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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
Tuesday Sep 21, 2021
Tuesday Sep 21, 2021
My guest on the show today is Alan McKim, the Founder, Chairman and CEO of Clean Harbors (NYSE: CLH). Clean Harbors is a 5.6 billion dollar market cap company that provides environmental and industrial services within North America. The company has two segments: Environmental Services and Safety-Kleen Sustainable Solutions. In the Environmental segment, Clean Harbors collects, treats and disposes of waste within its company-owned landfills and incinerators. In addition, the Safety-Kleen division provides cleaning and waste disposal services to customers such automotive repair shops. In fact, Clean Harbors is the largest recycler of used motor oil in North America.
Alan McKim founded the company in 1980 and took it public at $9 in 1987. Over that period of time, Clean Harbors has made a number of large acquisitions, including the transformational merger with Safety-Kleen in 2012. The company now produces over 3 billion dollars in revenue and its stock has risen to over $100 per share.
It is not often that I have a chance to talk to someone who has run a company for 40 years. So, I really enjoyed peaking with Alan about the following topics:
- The uniqueness of the Clean Harbors asset base and how that creates a moat;
- How the company decides to take big swings when it comes to M&A;
- Educating people about how Clean Harbors is a good actor in a world increasingly focused on ESG;
- The impact of further environmental regulation on the company; and
- Building a cohesive culture over 40 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/
Key Takeaways:
- Moats that are developed in highly regulated industries can be quite durable
- Large acquisitions often take some time to get right but you have to be willing to periodically take big swings
- Regulators can be your allies: every inspection is an opportunity to learn new best practices and build a safer environment
- Even companies that don’t start with a focus on return on invested capital (ROIC) can develop that metric as a North Star—and shareholders can help with that process
- Creating a culture of safety is essential at company with thousands of field employees
Time stamps:
1:19 - Introduction
3:03 – Rationale for making the biggest acquisition in CLH’s history
5:23 – How familiarity with a business improves post-merger integration
7:12 – How environmental sustainability played a part in the acquisition of Safety-Kleen
9:10 – Are people actually putting used motor oil down the drain?
10:07 – Strategy behind keeping acquired brands alive
11:29 – Why take another $1 billion-plus swing at HydroChem now
14:05 – Integration learnings from 65 acquisitions
16:53 – Acquisition strategy learnings over a long career of acquisitions
18:54 – The virtual impossibility of green-fielding brand new incinerators in the US
20:30 – Why now is the time to expand incinerator capacity through brownfield development
23:07 – Building a culture and company that will accept short-term pain for long-term gain
24:45 – How CLH has suffered from acquiring assets outside of its core
26:23 – The advantage of having recently added a new incinerator to a facility
28:04 – Creating win-win relationships with diverse regulators
29:49 – Using regulatory fines as a learning moment
31:43 – How to position a company to benefit from future regulation
33:41 – The moat that comes from having a dense route network
34:55 – The impact of the electric vehicle revolution on used motor oil demand
36:52 – Challenges facing the re-refined oil business
38:36 – What’s being missed at Clean Harbors
41:21 – Building a sustainable and consistent culture through organic growth and acquisitions
43:40 – Career learnings around compensation
45:17 – Succession planning as a founder and CEO
46:57 – Empowering a board to give real feedback to the founder
48:58 – Building an adaptable organization in an ever-changing industry
51:04 – Improving internal ESG planning and participation
52:44 – How shareholder feedback has been helpful in the past
54:32 – Why insider selling of shares isn’t always a bad thing
55:48 – International M&A as a potential avenue
58:47 – Alan’s ideal legacy
60:38 – Focus as a tool for growth
62:12 – The origins of ROIC as an internal north star
63:54 – The least understood aspects of Clean Harbors
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 Sep 14, 2021
Tuesday Sep 14, 2021
My guest on this episode is Jeff Rosica, the CEO of Avid Technology, a 1.2 billion dollar market cap company that sells software and hardware for digital media production and management. For decades, Avid’s products have been considered the gold standard in the entertainment industry. In fact, its Media Composer and Pro Tools products are used to make many of the movies you see and to create the songs you listen to.
