Yet Another Value Podcast
Andrew Walker
Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas.
Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer
Yet Another Value's special situation: Sage Therapeutics $SAGE
In today's episode of the Yet Another Value Podcast, Host, Andrew Walker, shares his thesis and presentation on Sage Therapeutics, Inc. (NASDAQ: SAGE), a biopharmaceutical company committed to pioneering solutions to deliver life-changing brain health medicines, so every person can thrive.For more information and to subscribe to the Yet Another Value Substack, please visit: https://www.yetanothervalueblog.com/Disclosure: long SAGEChapters:[0:00] Episode sponsor: Alphasense[3:21] Introduction - p
Redwheel's Shaul Rosten unpacks thesis on French leasing company, Ayvens $AYV.PA
Shaul Rosten, Equity Analyst, Global Value at Redwheel, joins the podcast to share his thesis on Ayvens ($AYV.PA), a provider of full-service leasing, flexible subscription services, fleet management and multi-mobility solutions to large international corporates, SMEs, professionals and private individuals.For more information about Redwheel, please visit: https://www.redwheel.com/uk/en/institutional/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[1:39] What is Ayvens and why are they so
Windward's Marc Chalfin and Jay Upadhyay describes the overhaul and new vision at Groupon $GRPN
Marc Chalfin, CIO, Founder & Portfolio Manager, and Jay Upadhyay, Senior Research Analyst, at Windward Management LP, join the podcast to share their thesis on Groupon (NASDAQ: GRPN).For more information about Windward Management LP, please visit:https://www.windwardmg.com/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[1:16] What is Groupon $GRPN and why is it so interesting right now to Marc and Jay[3:24] $GRPN overhaul, why now is interesting and Windward's thesis[11:49] $GRPN set
SemiAnalysis' Jeremie Eliahou Ontiveros on the supply/demand dynamics of AI and data centers
Jeremie Eliahou Ontiveros, Technology Analyst at SemiAnalysis, joins the podcast to share his thoughts on the supply/demand dynamics of AI and data centers. For more information about SemiAnalysis, please visit:https://semianalysis.com/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[1:22] Supply and demand dynamics of AI; perspective on data centers[9:03] Thoughts on DeepSeek; Jeremie's worry on the whole AI trade in general; AI training[13:58] Is there a rush to generate more data right
Boldstart Ventures' Shomik Ghosh on Kelly Partners' $KPG.AX unique accounting firm roll-up strategy
Shomik Ghosh, Partner at Boldstart Ventures, joins the podcast for the second time to discuss his thesis on Kelly Partners (ASX: KPG / OTCQX: KPGHF), a specialist chartered accounting network established in 2006 to provide a better service to private clients, private businesses & their owners, and families.For more information about Shomik Ghosh and Boldstart Ventures, please visit:https://boldstart.vc/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[2:20] Who is Kelly Partners and why th
Recurve Capital's Aaron Chan on the scalability of Carvana's $CVNA business model
Aaron Chan, Founder and Managing Partner at Recurve Capital LLC, joins the podcast to discuss his thesis on Carvana Co. (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars.
For more information about Aaron Chan and Recurve Capital, please visit: https://recurvecap.com/
Carvana - Recurve’s Response to Hindenburg’s Short Attack (article): https://recurvecap.com/insights/carvana-recurves-response-to-hindenburgs-short-attack
Chapters:
[0:00] Introduction + Episode sponsor:
1 Main Capital's Yaron Naymark on some general investor skepticism with $IWG.L thesis
Yaron Naymark, Founder of 1 Main Capital, is back for the fifth time on the podcast to provide an update on his thesis for International Workplace Group plc (LSE: IWG), and how he overcomes the general investor skepticism associated with the company.
