I have been following Richard Sosa on Twitter for a while. If you want hot food takes and amusing market commentary, I highly recommend that you give @rsosa8 a follow. Richard is also the host of the Riches in the Niches Podcast and I recently had the chance to discuss Cove Street with Richard on his show. Being on other people’s podcasts is fun because I literally have no idea what questions are going to come my way. Accordingly, Richard and I had a wide-ranging discussion that included:

• My background and the birth of the Inoculated Investor
• The importance of investing in companies with competent management teams and good cultures
• Why we started the Compounders podcast and what I have learned from being a podcast host

Richard also asked me to discuss a stock Cove Street owns and I took the chance to provide an update on Lionsgate (Ticker: LGF.B). Since I presented on Lionsgate on the Market Champions podcast, the company has announced that it is considering strategic alternatives for the Starz business. This was a very positive development in our minds, especially given that one of the major premises of our investments in LGF.B was that the management was focused on closing the gap between the stock price and intrinsic value. The stock has moved up a bit but our research suggests it still trades at a discount to a fair sum-of-the-parts value—and the company clearly is interested in testing the market to see how its various parts would be valued in a separation.

Please enjoy the interview here.

-Ben Claremon

*Disclosure: Cove Street owns Lionsgate stock