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Welcome to the Compounders Podcast. On this show, Host and Investor, Ben Claremon, will explore the topic of compounding from various angles, including through interviews with public and private company executives, investors who focus on compounders, and newer investment firms that are building a business they hope will become more valuable over time.
Episodes
Wednesday Mar 09, 2022
Wednesday Mar 09, 2022
Welcome to what I will call an update episode of Compounders. We are done with our executive interviews for Season 2. However, we are in the process of putting together a Season 2 recap show—similar to what we did for Season 1. Overall, we had a very eclectic mix of guest with some larger company CEOs and some smaller company CEOs. But the quality of the interview was really good in my humble opinion. The Joey Levin episode got the most engagement we have received for an interview. I think a lot of people discovered Compounders through that episode. Thanks for listening to this Season and we hope you will stick around for what we have in store.
Going forward, the structure is going to change a little bit. During the first 2 seasons, we tried to put out an episode each week for 12 weeks. Given the busy schedules of public company execs and the demands associated with quarterly earnings, this has created unnecessary pressure and scheduling complexity. So, instead of doing 12 episodes and taking a month off, we are going to book and release episodes on a consistent but not necessarily weekly basis. Our focus right now is on getting great guests who run interesting companies.
We ran a Twitter poll and over 90% of people said they don’t care about seasons—they just want us to find great guests. We hope you will continue to follow Compounders and check your podcast feed regularly for new episodes. Bobby and I have a list of about 50 companies we are going to be reaching out to over the next few weeks. There are a number of true compounders on that list.
A lot of these companies came from suggestions from listeners. Thanks to everyone who has reached out with some recommendations. However, we are always looking for new guests. So, please feel free to reach out. As always, warm introductions are much appreciated. I am pleased to say that our brand has grown to the degree that cold outreach has started to pay dividends. However, we have found companies to be very receptive when we are introduced by shareholders.
Thanks again for listening and feel free to reach me at podcast@covestreetcapital.com or follow me on Twitter @benclaremon. Please stay tuned for the next interview of Compounders, to be released in the next several weeks.
This episode of Compounders: The Anatomy of a Multibagger is sponsored by Tegus, an innovative and disruptive company that is changing the way professional investors work. For more information, please visit: https://www.tegus.co/
To get all the latest updates about the podcast, see who we’ll have on next, as well as watch the video version of the pod, please follow us on twitter at @BenClaremon and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
For more information about Cove Street Capital, please visit: https://covestreetcapital.com/
iTunes: https://apple.co/3xlUvPY
Spotify: https://spoti.fi/3jxkxLl
Each new episode will be available every Tuesday morning on Apple, Spotify and all podcast streaming platforms.
All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of Cove Street Capital or any affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.
Tuesday Mar 01, 2022
Tuesday Mar 01, 2022
Our guest on the show today is Eric Ellenbogen, the CEO and Vice Chairman of WildBrain. WildBrain is a 500 million Canadian dollar market cap entertainment company listed on the TSX in Canada. The company operates through two segments, Content Business and Canadian Television Broadcasting, and through those develops, produces, and distributes films and television programs worldwide. WildBrain’s intellectual property includes well known characters such as Snoopy, Strawberry Shortcake and Inspector Gadget.
Eric became CEO during the summer of 2019, after being the Co-President of Classic Media at DreamWorks and having served as the CEO of Marvel before it was acquired by Disney. Given Eric’s vast experience in the media content production industry, I was very much looking forward to talking to Eric about:
- WildBrain’s preferred business model, especially as it relates to holding onto IP versus simply selling shows to third parties;
- The opportunities for growth in the company’s Peanuts franchise;
- What he has learned by watching Disney expand the Marvel franchise that he can replicate at WildBrain;
- The strategy behind taking a hit show or popular character and turning those into consumer products revenue; and
- His thoughts on the high valuations studios have been receiving in recent deals.
This episode of Compounders: The Anatomy of a Multibagger is sponsored by Tegus, an innovative and disruptive company that is changing the way professional investors work. For more information, please visit: https://www.tegus.co/
To get all the latest updates about the podcast, see who we’ll have on next, as well as watch the video version of the pod, please follow us on twitter at @BenClaremon and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
For more information about Cove Street Capital, please visit: https://covestreetcapital.com/
iTunes: https://apple.co/3xlUvPY
Spotify: https://spoti.fi/3jxkxLl
Each new episode will be available every Tuesday morning on Apple, Spotify and all podcast streaming platforms.