For more information about Yaron Naymark and 1 Main Capital, please visit: https://www.1maincapital.com/
Yaron's original YAVP appearance talking $IWG.L: https://www.youtube.com/watch?v=QmVjVOoG6Sc
Yaron's last YAVP appearance talking $IWG.L (June 2
Outerbridge Capital's Rory Wallace on Allot's rebound and how to value Verizon partnership $ALLT
Rory Wallace, Chief Investment Officer at Outerbridge Capital, joins the podcast to discuss his thesis on Allot Ltd. (NASDAQ: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide.
For more information about Rory Wallace and Outbridge Capital, please visit: https://www.outerbridgecapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Fintool
[2:06] What is Allot $ALLT and why is it so interesting to Rory
Alex Morris on what you can learn in his new book: "Buffett and Munger Unscripted"
Alex Morris, Author of "Buffett and Munger Unscripted" and Owner & Analyst at TSOH Investment Research, joins the podcast to discuss his first book, "Buffett and Munger Unscripted."
You can buy your copy of Alex's new book, "Buffett and Munger Unscripted" here: https://amzn.to/4asUWNi
Chapters:
[0:00] Introduction + Episode sponsor: Fintool
[3:03] Why Alex decided to write "Buffett and Munger Unscripted"
[7:53] When did the repetition build up (spe
More Than a Numbers Game: A Brief History of Accounting (Fintwit Book Club January 2025)
In this bonus episode, Andrew and Byrne Hobart from The Diff discuss the 2008 book More Than a Numbers Game
See Byrne's writing at: https://www.thediff.co/
More Than a Numbers Game on amazon: https://amzn.to/4ajREfe
See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Yet Another Value's 2025 Idea of the Year: Full House Resorts $FLL
In today's episode of the Yet Another Value Podcast, Host, Andrew Walker, shares his thesis and presentation on the YAVB 2025 Idea of the Year: Full House Resorts $FLL, owns, leases, develops and operates gaming facilities throughout the country.
For more information and to subscribe to the Yet Another Value Substack, please visit: https://www.yetanothervalueblog.com/
Disclosure: long FLL
Chapters:
[0:00] Introduction + Episode sponsor: Daloopa
[1:35] Introduction to the Idea of the Year of 20
Random Ramblings December 2024: YAV Empire, Parallels between Athletics and Investing + Incentives
Welcome to the December 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: Yet Another Value Empire, reflecting on investing focus for 2025, Parallels between Athletics and Investing and Incentives.
Chapters:
[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Fintool
[2:34] Yet Another Value empire and reflecting on investing focus for 2025
[11:32] Parallels between athleti
Inside Arbitrage's Asif Suria shares his thesis on insider purchases at Pebblebrook $PEB
Asif Suria, Author of "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market" and Founder and CEO at Inside Arbitrage, joins the podcast for the second time to discuss his thesis on Pebblebrook Hotel Trust $PEB, as well as his thoughts on insider activity post-election.
You can buy your copy of Asif's new book, "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market" here: https://www.amazon.com/Event-Driven-Edge-Inve
Asheville Capital Management's Jake Barfield on InPost's scaling moat
Jake Barfield, Founder & Portfolio Manager at Asheville Capital Management, joins the podcast to share his thesis on InPost Group, Europe’s leading e-commerce logistics enabler.
Jake Barfield's write-up on InPost: https://jakebarfield.substack.com/p/inpost-inpst-investment-thesis
Chapters:
[0:00] Introduction + Episode sponsor: Fintool
[2:23] What is InPost and why are they interesting to Jake
[4:24] What Jake is seeing with InPost that the market is missing
[5:46] Push back on Jake's thesi
First Foundation's Eric Speron on the Lagardere SA situation: spin out, publishing, travel retail
Eric Speron, Managing Director of Equities, PM of First Foundation Total Return (FBBYX) at First Foundation, Inc., joins the podcast to share his thesis on Lagardere SA (MMB.PA), an international group with operations in more than 40 countries worldwide. The Group focuses on three divisions: Lagardère Publishing (Books, E-Books, Partworks, Stationery, Board Games and Mobile Games), Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion and Dining) and Lagardère News (Le Journal du D
Random Ramblings NOV 2024: Post-Election, how top investors stay on their game, existential risks
Welcome to the November 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: Quick thoughts on the election, polymarket, what investors do to stay on top of their game, Investing blind spots: financial engineering and existential risks.
