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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

Yes, We Have Written a Letter to the SEC

CLICK HERE to download our recent letter to the SEC.

Jeffrey Bronchick, CFA October 29, 2015

The Dismal Science

Click HERE to download Is Economics Research Replicable? Sixty Published Papers from Thirteen Journals Say “Usually Not.”

Jeffrey Bronchick, CFA October 29, 2015

Grinnell College

There is a lot of money in the world and there are often fascinating stories behind it. This is a great story and what also

Jeffrey Bronchick, CFA October 2, 2015

A New Beginning

Forestar Announces CEO Transition, Management Promotions and Board Retirements ************************ September 28, 2015 06:45 AM Eastern Daylight Time AUSTIN, Texas–(BUSINESS WIRE)–Forestar Group Inc. (NYSE: FOR)

Jeffrey Bronchick, CFA September 29, 2015

Right On…181 Years Later

William Leggett, a Jacksonian Democrat and abolitionist, writing in the New York Evening Post, Nov. 21, 1834: “Whenever a Government assumes the power of discriminating

Jeffrey Bronchick, CFA September 28, 2015

CSC Strategy Letter

CSC Strategy Letter | Number 22 | Paleo Investing

Download Cove Street Capital’s September 2015 Strategy Letter Number 22, “Paleo Investing”

Jeffrey Bronchick, CFA September 10, 2015

Markets, Rationality & Decision Making

Mini Book Review and Thoughts | “Minding the Markets: An Emotional Finance View of Financial Stability” — David Tuckett

I will ignore the somewhat silly premise of the book which was to analyze the emotional nature of “money managers” and thus glean some clues

Jeffrey Bronchick, CFA September 10, 2015

We Would REALLY Like to Know How Many Times This Happens

Dole C.E.O. and Aide Found Liable for $148 Million in Buyout

Jeffrey Bronchick, CFA September 10, 2015

If You Lacked a Reason to Hate Proxy Advisory Firms Before Today, Here is the Last Straw

Related: Plus ça Change, Plus C’est La Même Chose.; The Fire is Burning Leading Proxy Advisory Firms ISS and Glass Lewis Recommend OM Group Stockholders

Jeffrey Bronchick, CFA August 15, 2015

Investment Management is Not a Drinking Game

Aside from a mayonnaise issue, one of the largest pet peeves here is the following: focusing one’s time on finding interesting businesses and values first

Jeffrey Bronchick, CFA August 15, 2015

The Investment World Under Hillary Clinton: Part I

This is certainly our favorite exchange this quarter in the ongoing dialogue between management and shareholders at Richardson Electronics (RELL). The pertinent facts you need

Jeffrey Bronchick, CFA August 15, 2015

What Truly Matters is Finding the Right Partners

There is a very real temptation to think someone else is smart based upon the premise that they say things with which you completely agree.

Jeffrey Bronchick, CFA August 15, 2015

Capital Allocation 101

Sadly, most CEOs don’t read this. They should.

Jeffrey Bronchick, CFA August 15, 2015

Do We Think This Country Would Be Better Off with More Jaime Dimons or Elizabeth Warrens?

Quotation of the Day: “The problem for these guys is that I fully understand the system and I understand how they make their money. And

Jeffrey Bronchick, CFA August 15, 2015

Another Sign of These ‘Loose’ Times

We’ve witnessed many weird and fascinating things in these six years of zero interest rates and quantitative easing but nothing that we’ve seen has personified

Jeffrey Bronchick, CFA August 15, 2015

Tweedy Browne’s Characteristics of Successful Investing

A nice reminder for all of us…since it can seem easy to forget when one lives in a world seemingly full of unicorns.

Jeffrey Bronchick, CFA August 15, 2015

Very Relevant Thoughts for CSC – Culled from “The Rediscovered Benjamin Graham”

“I don’t believe any of us have the pretension of believing that by being very good analysts, or by going through very elaborate computations, we

Jeffrey Bronchick, CFA August 15, 2015

Value Investing: Fact and Fiction

“I came, I saw, I purchased at a low multiple” …from Graham to Asness it still works. CLICK HERE to read more.

Jeffrey Bronchick, CFA August 15, 2015

Active Share is Overrated — Just Be Right!

Investing other people’s money for a fee is fiendishly simple—just avoid being terribly wrong. This applies to widely diversified or concentrated portfolios. Read on.

Jeffrey Bronchick, CFA August 15, 2015

CSC Strategy Letter

CSC Strategy Letter | Number 21 | Three Anecdotes Don’t Make a Data

Download Cove Street Capital’s July 2015 Strategy Letter Number 21, “Three Anecdotes Don’t Make a Data”

Jeffrey Bronchick, CFA July 30, 2015

All About CSC

Supporting Charts for a Strategy Letter Already Too Long

Jeffrey Bronchick, CFA July 30, 2015

ESG

The Fire is Burning – OM Group Continued

Related: Plus ça Change, Plus C’est La MêMe Chose. The following is a letter by Wynnefield Capital Management to fellow shareholders of OM Group (Ticker:

Jeffrey Bronchick, CFA June 15, 2015

ESG

Plus ça Change, Plus C’est La MêMe Chose.

(Translation: Another Weasel-like Deal Where Public Shareholders are Sold-Out.) The topic for today is the deal announcement on May 31st that the OM Group (Ticker:

Jeffrey Bronchick, CFA June 4, 2015

One More Look at Currency

by Ben Claremon | Research Analyst As of the huge currency moves the world has witnessed over the last year or so, the topic of

Jeffrey Bronchick, CFA May 14, 2015

All About CSC

Summer Reading List

All the Light We Cannot See — Anthony Doerr Churchill — Paul Johnson Hitch-22: A Memoir — Christopher Hitchens How Life Imitates Chess: Making the

Jeffrey Bronchick, CFA May 14, 2015

Things That Make Sense to Us…

…That Were Written By Other Guys

Jeffrey Bronchick, CFA May 14, 2015

Atul Gawande, Money Manager

I have no idea how this guy has a life when I merely glance at his bio—but that is not our concern. Substitute “money manager”

Jeffrey Bronchick, CFA May 14, 2015

CSC Strategy Letter

CSC Strategy Letter | Number 20 | Don’t Bring a Knife To a Gun Fight

Download Cove Street Capital’s May 2015 Strategy Letter Number 20, “Don’t Bring a Knife To a Gun Fight”

Jeffrey Bronchick, CFA May 4, 2015

The Good News Is We Are on The “Public” Side

Managing $163 billion is not easy. What this piece points out is: It’s generally right. “Private” or “Alternatives” are a good idea only when practiced

Jeffrey Bronchick, CFA April 23, 2015

This Is a Great Response

“Logic and experience indicate that barring investments in a major, integral sector of the global economy would—especially for a large endowment reliant on sophisticated economic

Jeffrey Bronchick, CFA April 23, 2015