Jeff Rosica was Avid’s Chief Sales Office and became the CEO in 2018. Since then he has overseen the company’s transition to a SaaS, or software-as-a-Service business model. After a few fits and starts, the company has started to deliver on its margin and cash flow targets as the benefits of the business model transition are flowing through the financial statement. Given the company’s recent success and my desire to better understand Avid’s journey, I thought it would be a great time to catch up with Jeff and discuss:
- What moving from perpetual licenses to a subscription software business really looks like internally
- How the company is approaching a world where people can create great content on their iPhones
- Whether or not having activist shareholders involved in the company can be helpful
- And how to balance the different cultures within engineering and sales teams
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:
- You can’t fix a business without first fixing the culture. Without the right people, you have nothing
- Fear the innovators more than you fear the incumbents. If you aren’t willing to cannibalize your own business to innovate, you’ll never win against the ankle biters.
- Listening to alternative perspectives is incredibly important and often activist investors can be those voices.
- With the right underpinning of a solid company, you can change a company incredibly quickly—and probably even faster than you would think. You might regret certain things you do if you move fast, but you’ll always really regret the things you didn’t change and improve.
Time stamps:
1:20 – Introduction
2:50 – Being named interim CEO with no forewarning
4:55 – Communicating your strategy as a new CEO
6:02 - Was being CEO always part of the plan?
8:10 – What it took to fix a broken culture
9:49 – Building a media creation tool in the age of iPhones and accessible software
12:55 – Competing with innovative ankle biters as the incumbent
15:55 – Balancing the dreams of engineers with the realities of the business
18:34 – How COVID has changed consumer needs for media creation
21:07 – Moving from a perpetual license business to a modern SaaS structure
23:27 – Fixing a company first and then thinking about M&A
26:50 – Capital allocation strategy now that M&A is on the table
29:23 – How activist shareholders have helped AVID
35:13 – Maintaining bargaining power even against the largest customers
37:17 – Remaining focused in a world with geographically diverse opportunities
39:18 – Managing rising stakeholder expectations during a period of rapid growth
41:00 – Incentivizing an organization to achieve stretch goals
43:48 – COVID’s long term effects on a tradeshow-focused industry
47:49 – Mistakes made and lessons learned as a brand new CEO
51:07 – Expanding an organization’s focus from the short run to the long term
53:05 – Jeff’s ideal legacy
54:37 – Knowing when a company is ready to take on new initiatives
56:29 – Getting better at communicating with stakeholders regarding ESG
59:05 – Lessons learned in trying to get the right people on the bus
1:01:45 – Why industry consolidation has always been 1 year away
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 Sep 08, 2021
Wednesday Sep 08, 2021
My guest on the show today is Mauricio Ramos, the CEO of Millicom. Millicom is a 3.75 billion dollar market cap mobile and broadband company that primarily operates in Latin and South America. What is most interesting about Millicom is its leading positions in its largest markets and how rapidly the company is transforming itself into a broadband leader in the region.
Mauricio has been CEO since 2015 but has been involved with the industry since the late 1990s. Over his tenure, he has overseen the company’s ongoing exit from its African operations as well as its expansion through M&A into new markets such as Panama. Mauricio spent a number of years working for Liberty Global and has brought the John Malone cable playbook to Millicom.
COVID has presented the company with some unique challenges and I thought it would be a great time to catch up with Mauricio about his outlook for Millicom and the markets the company operates within.
In this conversation, we had the opportunity to cover:
- The rationale for spending aggressively to become a more broadband-focused company
- What he learned about cable industry while working for Liberty Global
- The process of working to become better known by US investors
- The benefits of owning cable and wireless assets in their markets
- How to establish a cohesive culture across borders
Key Takeaways:
- The biggest learnings from Liberty Media’s John Malone: business focus and clarity are what drive success so you must eliminate distractions.
- How to create moat in cable and broadband: benefit from a first mover advantage where possible, build a committed customer base that is driven by great customer service, offer multiple products that allow you to sell a low priced bundle and consistently reinvest in your brand
- Developing cultural traditions within an organization can build incredible employee buy-in across all levels of an organization.
- Turning your employees into long-term investors through compensation drives organizational buy-in for long-term strategic decisions.
