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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

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

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

From The Financial Times: Recently the financier Bill Miller donated $75m to the study of philosophy at Johns Hopkins University. The size of the gift

Jeffrey Bronchick, CFA March 5, 2018

Inadvertent Cryptocurrency Adventures

Plenty has been said to date about the general psychosis gripping the general public and equity markets as it concerns “cryptocurrencies.” We have noted these

Jeffrey Bronchick, CFA January 24, 2018

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

“We’re in Omaha, let’s say you had bought the Union Pacific Railroad yourself, like we bought the BNSF, and you had bought it a year

Jeffrey Bronchick, CFA January 24, 2018

As Clear As Day

The Untenable Case For Perpetual Dual-Class Stock

Jeffrey Bronchick, CFA January 24, 2018

More Thoughts That Didn’t Make It in the Strategy Letter (Because We Couldn’t Stretch Far Enough to Make a Coherent Narrative) but Nonetheless Interest Us and Are Relevant

We do have a number of client partners for whom we manage assets in a “socially responsible” fashion. That means a lot of things to

Jeffrey Bronchick, CFA January 16, 2018

CSC Strategy Letter | Number 31 | Another Lap Around The Sun

Download Cove Street Capital’s January 2018 Strategy Letter Number 31, “Another Lap Around The Sun”

Jeffrey Bronchick, CFA January 11, 2018

We Concur — the CAPE (Cyclically Adjusted PE) Ratio Is Not a Useful Timing Signal for Market Turning Points, but Is a Powerful Predictor of Long-Term Market Returns

From Research Affiliates: “What is often lost in the conversation of the right level of CAPE is an appreciation for expectations of return in the

Jeffrey Bronchick, CFA January 10, 2018

Simplicity by Todd Coombs, Berkshire Hathaway

What’s the most important consideration for investing? Howard Marks wrote a book titled “The Most Important Thing,” and I think it had 20 lessons. So

Jeffrey Bronchick, CFA December 18, 2017

The Crypto Nonsense of the Week

(Bloomberg) – Companies rebranding themselves as cryptocurrency firms aren’t the only ones benefiting from bitcoin mania. Crypto Co. today disclosed a private stock sale to

Jeffrey Bronchick, CFA December 14, 2017

The High Price of Free Dumb

As we close out the year, I would like to “note” one Steve Duneier, who is frankly difficult to describe, as one can imagine after

Jeffrey Bronchick, CFA December 14, 2017

Is a Balanced Account 60% stock, 40% stock?

From FT.com: “People have taken their fixed income allocations and turned them into credit allocations because they are scared of rising rates,” says Ashish Shah,

Jeffrey Bronchick, CFA December 14, 2017

Cove Street Capital: Team Update

— Download this post as a PDF — “Until one is committed, there is hesitancy, the chance to draw back. Concerning all acts of initiative

Jeffrey Bronchick, CFA December 13, 2017

Five signs of a really functional market?

From FT Alphaville, December 7, 2017: 1) The spread between the top three exchanges offering your product is no less than… $4,000. 2) The utility

Jeffrey Bronchick, CFA December 11, 2017

Highlights From A Conversation with David Swenson

From a November 2017 Counsel on Foreign Relations interview by Co-Chairman Ermeritus Robert Rubin of David Swensen, CIO of Yale University. So for most of

Jeffrey Bronchick, CFA December 11, 2017

A Time-Tested Way to Lose Money

(Business Wire) — NEW YORK — November 17, 2017 Real Industry, Inc. (NASDAQ: RELY) (“Real Industry” or the “Company”) today announced that it has initiated

Jeffrey Bronchick, CFA November 20, 2017

The Next Time You Get the Bill in a Restaurant, Try Telling Them You Want to Pay in Adjusted Cash

One of Wall Street’s Favorite Metrics Is Now Getting Mocked | Bloomberg

Jeffrey Bronchick, CFA October 27, 2017

Other Things on Our Mind That Didn’t Manage to Work Their Way Into a Coherent Pattern for Our October Strategy Letter

BITCOIN: J.P. Morgan boss Jamie Dimon: “It’s a fraud. It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” In

Jeffrey Bronchick, CFA October 19, 2017

CSC Strategy Letter | Number 30 | Can You Walk Past the Doughnuts?