All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of Cove Street Capital or any affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.
Tuesday Feb 22, 2022
Tuesday Feb 22, 2022
Our returning guest on the show today is Mark Dankberg, the co-founder and Executive Chairman of Viasat. Viasat is a 3.1 billion dollar market cap company that provides broadband and communication products and services worldwide. Viasat started off a defense-oriented company but has since layered on consumer and business-facing offerings by developing the world’s leading high throughput geostationary satellites.
Subsequent to our first interview with Mark, Viasat announced its intent to merge with Inmarsat, a UK-based company that provides mobile satellite communications services on land, at sea, and in the air worldwide. Without question, the size and the timing of the deal was a surprise to many of the people in the industry, especially because Viasat was in the middle of preparing to launch 3 new satellites over a short period of time. Given all of that, I was very curious to hear from Mark:
- Why Viasat decided to acquire Inmarsat versus other potential targets;
- Why Viasat is the right owner of Inmarsat versus other potential buyers;
- Why do the deal now versus waiting until the 3 new satellites had been launched;
- How Inmarsat fits into Viasat’s hybrid network philosophy; and
- How Viasat plans to integrate Inmarsat employees culturally.
This episode of Compounders: The Anatomy of a Multibagger is sponsored by Tegus, an innovative and disruptive company that is changing the way professional investors work. For more information, please visit: https://www.tegus.co/
To get all the latest updates about the podcast, see who we’ll have on next, as well as watch the video version of the pod, please follow us on twitter at @BenClaremon and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
For more information about Cove Street Capital, please visit: https://covestreetcapital.com/
iTunes: https://apple.co/3xlUvPY
Spotify: https://spoti.fi/3jxkxLl
Each new episode will be available every Tuesday morning on Apple, Spotify and all podcast streaming platforms.
All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of Cove Street Capital or any affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.
Tuesday Feb 15, 2022
Tuesday Feb 15, 2022
This week, we are replaying another one of our favorite episodes from Season 1. The reason is that we are about have the same guest on again to discuss a transformational merger the company announced after we released our interview. So, over the next two weeks we will have back-to-back episodes with Viasat’s Co-Founder and Executive Chairman, Mark Dankberg.
In the episode from last Season, Mark and I discussed the nuances of the very dynamic satellite broadband industry, including why satellite broadband is not likely to be a winner-take-all market as well as the value of having a hybrid network of satellites at different orbits. In our second interview, Mark and I will talk about the rationale for the merger with Inmarsat and how the deal changes Viasat’s long-term trajectory. So, please stay tuned for a multi-episode deep dive into the future of space communications.
EPISODE:
My guest on the show today is Mark Dankberg, the co-founder and Executive Chairman of Viasat. Viasat is a 3.8 billion dollar market cap company that provides broadband and communication products and services worldwide. Viasat started off a defense-oriented company but has since layered on consumer and business-facing offerings by developing the world’s leading high throughput geostationary satellites.
Over the next 2 years, Viasat will be launching 3 new satellites that will give the company the ability to offer global coverage to its military and in-flight WIFI customers. Additionally, Viasat is rolling out community WIFI initiatives to help people in emerging and frontier markets connect to the internet for the first time. All of this is happening while the company is facing a growing threat from low earth orbit satellite providers such as Elon Musk’s Starlink.
Given how much is going on and the fact that Mark recently went from being the CEO to assume the Executive Chairman role, I thought it would be a perfect time to talk to him about the following topics:
- The future of the global satellite broadband industry, including competition with Starlink;
- What the US military needs now from Viasat and how that may evolve over time;
- The cultural differences between the defense and commercial sides of the company;
- How Viasat can benefit from all the space-related activity going on right now; and
- Why this was the right time to shift his focus
This episode of Compounders: The Anatomy of a Multibagger is sponsored by Tegus, an innovative and disruptive company that is changing the way professional investors work. For more information, please visit: https://www.tegus.co/
Key takeaways:
- Deeply understanding your customers’ wants and needs is a prerequisite for success in both D2C and B2B business. But, the more intermediaries you have, the less you can really understand your end customers. Also, working with distribution partners can be difficult if the goals of the organizations are not aligned.
- Not every industry is a winner-take-all market. Network effects and multisided marketplaces can create virtuous cycles and winner-take-all markets. In industries with supply constraints, negative network effects drive competition and ensure a diverse set of offerings.
