Giant firms have dedicated staff members that produce charts and we are delighted to cherry-pick to make our points. The main takeaway is that after a decade of ZIRP, almost all asset classes lean expensive, but publicly traded “growth stocks” are insanely expensive vs “value” no matter how you look at it or define it. The perfect trade is long/short. The second is simply lean against what has worked recently and lean into what hasn’t.

A suggested structure that conveniently includes Cove Street Capital is an Index/CSC blend. At the former captures a “wave” with 2000 boats, the latter feels the tide, but represents more focused, idiosyncratic bets that can pay off regardless of the timing of the wave.