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/
Timestamps for this episode:
1:19 - Introduction
2:55 - What happens when your largest investor exits its position
6:52 - The flexibility and autonomy afforded when a controlling shareholder departs
9:12 - Millicom’s unique structure that comes from trading on two exchanges
10:32 - How an investor can get comfortable investing in Latin America
16:07 - What Mauricio learned from John Malone and Liberty Global
21:16 - Fixed mobile conversion as a value generator
24:39 - What is Millicom’s moat?
29:04 - Customer service culture as a moat
31:52 - Creating a consistent culture across varied geographies
37:24 - The benefits of Millicom’s scale in Latin American
41:04 - How Millicom creates win-win relationships with governments and regulators throughout Latin America
46:18 - The perception of cable and mobile businesses and the disparate multiples they trade at
51:00 - Millicom’s capital allocation strategy
53:45 - How strategy can vary depending on market position within a country
56:55 - How to align the organization behind long-term goals even if there are short-term challenges
59:22 - Mauricio’s biggest learnings from his years as CEO
1:01:50 - What is the most misunderstood part of Millicom?
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 Aug 31, 2021
Tuesday Aug 31, 2021
My guest on the show today is Jim Hallett, the former CEO and now Executive Chairman of KAR Auction Services. KAR is a $2.25B market cap company that operates within the wholesale auto remarketing industry. Jim is very well known in the used car auction industry and has built up a wealth of knowledge over his close to 30 years at KAR. He joined the company back in 1993, then became CEO in 2009 and just this past April stepped back to Executive Chairman.
During his tenure, Jim has overseen the company’s spin-off of IAA, which is now a $7.3B market cap company on its own. He also has helped spearhead the company’s aggressive initiatives to extend its digital offerings and add scale beyond KAR’s physical car auction facilities.
In this wide-ranging discussion, we covered:
- Jim’s thoughts on KAR’s very important pivot to digital that occurred in 2020
- What has changed about the car auction industry over the last three decades
- Why he thought it was the right time to pass the torch
- Maintaining the company’s culture within a rapidly changing industry
- Why KAR believes that the model of the future is hybrid: digital and physical
If you are at all interested in how incumbent companies defend their turf against digital upstarts, this was a great discussion.
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/
Timestamps for this episode:
1:50 - Introduction
3:42 - KAR’s rapid digital transformation
6:12 - Putting customer safety over market share
9:30 - Managing stakeholders during a transformational change
11:50 - Layering a digital strategy on top of a historically brick and mortar business
13:42 - Balancing KAR’s rapid digital transformation with the needs of customers
16:37 - Digitizing their dealer-to-dealer business through M&A
20:43 - Key lessons learned competing against digital upstarts
23:14 - M&A: to build or to buy?
25:30 - Successful leaders have to embrace change
28:56 - How do you know when to pass the CEO torch?
31:31 - Digitization of the used car auction industry
33:42 - Imparting a culture of optimism
36:42 - Growth opportunities via expanding into Europe
40:02 - Limiting management distraction while expanding outside the US
41:12 - Competing for digital talent from Indiana
44:40 - Pushing old school customers to digitize their business
48:42 - Maintaining a moat within an increasingly digital world
51:35 - Jim Hallett’s ideal legacy
54:45 - Biggest changes in the car auction industry over 3 decades
57:57 - Most underappreciated aspect of KAR’s hybrid model
1:00:25 - Why the industry may never be fully digital
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 Aug 24, 2021
Tuesday Aug 24, 2021
My guest on the show today is Sean O’Connor, the CEO of StoneX Group (NASDAQ: SNEX), a $1.2 billion dollar market cap financial services company that generated over $50 billion in revenue in fiscal year 2020. Sean became the CEO of International Assets Holding Company in 2002 and was a key architect of the 2009 transformational merger with FCStone that serves as the foundation of what StoneX is today. During his tenure, the company has been quite acquisitive and has added several new product lines and geographies. Currently, StoneX is involved in a number of businesses, including:
- Risk management and hedging services
- Commodities trading
- Equity securities trading
- International payments; and
- Foreign exchange services
Sean has been a steward of a stock that is now 3.5 times higher than it was when the FCStone merger closed, a period of time in which book value per share is up over 4 times. In this wide-ranging discussion, we cover:
- Sean’s philosophy on M&A and integrating companies
- How StoneX approaches risk management and what the company has learned from prior mistakes
- The process of incubating and funding an international payments business; and
- How financial services companies can distinguish themselves from competitors