Chapters:
[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Daloopa
[1:57] Quick thoughts on the election, market reactions
[6:35] Polymark
Ave Maria Focused Fund's Chadd Garcia on misreading waste-focused $SES.TO as energy services
Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Focused Fund, joins the podcast for his third appearance to share his thesis on SECURE Energy Services Inc. (TSX: SES), a leading waste management and energy infrastructure company.
Chapters:
[0:00] Introduction + Episode sponsor: Daloopa
[1:48] What is Secure Energy Services $SES.TO and why is it interesting to Chadd
[4:56] What is Chadd seeing with $SES.TO that the market is missing
[6:4
KNA Capital Management's Todd Wenning on making sense of the upside with Ecolab $ECL
Todd Wenning, CFA, President and CIO at KNA Capital Management, joins the podcast to discuss his thesis on Ecolab Inc. (NYSE: ECL), a global sustainability leader offering water, hygiene and infection prevention solutions and services.
For more information about KNA Capital Management, please visit: https://www.kna-capital.com/
To subscribe to Todd's newsletter, Flyover Stocks, on Substack, please visit: https://www.flyoverstocks.com/
You can Follow Todd Wenning on Twitter/X @ToddWenning: https:
Random Ramblings October 2024: networking with good investors, geopolitical risks, energy, probabilities
Welcome to the October 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: being in the room with good investors, geopolitical risks, oil & energy shortages and follow up to September 2024 ramblings on probabilities.
Chapters:
[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Tegus
[2:29] Being in the room with good investors
[6:35] Geopolitical risks
[11:16] Oil/energy
Plural Investing's Chris Waller on $WOSG.LN Rolex relationship and secondary luxury watch market
Chris Waller, Founder and CIO at Plural Investing, joins the podcast for the second time to discuss his thesis on The Watches of Switzerland Group (WOSG.LN), an international retailer of world leading luxury watch brands with a growing complement of luxury jewelry brands.
For more information about Plural Invest, please visit: https://www.pluralinvesting.com/
Plural Investing write up on $WOSG: https://www.pluralinvesting.com/research
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:26]
GrizzlyRock Capital's Kyle Mowery on $DRVN's goodco / badco thesis
Kyle Mowery, Managing Partner and Portfolio Manager at GrizzlyRock Capital, joins the podcast for the third time to discuss his thesis on Driven Brands Holdings Inc. (NASDAQ: DRVN), an automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash
To see the full DRVN deck, see: https://www.grizzlyrockcapital.com/wp-content/uploads/2024/10/GrizzlyRock-Driven-Brand
Matt Warder talks coal markets: how does coal morph into AI play, election, $BTU, $CEIX $ARCH merger
Matt Warder, @mfwarder on Twitter/X, is back on the podcast to discuss all things Coal, including: overall thoughts on coal at this point September 2024, vision for coal with AI, met coal, upcoming election, Peabody $BTU 13D, $CEIX $ARCH merger and more!
You can Follow Matt Warder on Twitter/X @mfwarder: https://twitter.com/mfwarder
Matt Warder's first appearance on YAVP: https://www.youtube.com/watch?v=DF0uGS4swLM
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:31] Where we are in
Random Ramblings September 2024: heavy selection bias, probabilities & terminal 0's, returns on fame
Welcome to the September 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: heavy selection bias, probabilities and waiting and how people value them, and returns on fame.
Chapters:
[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Daloopa
[1:36] What are the returns for folks focused on one company, one sector
[7:25] Probabilities and terminal 0's
[12:57] Retu
MDC Financial Research's Michael Cohen provides his post-game report on $ACI / $KR case
Michael D. Cohen, CEO & Director of Research at MDC Financial Research, LLC, joins the podcast to provide his post-game report on $ACI / $KR case.