Download Cove Street Capital’s October 2017 Strategy Letter Number 30, “Can You Walk Past the Doughnuts?”

Jeffrey Bronchick, CFA October 19, 2017

This Time is Really Not Different

— Download this post as a PDF — by Dean Pagonis | Research Analyst Intelligent investors can always come up with a slew of reasons

Jeffrey Bronchick, CFA October 12, 2017

At the Risk of Spending All Day Talking to Ourselves

Picking Stocks Is Hard. It’s Even Harder With Growth: Gadfly (Bloomberg Gadfly) — By Nir Kaissar Picking stocks is famously difficult. But just how difficult

Jeffrey Bronchick, CFA October 2, 2017

Identifying the Next Bubble with Foresight—Not in Hindsight

by Ben Claremon | Principal and Research Analyst In recent letters we have pretty thoroughly discussed the ongoing industrywide move toward passive investment management strategies—and

Cove Street Capital September 29, 2017

A Really Good Piece Worth Reading

The Signal and the Silence | City Journal

Cove Street Capital September 27, 2017

Rinse, Lather, Repeat: Trian and P&G

Some universal ideas that are entirely relevant here.

Jeffrey Bronchick, CFA September 22, 2017

Bullish or Bearish?

“Klarman’s Baupost Plans to Return Some Investor Money”– Bloomberg

Jeffrey Bronchick, CFA September 22, 2017

Amazon 1998

Being gluttons for punishment, this is the entire Bezos collection. At least we haven’t been short. Reprinted from the 1998 Amazon Annual Report Work Hard,

Jeffrey Bronchick, CFA August 30, 2017

Jeff Bezos’ 2016 Letter

While he is reigning terror on the rest of portfolio, these are thoughts we share from Jeff Bezos. First, never use a one-size-fits-all decision-making process.

Jeffrey Bronchick, CFA August 2, 2017

Satellite Potshots

— Download this post as a PDF — “Is there not A tongue in every star that talks with man, And wooes him to be

Jeffrey Bronchick, CFA June 30, 2017

Thoughts

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

Categories

Category: Thoughts

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

More Thoughts That Didn’t Make It in the Strategy Letter (Because We Couldn’t Stretch Far Enough to Make a Coherent Narrative) but Nonetheless Interest Us and Are Relevant

CSC Strategy Letter | Number 31 | Another Lap Around The Sun

We Concur — the CAPE (Cyclically Adjusted PE) Ratio Is Not a Useful Timing Signal for Market Turning Points, but Is a Powerful Predictor of Long-Term Market Returns

Simplicity by Todd Coombs, Berkshire Hathaway

The Crypto Nonsense of the Week

The High Price of Free Dumb

Is a Balanced Account 60% stock, 40% stock?

Cove Street Capital: Team Update

Five signs of a really functional market?

Highlights From A Conversation with David Swenson

A Time-Tested Way to Lose Money

The Next Time You Get the Bill in a Restaurant, Try Telling Them You Want to Pay in Adjusted Cash

Other Things on Our Mind That Didn’t Manage to Work Their Way Into a Coherent Pattern for Our October Strategy Letter

CSC Strategy Letter | Number 30 | Can You Walk Past the Doughnuts?

This Time is Really Not Different

At the Risk of Spending All Day Talking to Ourselves

Identifying the Next Bubble with Foresight—Not in Hindsight

A Really Good Piece Worth Reading

Rinse, Lather, Repeat: Trian and P&G

Bullish or Bearish?

Amazon 1998

Jeff Bezos’ 2016 Letter

Satellite Potshots

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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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