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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

ESG Update: This Helps No One

Cleary Gottlieb’s Memo released on July 24th: Shareholder Complaints Seek To Hold Directors Liable For Lack of Diversity

Jeffrey Bronchick, CFA July 30, 2020

Summer Book Review: Radical Uncertainty

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

Jeffrey Bronchick, CFA July 29, 2020

Lies, Dam Lies and Private Equity IRRs

More fun summer reading. What is relevant are recent rumblings – promoted by “gee, not sure” – to allow 401K funds to offer Private Equity

Jeffrey Bronchick, CFA July 28, 2020

Remember When a Stock Was a Share in a Real Business Rather Than a Quant Variable?

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.

Jeffrey Bronchick, CFA July 21, 2020

Causation or Correlation?

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

Jeffrey Bronchick, CFA July 20, 2020

Let’s Play the Game “What Is Your Favorite Word to Replace ‘COVID’?”

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

Jeffrey Bronchick, CFA July 9, 2020

Ben Claremon Interviewed by Hidden Value Stocks

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

Jeffrey Bronchick, CFA July 9, 2020

ESG Sniff Test: China

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

Jeffrey Bronchick, CFA July 8, 2020

Take The Lemons

This is emblematic of Dumb Money — courtesy of people who are Smart Sellers: Lemonade IPO

Jeffrey Bronchick, CFA June 29, 2020

Off the Spreadsheet Reservation

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

Jeffrey Bronchick, CFA June 25, 2020

Viasat’s CEO Breaks Down the Future of Satellites For Us All

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

Jeffrey Bronchick, CFA June 8, 2020

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

Thoughts

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

Categories

Category: Thoughts

ESG Update: This Helps No One

Summer Book Review: Radical Uncertainty

Lies, Dam Lies and Private Equity IRRs

Remember When a Stock Was a Share in a Real Business Rather Than a Quant Variable?

Causation or Correlation?

Let’s Play the Game “What Is Your Favorite Word to Replace ‘COVID’?”

Ben Claremon Interviewed by Hidden Value Stocks

ESG Sniff Test: China

Take The Lemons

Off the Spreadsheet Reservation

Viasat’s CEO Breaks Down the Future of Satellites For Us All

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”

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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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