I recently had the opportunity to discuss Cove Street’s investment process and a few individual securities in an interview with Hidden Value Stocks. Specifically, in a wide ranging discussion, we dove into the distinction between Buffett and Graham stocks, Cove Street’s sell discipline, and how we determine the proper margin of safety for a new investment. We also got into the specific reasons why Cove Street owns Viasat (VSAT), Macquarie Infrastructure Corporation (MIC) and Compass Minerals (CMP).

Overall, I think the interviewer did a great job in connecting the high level strategy and philosophy to the types of securities we own and are excited about. In that way, I hope that the content is additive to the other podcast interviews I have done over the last year.

Please enjoy the attached PDF of the interview.

– Ben Claremon
Principal, Portfolio Manager