Click here for Ben Claremon’s presentation on Axalta. This report is published for information purposes only. You should not consider the information a recommendation to
This is a relatively new purchase for Cove Street and we are delighted to see something thoughtful and intelligent to assist our cause. “While we
Download Cove Street Capital’s January 2019 Strategy Letter Number 34, “The Old Normal.”
“We make a living by what we get, but we make a life by what we give.” —Winston Churchill Each year, Cove Street gives both
Source – Asian Investment Bank CLSA and the Asian Corporate Governance Association – December 2018
John Malone and Co. from the 2018 Liberty Media Investor Day: Well, we have to take the long view and I’ve always taken the long
At lunch a long time ago, Brian told me, “Here is our plan…buy businesses with 40% gross margins from idiots in private equity who don’t
Click here for our 2018 presentation.
Like the proper evaluation of good red wine, it pays to go back to the proverbial well and regularly review thoughts that have previously made
From the SEC vs. Elon Musk filing: According to Musk, he calculated the $420 price per share based on a 20% premium over that day’s
From The Wall Street Journal: The SEC has broad power to address issues such as listing costs, unreasonable litigation and the expensive, time-consuming reporting requirements
By: Ben Claremon | Principal & Portfolio Manager We are often evaluated by our current (and potential) partners based on our most glaring successes and
A long, long, long time ago, I was the first client of the Applied Finance Group, which was founded by a young Rafe Resendes who
Value Investors are Running out of Dumb Humans In a recent Financial Times piece, Aswath Damodaran, a finance professor at the NYU Stern School, has
Download Cove Street Capital’s August 2018 Strategy Letter Number 33, “More Time to Be Mindful?”
In a world that swims with absolutely awful and irrational economic ideas, this piece somehow manages to sink below the daily discourse and establishes a
Sirius XM CFO David Frear discussing the rumor that Sirius will buy out Live Nation: We kind of get the need for people to sort
Charlie Munger on the Psychology of Human Misjudgment: Harvard University, 1995
From The Journal of Investing: What Happens to Stocks when Interest Rates Rise?
Cosmetic Improvement? The latest survey of US Consumers by Bespoke Investment revealed something both depressing and very interesting. The survey, in its fourth year, regularly
Some interesting clips from the Financial Analysts Journal Q2, 2018 article entitled: Everybody’s Doing It: Short Volatility Strategies and Shadow Financial Insurers. A defining characteristic
Download Cove Street Capital’s May 2018 Strategy Letter Number 32, “As Good As It Gets? The Meme.”
From AQR Capital Management’s Journal of Portfolio Management
Can’t See For Miles The perils of technology forecasting, particularly regarding energy – Mark P. Mills Railroads, the automobile and aircraft, chemistry and pharmaceuticals, electricity,
From the “Adjusted Earnings” disease to privately funding and valuing Unicorns, to the (“alleged”) Theranos fraud, to zero covenant lending, to the spectacle of Elon
From the Sequoia Mutual Fund Shareholders meeting Q&A: Q. How do you think about securing an informational advantage with a company as large and well-
From JP Morgan’s CEO Jamie Dimon’s Letter to Shareholders 2018:: There are some modest negatives or potentially important differences (than during the last crisis): •
A friend of mine, Richard Lewis, runs a very interesting blog called Latticework Investing. Richard is a huge Charlie Munger fan and provides a great
