Cove Street Capital requires a modern browser to look and function properly. Internet Explorer stopped receiving updates in January 2020. Using it may cause display issues on our website, and put your own online security at risk. We highly recommend switching to a secure modern web browser such as Chrome, Edge, Firefox, or Safari.

Thoughts

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

Categories

Category: Thoughts

Nothing Further, Sir

Check out this video on YouTube: Garrett Rips Secretary Lew For Not Playing by the Same Rules as the Rest of Us

Jeffrey Bronchick, CFA September 27, 2016

CSC Strategy Letter | Number 26 | Dow 36,000…and the Grumbling Hive

Download Cove Street Capital’s September 2016 Strategy Letter Number 26, “Dow 36,000…and the Grumbling Hive”

Jeffrey Bronchick, CFA September 20, 2016

Headline Versus Reality

Now, one would think that statements like “More small caps reducing shares, paying dividends” would seem to the investor at large to be a good

Jeffrey Bronchick, CFA September 7, 2016

Another Demerit for Corporate Governance and A-B Share Classes (Formerly “Why Doesn’t the CSC PM Learn His Lesson?”)

Press Release Cove Street Capital, LLC and Other Shareholders Resoundingly Rebuke Westell Technologies, Inc. Board of Directors and Strategic Direction EL SEGUNDO, CA, September 22,

Jeffrey Bronchick, CFA August 11, 2016

Is This Commentary on the State of Affairs in Los Angeles, or the Investment Business at Large?

Jeffrey Bronchick, CFA August 10, 2016

Wash, Rinse, Repeat

From the 2016 Liberty Media Annual Report Dear Fellow Shareholders, The past twelve months have seen the continued structural evolution of Liberty Media. Most notably,

Jeffrey Bronchick, CFA August 2, 2016

And the Vending Machine Selling Cheetos is Completely Empty

From the Quanex Building Products Presentation on June 9th, 2016 Question (Unknown analyst): So for a number of the manufacturers, particularly in the window side,

Jeffrey Bronchick, CFA August 2, 2016

Interesting Thinking

Interesting Thinking

Jeffrey Bronchick, CFA August 2, 2016

This Is Not How You Would Like A Day With Investors To Go

At Cove Street we are constantly weighing three key variables: business, value, and people. In the case of Belmond Ltd., we are confident in the

Jeffrey Bronchick, CFA August 2, 2016

The Old “Sluggish First Half—but We Will Make it Up in the 2nd Half” Trick Bites the Dust…Again

The following is a pretty accurate assessment of what is going in the US economy – we think. “—MSC Industrial Direct Q3 Earnings Call —

Jeffrey Bronchick, CFA August 2, 2016

Druckenmiller – the Endgame Presentation

Druckenmiller – the Endgame Presentation

Jeffrey Bronchick, CFA August 2, 2016

Investment Managers Worry About This

This Is Painful But Try THIS Pain on for Size – 14 Years in a Row of Net Outflows Which Leaves 15,000 to Go Under

Jeffrey Bronchick, CFA August 2, 2016

CSC Strategy Letter | Number 25 | T.I.N.A. Will Be a Cruel Mistress

Download Cove Street Capital’s July 2016 Strategy Letter Number 25, “T.I.N.A. Will Be a Cruel Mistress”

Jeffrey Bronchick, CFA July 13, 2016

The Only Relevant Color or Gender Here is Non-Depreciating Green. The Alternative Color is Gold.

This was a letter recently released by U.S. Senator Elizabeth Warren (D-MA) and U.S. Representative John Conyers (D-MI) and was signed by 116 Members of

Jeffrey Bronchick, CFA May 24, 2016

Reflections from Omaha: A Case of Cognitive Dissonance

by Ben Claremon | Principal, Research Analyst After taking a year off from partaking in the annual trek to Omaha, I returned to the home

Jeffrey Bronchick, CFA May 11, 2016

CSC Strategy Letter | Number 24 | Living in an Economics-Free Zone

Download Cove Street Capital’s April 2016 Strategy Letter Number 24, “Living in an Economics-Free Zone”

Jeffrey Bronchick, CFA April 27, 2016

This Just Smells Really Wrong

From a recent interview with Bill Gross, manager of the Janus Global Unconstrained Bond fund: Years of easing by central banks mean that interest rates

Jeffrey Bronchick, CFA April 20, 2016

The Next Time You Get Harassed About an Underperforming Year—Bring Out the Singer

From the March 2, 2016 Wall Street Journal: Some traders go short. Others go long. Paul Singer went really, really long. His trade, which is

Cove Street Capital April 20, 2016

Buffett’s Annual Report

One of the reasons why Buffett remains important to us is the increasing frequency at which he echoes our own thoughts: I suggest that you

Jeffrey Bronchick, CFA April 20, 2016

Everyone Will Have a 10-72 Record at Least Once in Their Investing Career

A terrific read.

Jeffrey Bronchick, CFA April 20, 2016

Oh Yes, We Will Own This Some Day

Our man, Dean Pagonis, visited Sun Hydraulics last week under the heading of “How Does This Really Work?” Here is what they told us about

Jeffrey Bronchick, CFA February 17, 2016

The Five Experiments

While parts of this wander from what we do day to day, I think it can be argued that it is difficult to divorce these

Jeffrey Bronchick, CFA February 8, 2016

Someone Else Thinking Like Us

We ran across Hodak Value as we were reading a proxy that detailed managers not getting paid a bonus because they didn’t hit a target

Cove Street Capital February 8, 2016

Why You Should Give Us Money Right Now

Properly speaking, there are only three reasons why someone should allocate capital to a money manager: 1. New funding or capital inflows. 2. An existing

Jeffrey Bronchick, CFA February 8, 2016

A Note From The Portfolio Manager

We have habitually re-counseled clients (and ourselves) that financial markets go down as well as up and that is actually a good thing as we

Jeffrey Bronchick, CFA January 26, 2016

Supporting Charts – 1st Quarter 2016

CLICK HERE to download our supporting charts for going forward in 2016.

Jeffrey Bronchick, CFA January 13, 2016

CSC Strategy Letter | Number 23 | Waves in an Ocean of Guesses

Download Cove Street Capital’s January 2016 Strategy Letter Number 23, “Waves in an Ocean of Guesses”

Jeffrey Bronchick, CFA January 8, 2016

Pretty Shareholders

As we clean out files and thoughts at year-end, this was a doozy that I think is an interesting view of “shareholder relations” and how

Jeffrey Bronchick, CFA December 31, 2015

The Most Important Thing

This remains one of my favorite pieces of self-analysis on not only “how to invest” but how to practically invest and conduct one’s self in

Jeffrey Bronchick, CFA December 10, 2015

The Right Way to Think About It

Warren Buffett: Annual Letter Comments Regarding the Selection of Corporate Directors Berkshire Hathaway 2003 Annual Report: Pages 9-10 (bold added): True independence – meaning the

Jeffrey Bronchick, CFA December 10, 2015