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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

The Industrial World Just Lost a Great Leader

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

Jeffrey Bronchick, CFA November 5, 2018

From a Recent Presentation to a Family Office Group

Click here for our 2018 presentation.

Jeffrey Bronchick, CFA October 23, 2018

This Was Written in the 1920s

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

Jeffrey Bronchick, CFA October 4, 2018

Not Only Is Tesla Still a Short, but He Is Taking the Pot Stocks with Him

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

Jeffrey Bronchick, CFA September 28, 2018

More on More Public Companies

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

Jeffrey Bronchick, CFA September 13, 2018

What You Currently See is Not All There Is

By: Ben Claremon | Principal & Portfolio Manager We are often evaluated by our current (and potential) partners based on our most glaring successes and

Jeffrey Bronchick, CFA September 11, 2018

Expectations and Small Cap

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

Jeffrey Bronchick, CFA August 29, 2018

Things That Might Have Been in the Strategy Letter But Failed the Coherent Argument Hurdle

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

Jeffrey Bronchick, CFA August 28, 2018

CSC Strategy Letter | Number 33 | More Time to Be Mindful?

Download Cove Street Capital’s August 2018 Strategy Letter Number 33, “More Time to Be Mindful?”

Jeffrey Bronchick, CFA August 28, 2018

This Was Not on the CFA When I Took It

From the WSJ’s Daily Shot:

Jeffrey Bronchick, CFA August 27, 2018

From the Awful Ideas Department

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

Jeffrey Bronchick, CFA August 15, 2018

Best Earnings Conference Call Comment of Q2 2018…or Ever

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

Jeffrey Bronchick, CFA July 26, 2018

Worth Re-Reading…Regularly

Charlie Munger on the Psychology of Human Misjudgment: Harvard University, 1995

Jeffrey Bronchick, CFA July 25, 2018

Like a Lot of Things in Life, Facts Can Be Very Different Than the Narrative

From The Journal of Investing: What Happens to Stocks when Interest Rates Rise?

Jeffrey Bronchick, CFA July 11, 2018

Not Only in LA

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

Jeffrey Bronchick, CFA June 14, 2018

A Topic That Is Chattered Lightly About, but Seems to Be Poorly Understood

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

Jeffrey Bronchick, CFA June 5, 2018

CSC Strategy Letter | Number 32 | As Good As It Gets? The Meme.

Download Cove Street Capital’s May 2018 Strategy Letter Number 32, “As Good As It Gets? The Meme.”

Jeffrey Bronchick, CFA May 15, 2018

Buyback Derangement Syndrome

From AQR Capital Management’s Journal of Portfolio Management

Jeffrey Bronchick, CFA May 9, 2018

More Well-Said and Relevant

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,

Jeffrey Bronchick, CFA May 7, 2018

THIS is a Sign of the Times…and Not a Good One

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

Jeffrey Bronchick, CFA May 3, 2018

Not All That is Interesting and Has Meaning Was Originated Here

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-

Jeffrey Bronchick, CFA May 2, 2018

Another Look at Risks

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): •

Jeffrey Bronchick, CFA April 25, 2018

Glenair’s Peter Kaufman on Investing and Life

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

Jeffrey Bronchick, CFA April 24, 2018

Some People Are Just Wrong. Some People Are Worse.

Consolidated Tomoka Investor Presentation – 2018 Annual Meeting

Jeffrey Bronchick, CFA April 10, 2018

We Wish to a Higher Power That This Were the Attitude of Every Public Company, and That BNY Was a Small Cap so We Could Buy More

BNY Mellon Annual Report: Our Financial and Business Performance Our company continued to produce reasonable financial performance in 2017. On a reported basis, our revenues

Jeffrey Bronchick, CFA April 6, 2018

You Cannot Possibly Tell Me That This is an Isolated Incident in the Midst of the Largest Funding Raising Period In Silicon Valley History

The SEC litigation against Elizabeth Holmes and Theranos.

Jeffrey Bronchick, CFA March 15, 2018

Thoughts

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

Categories

Category: Thoughts

The Industrial World Just Lost a Great Leader

From a Recent Presentation to a Family Office Group

This Was Written in the 1920s

Not Only Is Tesla Still a Short, but He Is Taking the Pot Stocks with Him

More on More Public Companies

What You Currently See is Not All There Is

Expectations and Small Cap

Things That Might Have Been in the Strategy Letter But Failed the Coherent Argument Hurdle

CSC Strategy Letter | Number 33 | More Time to Be Mindful?

This Was Not on the CFA When I Took It

From the Awful Ideas Department

Best Earnings Conference Call Comment of Q2 2018…or Ever

Worth Re-Reading…Regularly

Like a Lot of Things in Life, Facts Can Be Very Different Than the Narrative

Not Only in LA

A Topic That Is Chattered Lightly About, but Seems to Be Poorly Understood

CSC Strategy Letter | Number 32 | As Good As It Gets? The Meme.

Buyback Derangement Syndrome

More Well-Said and Relevant

THIS is a Sign of the Times…and Not a Good One

Not All That is Interesting and Has Meaning Was Originated Here

Another Look at Risks

Glenair’s Peter Kaufman on Investing and Life

Some People Are Just Wrong. Some People Are Worse.

We Wish to a Higher Power That This Were the Attitude of Every Public Company, and That BNY Was a Small Cap so We Could Buy More

You Cannot Possibly Tell Me That This is an Isolated Incident in the Midst of the Largest Funding Raising Period In Silicon Valley History

If You Want to Rule the World, Study a ‘Useless’ Subject

Inadvertent Cryptocurrency Adventures

Warren Buffett (on CNBC) on the Tax-Code Changes, January 2018

As Clear As Day

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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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