- Bandwidth demand is heavily affected by geography and low-earth-orbit (LEO) networks are geographically limited. Despite offering low latency, every incremental satellite will only spend a fraction of its time over the areas with the most demand, and far more over oceans and other low demand areas. This is why a hybrid network that includes geostationary and LEO satellites is likely the best solution for customers.
- When a company is entering new markets or introducing new products, it is imperative to be a voracious reader of business history and theory, as well as to be well-grounded in the basic math that governs the industry.
- Modern warfare requires real-time information and instant communication. Accordingly, the U.S. military will need an up-to-date network of satellites with ground stations placed in safe locations in order to process and anticipate the moves of its adversaries.
Timestamps:
1:18 - Introduction
2:56 - Diversifying into direct-to-consumer (D2C) with the 2009 WildBlue acquisition
5:06 - The organizational restructuring required when shifting towards D2C
7:06 - Building a D2C sales organization within a legacy B2B company
11:51 - Making stair-step improvements with every new satellite launch
18:50 - The process of deciding to build Viasat’s own satellite
27:30 - Satellite broadband is not a winner-take-all market
31:32 - LEOs, GEOs, hybrid networks and why there is no “best” satellite design
45:27 - Building a cohesive culture with two distinctly different business segments
51:23 - Why Viasat 3 will play a key role in the future of warfare
58:25 - How Viasat benefits from all of the excitement around space
62:40 - What Mark has learned from Baupost Group’s founder Seth Klarman
65:53 - Being confident in putting out guidance even before the Viasat 3 satellites launch
70:55 - The least understood aspects of Viasat
To get all the latest updates about the podcast, see who we’ll have on next, as well as watch the video version of the pod, please follow us on twitter at @BenClaremon and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
For more information about Cove Street Capital, please visit: https://covestreetcapital.com/
iTunes: https://apple.co/3xlUvPY
Spotify: https://spoti.fi/3jxkxLl
Each new episode will be available every Tuesday morning on Apple, Spotify and all podcast streaming platforms.
All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of Cove Street Capital or any affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.
Wednesday Feb 09, 2022
Wednesday Feb 09, 2022
Our guest on the show today is Ramesh Srinivasan, the CEO of Agilysys. Agilysys is a 900 million dollar market cap company that provides software and hardware products and services to the hospitality industry. Ramesh became CEO back in 2017, after a somewhat rocky turnaround attempt by a prior management team. Agilysys was starting to generate higher gross margins and revenue growth before the COVID outbreak impacted its trajectory, starting in the company’s fiscal year 2021. Given the recent challenges and with everything going on in the hospitality industry, I was eager to talk with Ramesh about:
- The organic growth path he sees for the company in upcoming years;
- How the company manages the desire to grow with the need to generate operate profits;
- The ways in which Agilysys helped its customers respond to COVID-related issues;
- His thoughts on M&A and expanding the company’s presence outside the US, and
- The benefits and challenges associated with rolling out cloud native software-as-a-service products
This episode of Compounders: The Anatomy of a Multibagger is sponsored by Tegus, an innovative and disruptive company that is changing the way professional investors work. For more information, please visit: https://www.tegus.co/
To get all the latest updates about the podcast, see who we’ll have on next, as well as watch the video version of the pod, please follow us on twitter at @BenClaremon and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
For more information about Cove Street Capital, please visit: https://covestreetcapital.com/
iTunes: https://apple.co/3xlUvPY
Spotify: https://spoti.fi/3jxkxLl
Each new episode will be available every Tuesday morning on Apple, Spotify and all podcast streaming platforms.
All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of Cove Street Capital or any affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.
Tuesday Feb 01, 2022
Tuesday Feb 01, 2022
This week, we are replaying one of favorite episodes from Season 1. Due to the complexities that come with the upcoming Q4 earning reporting season, we needed to take a week off between new episodes. However, we will return the week after with a new interview with the CEO of an $800 million dollar market cap software company. Tom Gayner is the Co-CEO of Markel Corporation and the wisdom he shares on life and on investing is always eye opening and valuable. We interviewed Tom in August of last year for Episode 2 of Season 1. The Compounders audience has built since August and many of our newer listeners may not even be aware of the Gayner interview. So, whether you have had a chance to listen to the interview or not, we hope you enjoy it.
