In episode 185 we welcome our guest, Ben Claremon. Ben and Meb start the conversation with some background on the blog Ben started in school, The Inoculated Investor. From there, the pair move on to discuss Cove Street and the investment process.
Ben gets into investing, and what value investing means to Cove Street Capital, bifurcated between Warren Buffett style investing and Benjamin Graham style investing. Next, Ben discusses the investment and portfolio construction process he and the team undergo at Cove Street, including sell discipline applied to fund positions.
Ben and Meb get into the outlook for the investment landscape, covering Value investing to opportunities in China, as well as the auto industry. He also discusses some things to avoid.
Ben then gets into the importance of proxy statements, and the role corporate governance plays in the investment process.
As the conversation winds down, Meb and Ben get into the bogeyman of buybacks and talk about the idea that the focus should instead be on the short-term nature of the earnings cycle.
All this and more in episode 185, including Ben’s most memorable investment.