When Sean Ryan, who runs the Predicting Alpha podcast, reached out to me about being on his show, I wasn\u2019t sure what value I could add to his followers. His podcast focuses more on active traders than on long-term, fundamental investors. However, Sean thought a discussion that covered Cove Street\u2019s philosophy and process would be beneficial to the traders who listen to his show. That got me thinking that there doesn\u2019t necessarily have to be a huge gap between traders and fundamental investors. Maybe both sides could learn from each other. So, I agreed to be on the podcast and we had a great discussion about:<\/p>\n

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• The role of luck in investing and how to distinguish between a good decision and bad one<\/li>\n
• Why it is important to invest in companies that have the ability to take a punch<\/li>\n
• How understanding management and having a process that mitigates biases can give you an edge as an investor<\/li>\n
• How to know when valuations hit extreme levels and what to do to protect yourself from losing money<\/li>\n<\/ul>\n

  Please enjoy the full interview below.<\/p>\n