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/
Timestamps for this episode:
1:50 - Introduction to SNEX CEO Sean O’Connor
3:35 - Why even attempt a transformational merger during the Global Financial Crisis
12:04 - The challenges associated with deals where the minnow swallows the whale
19:30 - Deep integration vs. a hands-off approach post-acquisition
23:00 - Building a differentiated risk management culture at StoneX
31:01 - Important lessons from significant loss events
37:11 - Starting an international payments business from scratch
44:04 - How StoneX looks at cryptocurrency as an opportunity
47:37 - Creating a moat around StoneX despite the competition
59:13 - StoneX’s relationship with regulators and becoming good at regulation
1:03:19 - Key elements that have propelled StoneX’s valuation
1:06:27 - The most underappreciated aspect of StoneX: long term-compounding
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 Aug 17, 2021
Tuesday Aug 17, 2021
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 Aug 10, 2021
Tuesday Aug 10, 2021
My guest on the show today is Weston Hicks, the CEO of Alleghany Corporation. Alleghany is a Fortune 500, $9.3B market cap company that focuses primarily on the insurance and re-insurance industry. Weston became CEO all the way back in late 2004 and since then, the company has grown its book value significantly and, like a mini-Berkshire Hathaway, has built up an interesting portfolio of non-insurance businesses that includes everything from a machine tool company to a toy company. And the Berkshire parallels don’t end there. Weston is a value investor at heart and is well known for his eclectic shareholder letters where he dives deep into the insurance industry and the capital markets as a whole.
Weston was a key driver of the company’s 2011 transformational merger with TransRe, a deal that established Alleghany as a global insurance powerhouse.
After close to 20 years with the company, Weston will be retiring at the end of this year. So, I thought it would be a great opportunity to talk to Weston before he officially leaves the CEO seat and get his insights and perspectives, on a variety of topics, including:
- His thoughts on what makes a compounder
- The benefits and the setbacks associated with the merger with TransRe
- How to compensate people and establish a competitive advantage within the insurance industry
- The emergence of ESG and how that impacts a company that underwrites catastrophe risks
Click the timestamp to jump to each answer:
3:40 – Introduction and the transformational merger with TransRe
7:50 – Weston’s plan as CEO (why the diversification into reinsurance)
9:50 – What made TransRe such a compelling opportunity
11:30 – The difficulties of M&A and why Alleghany is unique as a company
13:30 – The big surprises from the TransRe deal
14:55 – Looking back on the TransRe transaction 10 years later
17:50 – The impact of new competition moving into reinsurance
20:24 – What makes insurance companies such effective compounders
23:19 – Compensation as a lever for performance
25:40 – The history of Alleghany’s investment strategy
28:11 – How involved the board is in capital allocation
32:00 – Alleghany’s capital allocation strategy, investing North Star, and inevitable missteps
36:20 – Alleghany Capital and family run businesses
40:47 – Growing Alleghany Capital & the insurance business
43:17 – Weston’s approach to growing shareholder wealth
48:30 – Hiring, compensation, and employee retention
52:08 – The emergence of ESG
57:20 – Why Alleghany utilizes special dividends
61:20 – Alleghany’s exceptional stock growth
64:40 – What about Alleghany makes Weston so comfortable stepping away
67:50 – Areas where Alleghany has had to adapt
70:25 – What is the most misunderstood aspect of Alleghany?
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 @InoculatedInves 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.
Friday Jul 30, 2021
Friday Jul 30, 2021
Welcome to the Compounders Podcast, where we explore the anatomy of public company wealth creation stories. On this show, we invite you to be a fly on the wall for the actual conversations professional investors have with public company CEOs. Through a series of interviews, we will learn about how to create a compounder—a sustainable company whose success builds upon itself—by hearing about the real-life experiences of leaders who run smaller-cap public companies. I’m your host, Ben Claremon, a partner and portfolio manager at Cove Street Capital. In these conversations, I interview public company senior executives by posing the exact type of questions I ask as part of Cove Street’s diligence process.
By talking to people who operate within a wide variety of industries, we will dig into the holistic aspects of company building that you are not going to hear anywhere else. Whether you are a professional investor, founder or someone who is simply interested in business, we think this podcast has something for you.
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 @InoculatedInves and subscribe to the SNN Network YouTube Channel at www.youtube.com/snnwire.
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.