For more information about MDC Financial Research, please visit: https://mdcfinancial.com/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:20] Overview: his post-game report on $ACI / $KR case + Michael's comments on the judge
[6:25] Now that the trial is over, how the case went overall in Michael's opinion
[15:14] What were the
Choice Equities' Mitchell Scott provides update on $CROX thesis and thoughts on Magnite $MGNI
Mitchell Scott, Founder and Portfolio Manager at Choice Equities Capital Management, joined the podcast for the second time to provide an update on his Crocs, Inc. (NASDAQ: CROX) thesis and Mitchell's thoughts on Magnite $MGNI.
For more information about Choice Equities Capital Management, please visit: https://choice-equities.com/
First appearance on $CROX: https://www.youtube.com/watch?v=hzYLXDJZIaE
Podcast on $MGNI with Dan Day: https://www.youtube.com/watch?v=we2o8Jw7Hno
Ryan O'Conno
Value Situations' Conor Maguire on why strategic review at Dowlais $DWL.L indicates a live catalyst
Conor Maguire, Founder and Editor of the Value Situations Newsletter, joins the podcast for his third appearance to share his thesis on Dowlais Group Plc (DWL), a portfolio of market leading, high-technology engineering businesses that advance the world's transition to sustainable vehicles.
For more information about Conor Maguire and Value Situations Substack: https://valuesits.substack.com/
DWL write up on Value Situations Newsletter: https://valuesits.substack.com/p/dowlais-spinning-wheel
Arbiter Partners' Ross Levin talks betting on French compounding legend, Vincent Bolloré
Ross Levin, Director of Research at Arbiter Partners, joins the podcast for the second time to discuss betting on French compounding legend, Vincent Bolloré: Bolloré SE and Compagnie de l'Odet.
For more information about Arbiter Partners, please visit: https://arbiterpartners.net/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:36] What are Bolloré SE and Compagnie de l'Odet and why are they interesting to Ross
[12:18] Asset value / share count
[16:46] Why (in Ross' opinio
Marathon Partners' Mario Cibelli on digital remittances company, Remitly $RELY
Mario Cibelli, Managing Partner at Marathon Partners Equity Management, LLC, joins the podcast for the fourth time to share his thesis on Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders.
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[1:58] What is Remitly Global $RELY and why are they so interesting to Mario
[3:22] What is Mario seeing in $RELY that the market is missing that makes this an alpha opportunity (in Mario's opi
MDC Financial Research's Michael Cohen provides his halftime report on $ACI / $KR case
Michael D. Cohen, CEO & Director of Research at MDC Financial Research, LLC, joins the podcast to provide his halftime report on the Albertson's / Kroger's merger case.
For more information about MDC Financial Research, please visit: https://mdcfinancial.com/
Chapters:
[0:00] Introduction + Episode sponsor: Ycharts
[2:02] Overview of the $ACI / $KR case thus far (high level halftime report)
[5:35] Anything Michael seeing in the courtroom that you wouldn't be able to pick up unle
Chris DeMuth's State of the Markets August 2024
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this August 2024 edition, Chris shares his thoughts on: election implications, anti-trust cases, Albertsons / Kroger's case, Robinhood credit card, and high-end credit cards launching travel lounges.
Chapters:
[0:00] Introduction + Episode sponsor: Daloopa
[1:26] Chris' thoughts on markets overall for August 2024: small cap value outperformance, election risk
[3:40] Market start pricing in Trump victory,
Cedar Grove's Paul Cerro on what makes $RCAT drones unique + odds for winning SRR contract
Paul Cerro, CIO of Cedar Grove Capital Management, joins the podcast to discuss his thesis on Red Cat Holdings (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations.