EPISODE:
My guest on the show today is Tom Gayner, the co-CEO of Markel Corporation. Markel is a Fortune 500, $16.7 billion market cap financial holding company that primarily operates in the insurance and re-insurance industry. Though Tom has only been in the co-CEO seat since 2016, he has been with Markel for close to 30 years and he has been an investor longer than that. Markel has been compared to Berkshire Hathaway in both structure and performance and Tom has been a key architect of the company’s diversification away from insurance through the acquisition of operating businesses. In fact, Markel Ventures has gone from $1.2 billion in revenue in 2016 to about $2.8 billion today.
Tom is well-known in the value investing community for his charm and intellect. Also, many people who have made the trek to Omaha for the Berkshire Shareholder Meeting have also attended the Markel Breakfast event. I had the opportunity to listen Tom speak a number of times in Omaha and that is why I thought he would be a great guest on the podcast. In this conversation, we will cover:
- His thoughts on what makes a compounder
- How to invest more like a grandmother than a Wall Street trader
- And why he is a better investor because he is a CEO—and vice versa
Click the timestamp to jump to each answer:
1:38 - Introduction
3:07 - The 2008-09 financial crisis and Markel’s response
7:55 - The benefits of a legacy of family ownership
11:39 - Comparing today’s market to that of 1998-99
15:53 - The benefits of investing like a grandmother
18:18 - How being a Co-CEO has made Tom a better investor
24:09 - How to tell if a person is a good cultural fit
28:35 - Building culture by articulating what your company stands for
32:15 - Bottom up and top down approaches to compounding
35:39 - Applying the Colfax Business System at Markel
38:08 - Some challenges of working within a family-controlled business
42:03 - Markel’s willingness to invest today for future benefit
48:45 - How Markel Ventures helps diversify the company
51:53 - Why culture is a big part of the moat around Markel’s insurance operations
55:14 - The emergence of ESG and embedding Quaker values
62:30 - Tom’s ideal legacy within Markel
63:50 - Learning from your mistakes to become more adaptable
66:14 - Starting with principals and then learning by doing
69:15 - The most under appreciated aspects of Markel
To get all the latest updates about the podcast, see who we’ll have on next, as well as watch the video version of the pod, please follow us on twitter at @BenClaremon and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
iTunes: https://apple.co/3xlUvPY
Spotify: https://spoti.fi/3jxkxLl
Each new episode will be available every Tuesday morning on Apple, Spotify and all podcast streaming platforms.
All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of Cove Street Capital or any affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.
Tuesday Jan 25, 2022
Tuesday Jan 25, 2022
My guest on the show today is Joey Levin, CEO if IAC/Interactivecorp. IAC is a $12.4 billion market cap holding company that has a long history of investing in disruptive digital businesses, helping them grow, and then spinning them off to shareholders. In fact, the company’s Chairman, Barry Diller, has been influential in the success of a number of well-known public companies, including Expedia, TripAdvisor and LiveNation. In more recent times, the company has separated from Match Group and spun off Vimeo. Joey Levin has been CEO since 2015 and is tasked with creating value with the remaining group of businesses that IAC either controls or has minority stakes in. With that as the backdrop, I was excited to talk to Joey about:
- Spinning off Match, which now has a $35 billion market cap, during the tumultuous summer of 2020;
- What needs to go right with ANGI for the stock to be a good investment from here;
- The investment process and how IAC decides which opportunities to pursue;
- The merit of the DotDash acquisition of Meredith;
- How Joey decides on which companies to spend his time
This episode of Compounders: The Anatomy of a Multibagger is sponsored by Tegus, an innovative and disruptive company that is changing the way professional investors work. For more information, please visit: https://www.tegus.co/
To get all the latest updates about the podcast, see who we’ll have on next, as well as watch the video version of the pod, please follow us on twitter at @BenClaremon and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
For more information about Cove Street Capital, please visit: https://covestreetcapital.com/
iTunes: https://apple.co/3xlUvPY
Spotify: https://spoti.fi/3jxkxLl
Each new episode will be available every Tuesday morning on Apple, Spotify and all podcast streaming platforms.
All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of Cove Street Capital or any affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.
