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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

Thoughts

Awful Ideas that are Legal

Full kudos on the young man who came up with this scheme. But if there ever was an idea that is ripe for abuse it

Jeffrey Bronchick, CFA January 25, 2024

Economics at Large

Signs of Sentient Life Naturally Ignored at A Regulatory Body

Statement Dissenting from Approval of Proposed Rule Changes to List and Trade Spot Bitcoin Exchange-Traded Products

Jeffrey Bronchick, CFA January 16, 2024

Economics at Large

Regulatory Mandates, Proxy Changes, Board Committees, 7 Figure Directors and Managers…or…Just Live This?

Jeffrey Bronchick, CFA January 3, 2024

Economics at Large

Explaining a lot about Executive Comp and M+A

It doesn’t matter whether company size is measured as assets, market value, sales, revenue, or number of employees — bigger firms pay more … way more.

Jeffrey Bronchick, CFA December 12, 2023

Markets, Rationality & Decision Making

Data Mining From the Enlightened Height of Our Self-Interest

The Verdad people do interesting work. That they tend to conclude with our internal bias towards toward small and value makes them even more fascinating.

Jeffrey Bronchick, CFA December 11, 2023

Economics at Large

Probably Ignore It

”But what if you found out that key data underlying that breakthrough were actually wrong?” Academic research is fun-ish. A problem with making money from

Jeffrey Bronchick, CFA December 5, 2023

Economics at Large

Green Fees

Hedge Fund Veteran Slams Green ‘Echo Chamber’ After Closing Firm

Jeffrey Bronchick, CFA December 4, 2023

Economics at Large

Reverse Idiocy

The idea of regulation and the establishment of a legitimate exchange is to ensure that phony and fraudulent ideas DON’T go public in the first place.

Jeffrey Bronchick, CFA December 4, 2023

Economics at Large

Probably the 2nd Oldest Profession

Let’s be clear. Investing money is really about one of at least three things: structuring a pool of capital to meet stated goals, simply making

Jeffrey Bronchick, CFA November 28, 2023

Markets, Rationality & Decision Making

The Dancing Fool?

A sneaky little cull from the Financial Times this week on the world of Private Credit. Some in long pants might recall the former Citi CEO calling the top in 2007.

Jeffrey Bronchick, CFA November 27, 2023

Thoughts

The Return Projections Will Equal What is Necessary for Money to Change Hands

This is the FINRA proposal allowing investment managers to include specific return targets when raising money from “qualified” pools of money. If I knew I

Jeffrey Bronchick, CFA November 27, 2023

All About CSC

Thinking Tidbits from the Mutual Fund World

We bought our Mutual Fund for $1 when we started Cove Street. It might have been overvalued on an NPV weighted for back-office commitment. This

Jeffrey Bronchick, CFA November 15, 2023

The Business of Investment Management

Business Week Headline Disease?

The good folks at Verdad do quantitative work that exceeds our personal time commitment to the quantitative. So they are part of our read widely

Jeffrey Bronchick, CFA November 14, 2023

The Business of Investment Management

Uselessness Defined

Rigorous investment analysis involves the consideration of all “known” variables as well as a wide swathe of qualitative considerations of unknown unknowns to the best

Jeffrey Bronchick, CFA November 7, 2023

Thoughts

Our Own Cognitive Dissonance…Featuring Warren Buffett

“Generally speaking, it pays to stay away from declining businesses. It’s very hard. You’d be amazed at some of the offers of businesses we get

Jeffrey Bronchick, CFA October 27, 2023

CSC Strategy Letter

CSC Strategy Letter | Number 52 | Lines in the Yield Sand

The calendar third quarter of 2023 was a messy one for financial markets at large, and we were not immune to its lack of charms.

Jeffrey Bronchick, CFA October 24, 2023

Economics at Large

A $55 Billion Opinion: Chevron CEO

The International Energy Agency has forecasted that demand for fossil fuels will peak before 2030. “I don’t think they’re remotely right . . . You can build scenarios, but

Jeffrey Bronchick, CFA October 24, 2023

The Business of Investment Management

Research: What You Do When You Don’t Know What You Are Doing

Somewhat obvious relevance to what we do here from a New Yorker profile of Lionel Messi: The legendary striker can often be found off the

Jeffrey Bronchick, CFA October 16, 2023

Markets, Rationality & Decision Making

Let’s Just Say This is Not an Isolated Incident In Corporate America

And it deserves widespread distribution. SEC Charges Newell Brands and Former CEO for Misleading Investors About Sales Performance FOR IMMEDIATE RELEASE 2023-210 Washington D.C., Sept.

