Bronchick, CFA June 2, 2020

How Is This Not Idiocy?

“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

Jeffrey Bronchick, CFA June 1, 2020

Greenwashing is Not Gone

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

Jeffrey Bronchick, CFA May 28, 2020

We Would Like to See More of This at the Board Level

Full House Resorts 8K

Jeffrey Bronchick, CFA May 4, 2020

Eugene Robin Discusses Viasat on the ValueWalk Podcast

One of our analysts, Eugene Robin, CFA, was recently featured on the ValueWalk podcast to discuss his favorite idea, Viasat – his former employer and

Jeffrey Bronchick, CFA April 30, 2020

Going Forward: Charts of Interest

Jeffrey Bronchick, CFA April 28, 2020

More Support for the “Why You Shouldn’t Want to Hear From Us All the Time”

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

Jeffrey Bronchick, CFA April 21, 2020

The First Time Since March 2009 the World’s Smartest Men Deem Small Cap Value a Worthy Asset (Barely)

Jeffrey Bronchick, CFA April 20, 2020

John Boyd: Fighter Pilot, Investment Strategist

The Strategic Game of ? and ? – John Boyd, June 1987

Jeffrey Bronchick, CFA April 20, 2020

Less Bad Than Bernie Sanders

…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

Jeffrey Bronchick, CFA April 16, 2020

To the Rescue! Covid Adjusted EBITDA!

“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

Jeffrey Bronchick, CFA April 16, 2020

Choosing a Different Elevator for the Ride Up

“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

Jeffrey Bronchick, CFA April 13, 2020

In Answer to Your Next Question

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

Jeffrey Bronchick, CFA April 1, 2020

2020 Is Cancelled

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

Jeffrey Bronchick, CFA April 1, 2020

I Bet This Is News to This $54 Billion in Debt Outstanding

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.

Jeffrey Bronchick, CFA April 1, 2020

Ben Claremon Was LIVE

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

Jeffrey Bronchick, CFA March 31, 2020

This Has Nothing to Do With a Virus

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

Jeffrey Bronchick, CFA March 26, 2020

Elon Musk: “My goal is to make Starlink the first non-bankrupt LEO”

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

Jeffrey Bronchick, CFA March 19, 2020

Well, They Are Not the Only One

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

Jeffrey Bronchick, CFA March 19, 2020

A Note From Team Cove Street Capital

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

Jeffrey Bronchick, CFA March 19, 2020

The Epidemic of Corporate Yogababble?

TWTR: Enough Already – Scott Galloway

Jeffrey Bronchick, CFA March 10, 2020

CSC Strategy Letter | Number 39 | Here is a Strategy

BREAKING: We interrupt this regularly scheduled letter for a brief and likely useless take on “the virus.” The first issue is that when a

Jeffrey Bronchick, CFA March 3, 2020

Do You Want This, or an Election Primary Debate?

From the 2020 Berkshire Hathaway Annual Letter to Shareholders: Board of Directors In recent years, both the composition of corporate boards and their purpose

Jeffrey Bronchick, CFA February 24, 2020

Blame TINA

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

Jeffrey Bronchick, CFA January 24, 2020

We Weren’t the Only Ones Unhappy With AYI’s Proxy

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

Jeffrey Bronchick, CFA January 23, 2020

Things That Couldn’t Coherently Fit in Our Recent Strategy Letter but Are Still Interesting

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

Jeffrey Bronchick, CFA January 14, 2020

Oblique Strategies

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

Jeffrey Bronchick, CFA January 14, 2020

All About CSC

Cove Street Gives – 2019

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

Jeffrey Bronchick, CFA January 2, 2020

Sometimes Early, Rarely Wrong!

‘The Second’ Is Best: How El Segundo Grew Into LA’s Premiere Office Market: Commercial Observer

Jeffrey Bronchick, CFA December 30, 2019

Thoughts

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

Categories

Category: Thoughts

When Sell-Side Analysts Disagree

Ben Claremon Interviewed by Activist Insight

How Is This Not Idiocy?

Greenwashing is Not Gone

We Would Like to See More of This at the Board Level

Eugene Robin Discusses Viasat on the ValueWalk Podcast

Going Forward: Charts of Interest

More Support for the “Why You Shouldn’t Want to Hear From Us All the Time”

The First Time Since March 2009 the World’s Smartest Men Deem Small Cap Value a Worthy Asset (Barely)

John Boyd: Fighter Pilot, Investment Strategist

Less Bad Than Bernie Sanders

To the Rescue! Covid Adjusted EBITDA!

Choosing a Different Elevator for the Ride Up

In Answer to Your Next Question

2020 Is Cancelled

I Bet This Is News to This $54 Billion in Debt Outstanding

Ben Claremon Was LIVE

This Has Nothing to Do With a Virus

Elon Musk: “My goal is to make Starlink the first non-bankrupt LEO”

Well, They Are Not the Only One

A Note From Team Cove Street Capital

The Epidemic of Corporate Yogababble?

CSC Strategy Letter | Number 39 | Here is a Strategy

Do You Want This, or an Election Primary Debate?

Blame TINA

We Weren’t the Only Ones Unhappy With AYI’s Proxy

Things That Couldn’t Coherently Fit in Our Recent Strategy Letter but Are Still Interesting

Oblique Strategies

Cove Street Gives – 2019

Sometimes Early, Rarely Wrong!

Important Notice

Thoughts

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

Categories

Category: Thoughts

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