Tuesday Jan 18, 2022
Tuesday Jan 18, 2022
My guest on the show today is Jennifer Twiner McCarron, the CEO of Thunderbird Entertainment Group (TSX-V: TBRD) (OTCQX: THBRF). Thunderbird is a 220 million Canadian dollar market cap company listed on the TSXV in Canada. The company develops, produces and distributes film and TV programs for customers such as Hulu, Disney and Netflix. Jennifer started off as the Head of Production of Atomic Cartoons, Thunderbird’s animation division, and became CEO in 2018. Since Jennifer joined the company in 2011, the content world has changed dramatically, mainly due to the proliferation of streaming services. Given the dynamic nature of the content production industry, I was curious to hear from Jennifer about:
- How the company is positioned to continue to provide content to the large streaming companies;
- Her thoughts on the high valuations other smaller studios have been selling for recently;
- What the company plans to do with the cash it generates;
- The distinct elements of the Thunderbird culture; and
- The factors that have allowed for the stock to perform so well over the last few years
This episode of Compounders: The Anatomy of a Multibagger is sponsored by Tegus, an innovative and disruptive company that is changing the way professional investors work. For more information, please visit: https://www.tegus.co/
To get all the latest updates about the podcast, see who we’ll have on next, as well as watch the video version of the pod, please follow us on twitter at @BenClaremon and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
For more information about Cove Street Capital, please visit: https://covestreetcapital.com/
iTunes: https://apple.co/3xlUvPY
Spotify: https://spoti.fi/3jxkxLl
Each new episode will be available every Tuesday morning on Apple, Spotify and all podcast streaming platforms.
All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of Cove Street Capital or any affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.
Tuesday Jan 11, 2022
Tuesday Jan 11, 2022
My guest on today’s show is Daniel Harari, the Chairman and CEO of Lectra. Lectra is a 1.5 billion Euro market cap company based in Paris, France. Lectra provides software, automated cutting equipment, and other services that enable customers to automate and optimize the design, development, and manufacturing of many different products. Specifically, the company has built a leading position in the automotive, fashion and furniture categories. Daniel has been the CEO of Lectra since 2002 and has overseen a significant amount of revenue and EBITDA growth during his tenure. Given the company’s track record, I was very interested to hear from Daniel about:
- His background and how he got involved with Lectra;
- The company’s move to more of a Software-as-a-Service or SaaS business model;
- The rationale for recently making Lectra’s largest acquisition ever;
- Business model elements that allow for high gross margins and customer retention;
- How the company’s culture has evolved over time
This episode of Compounders: The Anatomy of a Multibagger is sponsored by Tegus, an innovative and disruptive company that is changing the way professional investors work. For more information, please visit: https://www.tegus.co/
To get all the latest updates about the podcast, see who we’ll have on next, as well as watch the video version of the pod, please follow us on twitter at @BenClaremon and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
For more information about Cove Street Capital, please visit: https://covestreetcapital.com/
iTunes: https://apple.co/3xlUvPY
Spotify: https://spoti.fi/3jxkxLl
Each new episode will be available every Tuesday morning on Apple, Spotify and all podcast streaming platforms.
All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of Cove Street Capital or any affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.
Tuesday Jan 04, 2022
Tuesday Jan 04, 2022
My guest on the show today is Stan Bergman, the Chairman and CEO of Henry Schein. Henry Schein is a Fortune 500, 10.6 billion dollar market cap, global distributor of medical and dental supplies and equipment. Stan has been CEO since 1989 and actually took the company public in 1995 for a split adjusted price of $6. From a revenue base of around 1 billion dollars in 1995, the company has grown to over $12 billion today and the stock price has appreciated to over $75. And, these numbers don’t even include the animal health business that was spun off in 2018. That company, Covetrus, currently has a 2.4 billion market cap on its own. Given Stan’s long track record of success, I was looking forward to talking to Stan about:
- The importance of dental health as a component of overall health;
- The company’s long-term track record of compounding earnings per share;
- Why the medical division has seen such rapid growth;
- The company’s international growth strategy and associated opportunities;
- Henry Schein’s unique culture
This episode of Compounders: The Anatomy of a Multibagger is sponsored by Tegus, an innovative and disruptive company that is changing the way professional investors work. For more information, please visit: https://www.tegus.co/
To get all the latest updates about the podcast, see who we’ll have on next, as well as watch the video version of the pod, please follow us on twitter at @BenClaremon and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
For more information about Cove Street Capital, please visit: https://covestreetcapital.com/
iTunes: https://apple.co/3xlUvPY
Spotify: https://spoti.fi/3jxkxLl
Each new episode will be available every Tuesday morning on Apple, Spotify and all podcast streaming platforms.
All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of Cove Street Capital or any affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.