Jeffrey Bronchick, CFA September 29, 2023

Economics at Large

The Next Time Someone Worries about Public Smallcap Investing and Liquidity…

By Dawn Lim, Layan Odeh and Linly Lin (Bloomberg Businessweek) — In its heyday, Fenway Partners snapped up a fleet of companies from outposts overlooking

Jeffrey Bronchick, CFA September 25, 2023

Economics at Large

Stealing with You or Stealing from You?

I would think the general institutional investor that is in Private Equity funds understands that they are buying into a pool of investments, each of

Jeffrey Bronchick, CFA September 19, 2023

Economics at Large

It’s Been a While, But People Remain as Dumb as Ever on the Topic Of Share Repurchase

The world turns. New people are born and eventually move off the couch and into something resembling employment. And thus new generations of nonsense about

Jeffrey Bronchick, CFA September 18, 2023

Thoughts

Well This is An Idea that Has Real Merit!

From Bloomberg article Rogers Wins as Court Blasts ‘Unreasonable’ Antitrust Czar August 30th, 2023 (Bloomberg) — A court ordered Canada’s competition body to pay millions

Jeffrey Bronchick, CFA August 30, 2023

All About CSC

Linda Evangelista and the Definition of Smallcap Investing

It is no secret that a cadre of mega cap tech stocks have had a spectacular run so far in 2023. And while the “Magnificent

Cove Street Capital August 29, 2023

Economics at Large

Extended Sniff Test and Applicability to Investment Research in a World Which a Banana May Be Deemed Rational

Jeffrey Bronchick, CFA August 28, 2023

Markets, Rationality & Decision Making

Well, It Seems Like It’s Them And Us Right Now On This Pitch

From Berkshire Annual Meeting 2023: What gives you opportunities is other people doing dumb things. And it’s — and I would say that — well,

Jeffrey Bronchick, CFA August 18, 2023

Markets, Rationality & Decision Making

Not to Pick on Them Per Se, But How Can “Private Credit” Be More Picked Over?

From industry rag FundFire: Janus Henderson CEO Ali Dibadj is making no secret of his goal to buy private credit capabilities, saying in an earnings

Jeffrey Bronchick, CFA August 8, 2023

Markets, Rationality & Decision Making

Well the Good Part Starts at 44:10….Cove Street at the Markel Annual Meeting

Jeffrey Bronchick, CFA August 2, 2023

The Business of Investment Management

Less is More

Less stocks, less trimming, less taxes. Less indexation? Not really, as one of these mega-winners finds you rather than vice versa. The other practical issue

Jeffrey Bronchick, CFA July 28, 2023

Markets, Rationality & Decision Making

Are They Stealing With Us or From Us?

I will categorically deny that I have ever hired anyone for the simple reason that I did not want take a turn at voting CSC

Jeffrey Bronchick, CFA July 21, 2023

Thoughts

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

Categories

Category: Thoughts

Awful Ideas that are Legal

Signs of Sentient Life Naturally Ignored at A Regulatory Body

Regulatory Mandates, Proxy Changes, Board Committees, 7 Figure Directors and Managers…or…Just Live This?

Explaining a lot about Executive Comp and M+A

Data Mining From the Enlightened Height of Our Self-Interest

Probably Ignore It

Green Fees

Reverse Idiocy

Probably the 2nd Oldest Profession

The Dancing Fool?

The Return Projections Will Equal What is Necessary for Money to Change Hands

Thinking Tidbits from the Mutual Fund World

Business Week Headline Disease?

Uselessness Defined

Our Own Cognitive Dissonance…Featuring Warren Buffett

CSC Strategy Letter | Number 52 | Lines in the Yield Sand

A $55 Billion Opinion: Chevron CEO

Research: What You Do When You Don’t Know What You Are Doing

Let’s Just Say This is Not an Isolated Incident In Corporate America

The Next Time Someone Worries about Public Smallcap Investing and Liquidity…

Stealing with You or Stealing from You?

It’s Been a While, But People Remain as Dumb as Ever on the Topic Of Share Repurchase

Well This is An Idea that Has Real Merit!

Linda Evangelista and the Definition of Smallcap Investing

Extended Sniff Test and Applicability to Investment Research in a World Which a Banana May Be Deemed Rational

Well, It Seems Like It’s Them And Us Right Now On This Pitch

Not to Pick on Them Per Se, But How Can “Private Credit” Be More Picked Over?

Well the Good Part Starts at 44:10….Cove Street at the Markel Annual Meeting

Less is More

Are They Stealing With Us or From Us?

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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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