My newest piece, entitled Earnings Per Share Myopia, is now exclusively available on Cove Street Capital's blog site. You can access the posting by
clicking this link. After listening to a number of company conferences calls during the Q3 earnings season, I was struck by how many of the questions posed to the executives hosting the call had nothing to do with trying to ascertain the intrinsic value of the company. Instead, the focus was inevitably (and unfortunately) on gathering data that will help the sell-side analysts forecast the next quarter's earnings per share number. While this practice is frustrating for the listener, I firmly believe that patient value investors can find a way to benefit from such myopia. Please use the above link to access the piece if you want to know more of my thoughts. (Don't forget to see the disclosure statement located at the bottom as well.)
As a reminder, all new content generated by me will be posted on Cove Street's site from now on. We are in the process of migrating people who have sign up for the RSS feed to this site. If for some reason you do not want to be signed up to receive emails updating you when new material is posted on Cove Street's site, please send us an email at
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I hope you will take the time to explore the new site and read my latest piece.