Cedar Grove RCAT thesis: https://www.cedargrovecm.com/p/red-cat-rcat-trade-worth-up-to-200-prcnt
Chapters:
[0:00] Introduction + Episode sponsor: Ycharts
[2:28] What is Red Cat $RCAT and why are they so interesting to Paul
[6:26] Why is $RCAT releva
Clayton Partners' Jason Stankowski and Brian Lancaster on why Mattr $MATR.TO is misunderstood
Jason Stankowski (Partner and Co-Portfolio Manager) and Brian Lancaster (Partner and Co-Portfolio Manager) from Clayton Partners join the podcast to discuss their thesis on Mattr Corp. (TSX: MATR), a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification.
For more information about Clayton Partners, please visit: https://www.claytonpartners.com/
Chapters:
[0:00] I
Rhizome Partners' Bill Chen updates his publicly traded real estate thesis+ $AIV pitch
Bill Chen, a real estate investor and Managing Director at Rhizome Partners, returns to the podcast to discuss the performance of publicly-traded real estate market and why it's done so well since his last podcast appearance in October 2023 + pitch on Apartment Investment & Management Co. "AIMCO" (NYSE: AIV).
For more information about Rhizome Partners, please visit: http://rhizomepartners.com/
AIV pitch deck: https://docsend.com/view/4n5xq5mc58xwhx64
Chapters:
[0:00] Introduct
Random Ramblings August 2024: crazy start to August, due diligence trips, seeing management teams
Welcome to the August 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: crazy start to August in the stock market, due diligence trips, and forming relationships with management teams
Chapters:
[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Tegus
[3:04] Topics: crazy start to August in the stock market, due diligence trips, forming relationships with management
Chris DeMuth's State of the Markets July 2024
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this July 2024 edition, Chris shares his thoughts on: a few special situations (RCM, WOW, etc..) and banks.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:17] What's on Chris' mind as we head into August
[4:27] RCM special situation
[15:45] WOW special situation
[28:26] Banks + final thoughts
Disclosure
Rome Capital's Alex Feng and Jason Quan making the case for Samsonite $1910.HK
Alex Feng and Jason Quan from Rome Capital Limited join the podcast to discuss their thesis on Samsonite International (1910.HK), a leader in the global lifestyle bag industry and the world's best-known and largest travel luggage company.
Alex Feng's write-up on Samsonite: https://alexfeng.substack.com/p/samsonite-1910-hk-another-homecoming
Chapters:
[0:00] Introduction + Episode sponsor: Ycharts
[1:51] Alex Feng, Jason Quan and Rome Capital's backgrounds
[3:15] Overview of Samsonit
Random Ramblings July 2024: stock price driving narrative + investing in products you don't like
Welcome to the July 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: small cap performance, buybacks, stock price drives narrative, CEO changes, due diligence on companies you don't like (i.e. don't like the product or service personally), alternative data and idea dinners.
Posts mentioned during pod:
On the stress of market melt ups: https://www.yetanothervalueblog.com/p/wee
Net Interest's Marc Rubinstein on "The Trump Trade" + deep dive on $FNMA
Marc Rubinstein, Founder and Editor of the Net Interest Newsletter (link to substack below), is back on the podcast to discuss his article titled, "The Trump Trade" and deep dive on Fannie Mae $FNMA.
For more information about Marc Rubinstein, please visit: https://www.netinterest.co/
Article on Trump Trade: https://www.netinterest.co/p/the-trump-trade
Chapters:
[0:00] Introduction + Episode sponsor: Daloopa
[1:40] Background and history of $FNMA
[17:07] Turning point in 2012 (backgrou
Atla Capital Management's John Haskell on international real estate + ESR Group thesis $1821.HK
John Haskell, CIO at Atla Capital Management, joins the podcast to share his thoughts on international real estate investing, emerging markets and ESR Group Limited ($1821.HK).
