I have known Toby Carlisle for close to 10 years now. Toby is a deep value investor who runs a firm called Acquirers Funds. At a recent conference, we got to talking about the merits of SMID cap investing and Toby asked me to take part in his podcast: The Acquirers Podcast. We had a great conversation in which we covered topics ranging from distinguishing between Buffett and Graham stocks to incorporating a devil’s advocate within our investment process.

For anyone new to Cove Street’s philosophies and processes, I think the material we discussed provides a good introduction to how we think about the proper way to invest for the long-run. For people familiar with Cove Street, our conversation goes deep into certain aspects of our due diligence that we hope will limit the number of mistakes we make.

Here is the video version with the associated transcript. And here is the audio version for you podcast fanatics.

I hope you enjoy the interview and please don’t hesitate to reach out if you have comments or questions.

– Ben Claremon

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