How CEOs Can Forge a New Kind of Shareholder Value – Alfred Rappaport (Bloomberg Opinion) The Business Roundtable, the organization for chief executive officers of
Today my colleagues propose to roll back the requirement that auditors attest to the adequacy of certain companies’ internal controls. The proposal’s analysis of the
“In a free society…there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase
I certainly have no interest in trying to call the top of any market cycle. No one has the ability to do that consistently. And
“The paper is organized around a number of facts and fictions about the size effect that warrant clarification. The facts we present include: that the
Continuing on the corporate governance theme, we are posting this oldie but goodie. A couple of years ago, I was interviewed by The Manual of
Download Cove Street Capital’s July 2019 Strategy Letter Number 36 “Big House, Small Doors?”
– Second Read: Writers Look Back at Classic Works of Reportage by James Marcus – In Our Mad and Furious City by Guy Gunaratne –
If we told you a very high ranking finance minister wrote and went public with this, could you guess the country? “In this administration, decisions
While the S&P 500 reaches new highs, I’ve taken the opportunity to reread Margin of Safety by Seth Klarman. While rereading, I rediscovered the story
The vast majority of the Cove Street investment team’s day is spent reading, creating and perusing models, and finding and talking to relevant third party
Following on some recurrent themes, this is how we think about the world and the money entrusted to us. Said another way, “Wall Street” exists
Constellation Software’s Shareholder Letter.
ESG investing is all the rage today. For any of you not familiar with ESG, it has become synonymous for socially responsible and sustainable investing.
Law And Order: Proxy Offense Unit. Duh…Duh. At Cove Street Capital, we focus on business, value, and people. We put particular emphasis on the people,
I have known Toby Carlisle for close to 10 years now. Toby is a deep value investor who runs a firm called Acquirers Funds. At
Patience is not a virtue that is developed easily, especially if your primary job is to assemble portfolios of publicly traded equities. The amount of
Today’s topic is the proxy advisor industry and the real abandonment of responsibility by the investment management/passive management industry despite what nonsense they espouse. My
We read and listen to a lot of stupid things written by people who work at places who should know better. Sadly, they are often
This Time Is Different, But It Will End the Same Way. – Daniel Zwirn, Jim Kyung-Soo Liew and Ajakh Ahmad
One of “our” many behavioral flaws is best described as Recency – as in we either can’t remember a damn thing and thus we extrapolate
Non-GAAP earnings are increasingly being used for management compensation. A large difference between GAAP and non-GAAP earnings is a lead indicator for poor future stock
Download Cove Street Capital’s April 2019 Strategy Letter Number 35 “Cocktail Napkins.”
After returning from an investor conference and speaking with companies across the economic spectrum, one theme emerged: employees are costing more and are harder to
Sometimes (often actually) in investing, you do know where you’re going, and when you do, you can be efficient. Put in place a plan and
This was lifted from a recent column by John Authers, who now writes for Bloomberg after a long career at the Financial Times. In regard
Worth reading at least the first six pages. A class act that we stupidly sold long ago when it seemed “expensive.” Before tripling again. Whether
We read random academic papers. We are innately wary of any sentence that starts with “Our model says. ” We prefer literature without quadratic formulas.
Written by Dean Pagonis Mistakes are a key part of life. People who develop wisdom make a large number of mistakes, but they mitigate the
