There aren’t that many times in an investor’s career when the environment changes so much in a few weeks. The following interview on the ValueWalk’s ValueTalks platform was conducted all the way back on March 5th. That feels like it was 2 years ago given everything that has happened since. Back in the good ole days, Cove Street’s offices were still open, the virus was a somewhat nebulous and distant threat, and the concept of social distancing was barely on people’s radars.
While this conversation is not specifically about what Cove Street has been doing over the last few weeks in response to the market volatility, the conversation is still very applicable today. The reason is that conversations about process are somewhat timeless. Yes, our process evolves and ideally improves over time. But, the depth of our diligence, our three investment pillars (Business, Value and People) and our contrarian streak are still present even—or maybe especially—in a falling market. In addition to a detailed overview of our 4 step investment process, the topics discussed in the podcast include: the process of assessing company management, the importance of the proxy statement, the beauty of small cap investing, suggestivism vs. activism, and one of our favorite stocks, Viasat (VSAT).
Please enjoy the podcast here: https://soundcloud.com/valuewalk/ben-claremon-post
As always, feel free to reach out to us if you have questions or feedback. Enjoy!
– Ben Claremon
Principal + Portfolio Manager
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