For more information about Atla Capital Management, please visit: https://www.atlacap.com/
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[2:22] International public real estate investing
[11:00] Taxation on global REITs / emerging markets
[17:54] John's most interesting market(s) right now / Vietna
Chris DeMuth's State of the Markets June 2024
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this June 2024 edition, Chris shares his thoughts on: election and election trades, $LQDA, Russell Rebalance arbitrage, Burford $BUR / Security National $SNFCA, Presidential Debate and implications for investing.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[1:51] What's on Chris' mind for Jun
Maverick Value's Ron Nussbaum on the legal and fundamental cases for $CPRI / $TPR combination
Ron Nussbaum from Maverick Value, joins the podcast to discuss the Capri Holdings Limited / Tapestry ($CPRI / $TPR) acquisition agreement.
You can follow Ron Nussbaum @MaverickValue on Twitter/X here: https://x.com/MaverickValue
Chapters:
[0:00] Introduction + Episode sponsor: Ycharts
[2:05] Overview of Capri / Tapestry acquisition and why FTC suing to block the combination
[6:01] Capri fundamental value even if deal doesn't go through
[11:46] FTC's case
[20:06] FTC's raised pricing
Buckley Capital's Zack Buckley on why he's urging $DNTL.TO to undertake a strategic review process
Zachary Buckley, Managing Partner at Buckley Capital Management, joins the podcast for the third time to share his thesis on Dentalcorp Holdings (TSX: DNTL) and why he's urging $DNTL.TO Board and Management to undertake a strategic review process.
Zack's letter to the board: https://finance.yahoo.com/news/buckley-capital-management-urges-dentalcorp-113000826.html
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[1:43] Overview of Dentalcorp $DNTL.TO and his letter to the Board &
BONUS EPISODE: Keynote Q&A with Bob Robotti, Robotti & Co. LIVE in VEGAS
BONUS EPISODE: Keynote Q&A with Bob Robotti, Founder and CIO of Robotti & Co. - this interview was recorded live at the Planet MicroCap Showcase: VEGAS 2024. Topics covered: defining MicroCap/Small-Cap, Robotti's strategy, opportunity set for stock pickers, old economy stocks, all followed by Q&A from the audience.
For more information about Bob Robotti and Robotti & Co., please visit: https://www.robotti.com/
Chapters:
[0:00] Introduction + Episode sponsor: Daloopa
[2:12] H
Random Ramblings June 2024: franchisees, blaming IR, competitors, interest vs. stats, thesis drift
Welcome to the June 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: investing into franchisees, blaming IR for stock price, competitors, interest in a stock and thesis drift.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Daloopa
[1:33] Investing into franchis
Firebird's Steven Gorelik on why Akamai's security business makes $AKAM interesting
Steven Gorelik, Lead Portfolio Manager at Firebird U.S. Value Fund, joins the podcast to share his thesis on Akamai Technologies, Inc. (NASDAQ: AKAM), the cloud company that powers and protects life online.
Chapters:
[0:00] Introduction + Episode sponsor: YCharts
[1:54] Overview of Akamai Technologies and why its so interesting to Steven
[13:09] $AKAM valuation
[15:39] Cloud computing and delivery segments
[29:10] Why $AKAM now and is $AKAM being run for stockholders or being run for the employ
1 Main Capital's Yaron Naymark returns to share update on International Workplace Group $IWG.L
Yaron Naymark, Founder of 1 Main Capital, is back for the fourth time on the podcast to provide an update on his thesis for International Workplace Group plc (LSE: IWG).
For more information about Yaron Naymark and 1 Main Capital, please visit: https://www.1maincapital.com/
Yaron's original YAVP appearance talking $IWG.L: https://www.youtube.com/watch?v=QmVjVOoG6Sc
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[1:47] Quick $IWG.L pitch[6:45] CEO recently sells block of sh
Philosophy Capital's Jacob Rubin on legacy brand names: Caesars $CZR and Gannett $GCI
Jacob Rubin, Portfolio Manager at Philosophy Capital, joins the podcast for the third time to share two theses: the first - Caesars Entertainment (NASDAQ: CZR), the second - Gannett Co., Inc. (NYSE: GCI).
For more information about Philosophy Capital, please visit: https://www.philosophycap.com/
Chapters:
[0:00] Introduction + Episode sponsor: Santangel's Review
[4:20] