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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

Ben Graham Corner: Securities Analysis

While I Hate Passing on Others Work, GMO Does Do Nice Charts: The Higher For Longer Value Push

Jeffrey Bronchick, CFA September 7, 2021

Podcasts & Recordings

KAR Auction Services: Bull vs. Bear Debate

When the organizers of the Investor Summit conferences asked me to come up with a panel for their Q3 event, I thought it would be

Jeffrey Bronchick, CFA September 2, 2021

ESG

The Devils You Know

This was a former holding. We lost a lot of money. Permanently. Among several terrible mistakes – which include the difficulty of properly valuing a

Jeffrey Bronchick, CFA September 1, 2021

Podcasts & Recordings

Compounders Podcast Interview with KAR Auction Services Executive Chairman Jim Hallett

The guest on Episode 5 of the Compounders podcast was Jim Hallett, the former CEO and now Executive Chairman of KAR Auction Services. KAR is

Jeffrey Bronchick, CFA August 31, 2021

Economics at Large

No Matter Your Crypto Opinion, As An American Citizen, You Will End Up Paying For It

Stablecoins are unregulated demand deposits. Every version of it in 4000 years of history involves a run on the bank. And in the Post War

Jeffrey Bronchick, CFA August 31, 2021

All About CSC

10 Lessons from 10 Years in Sunny El Segundo

Cove Street just celebrated its 10th anniversary as a firm and we are celebrating by re-launching our website. We hope you like the new format

Jeffrey Bronchick, CFA August 26, 2021

The Business of Investment Management

In the World of the Blind Kings, There is a Place For the Return Focused Jack

Amazon has launched a decarbonization investment fund worth $2bn, financed entirely from its balance sheet. As such, says Matt Peterson of Amazon, investments need not

Jeffrey Bronchick, CFA August 25, 2021

Podcasts & Recordings

Creating a 100-Bagger with StoneX CEO Sean O’Connor

Our guest on the show this week was Sean O’Connor, the CEO of StoneX, a $1.2 billion dollar market cap financial services company that generated

Jeffrey Bronchick, CFA August 24, 2021

Podcasts & Recordings

New Compounders Podcast Interview with Markel Corp Co-CEO Tom Gayner

Our guest on Episode 2 of Compounders was Tom Gayner, the co-CEO of Markel Corporation. Markel is a Fortune 500, $17.5 billion market cap financial

Jeffrey Bronchick, CFA August 17, 2021

The Business of Investment Management

Life Simply Ain’t that Systematic

We have spent a lot of time over many years seeking to employ technology to free up time to focus on “thinking big thoughts” and

Jeffrey Bronchick, CFA August 11, 2021

Podcasts & Recordings

Compounders Podcast Interview with Alleghany Corp. CEO Weston Hicks

Our first guest on the Compounders podcast was Weston Hicks, the CEO of Alleghany Corporation. Alleghany (Ticker: Y) is a Fortune 500, $9.45B market cap

Jeffrey Bronchick, CFA August 10, 2021

Specific Stock Ideas

Well Maybe Spacs and Robinhood Aren’t THAT Much Worse: Zymergen

Zymergen–ZY-NYSE – went public in early May 2021 via IPO led by Goldman Sachs and JP Morgan at $30 per share. It dutifully rose to

Jeffrey Bronchick, CFA August 4, 2021

Podcasts & Recordings

Compounders Podcast Episode 1: Introducing Compounders

We are excited to share the first episode of Compounders: The Anatomy of a Multibagger. In this brief episode, Ben Claremon discusses why we decided

Jeffrey Bronchick, CFA August 3, 2021

Specific Stock Ideas

Signs of the Times: Nikola, Fraud, Criminal Charges

It is difficult to see how this is an isolated instance. Be long corporate Paddy Wagons.

Jeffrey Bronchick, CFA August 3, 2021

Thoughts

Not Shocking CFA Results

It is not crazy to suggest that the Covid Transition Period – CTP – might have disrupted normalized studying and test-taking protocol. On the other

Jeffrey Bronchick, CFA July 29, 2021

Thoughts

Ben Claremon to Keynote SNN Network Conference in August

Thanks to my budding relationship with SNN Network CEO, Bobby Kraft, I have been asked to be a keynote speaker at the upcoming Summer Virtual

Jeffrey Bronchick, CFA July 28, 2021

ESG

Did You Ever Vote for Larry Fink in Any Election?

As previously noted in our previous CSC blog on Exxon: Indexing highly liquid assets and managing them as a fiduciary at a very low cost

Jeffrey Bronchick, CFA July 27, 2021

Podcasts & Recordings

The Compounders Podcast Drops Next Week

Cove Street is pleased to announce that its new podcast, Compounders: The Anatomy of a Multibagger, will officially be launched on August 3rd. The podcast

Jeffrey Bronchick, CFA July 27, 2021

ESG

The Tower of ESG Babble?

Original article appeared in Harvard Business School’s Working Knowledge What Does an ESG Score Really Say About a Company? 21 JUL 2021|by Kristen Senz A

Jeffrey Bronchick, CFA July 23, 2021

ESG

Hmmm from the ESG Investing Trail…

WSJ July 2021 “This followed the announcement in April that Japan’s Government Pension Investment Fund, the world’s largest with around $1.6 trillion under management, is

Cove Street Capital July 22, 2021

Specific Stock Ideas

Objects and Observers: GP Strategies and $20.85

One of our larger holdings agreed to sell itself last week at what we would consider a fair price. This has been a long and

Cove Street Capital July 21, 2021

Specific Stock Ideas

Another day, another podcast on Viasat

In case people were not 100% sure about what we think of Viasat (Ticker: VSAT) as a potential investment, Eugene and I had another opportunity

Cove Street Capital July 20, 2021

Markets, Rationality & Decision Making

Throw This in Your Earnings Pie

Yes, it is a correct statement that CSC does not have the quant chops to do our own work in this space (Well, Partner Eugene

Cove Street Capital July 15, 2021

Markets, Rationality & Decision Making

Holy About Time Batman: The SEC is Shocked That Many SPACs are Complete BS

Original Press Release posted at sec.gov. SEC Press Release SEC Charges SPAC, Sponsor, Merger Target, and CEOs for Misleading Disclosures Ahead of Proposed Business Combination

Cove Street Capital July 14, 2021

The Business of Investment Management

A Classic Historical Rhyme

Originally published in the Wall Street Journal. When a 59% Annual Return Just Isn’t Enough Investors appear to be growing more and more optimistic about

Cove Street Capital July 8, 2021

Economics at Large

What Worked in Hindsight: Buying High Valuation and/or No Earnings

We know all too well that what has worked recently is owning low-ROE and non-earning companies. But going forward, isn’t it reasonable to expect solid

Cove Street Capital July 6, 2021

Economics at Large

Half Smart, Half Obvious Backward Looking

There are large elements to truth in this piece, but it also references a period where NOTHING was easier and smarter and cheaper than being

Cove Street Capital June 30, 2021

CSC Strategy Letter

CSC Strategy Letter | Number 44 | Don’t Get Rugged

Read last quarter’s Strategy Letter here. June 2021—Be forewarned – we are going to empty the quote bin this quarter. Let’s start with one Robert Smith,

Cove Street Capital June 30, 2021

Markets, Rationality & Decision Making

To Call this a “Refresh” is like Turning over a Dirty Diaper and Exclaiming It’s Clean: The 2021 Russell Index Rebalancing

We manage other people’s money so it is only fair that we are compared to something. The Russell Index mafia is that something and calling

Cove Street Capital June 29, 2021

Thoughts

If a CEO is now accountable to everyone, then in reality he is accountable to no one?

An interesting piece about “stakeholders” and how the theory flies in the face of a LOT of reality. Excerpt below. Original article appeared in City

Cove Street Capital June 23, 2021

Thoughts

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

Categories

Category: Thoughts

While I Hate Passing on Others Work, GMO Does Do Nice Charts: The Higher For Longer Value Push

KAR Auction Services: Bull vs. Bear Debate

The Devils You Know

Compounders Podcast Interview with KAR Auction Services Executive Chairman Jim Hallett

No Matter Your Crypto Opinion, As An American Citizen, You Will End Up Paying For It

10 Lessons from 10 Years in Sunny El Segundo

In the World of the Blind Kings, There is a Place For the Return Focused Jack

Creating a 100-Bagger with StoneX CEO Sean O’Connor

New Compounders Podcast Interview with Markel Corp Co-CEO Tom Gayner

Life Simply Ain’t that Systematic

Compounders Podcast Interview with Alleghany Corp. CEO Weston Hicks

Well Maybe Spacs and Robinhood Aren’t THAT Much Worse: Zymergen

Compounders Podcast Episode 1: Introducing Compounders

Signs of the Times: Nikola, Fraud, Criminal Charges

Not Shocking CFA Results

Ben Claremon to Keynote SNN Network Conference in August

Did You Ever Vote for Larry Fink in Any Election?

The Compounders Podcast Drops Next Week

The Tower of ESG Babble?

Hmmm from the ESG Investing Trail…

Objects and Observers: GP Strategies and $20.85

Another day, another podcast on Viasat

Throw This in Your Earnings Pie

Holy About Time Batman: The SEC is Shocked That Many SPACs are Complete BS

A Classic Historical Rhyme

What Worked in Hindsight: Buying High Valuation and/or No Earnings

Half Smart, Half Obvious Backward Looking

CSC Strategy Letter | Number 44 | Don’t Get Rugged

To Call this a “Refresh” is like Turning over a Dirty Diaper and Exclaiming It’s Clean: The 2021 Russell Index Rebalancing

If a CEO is now accountable to everyone, then in reality he is accountable to no one?

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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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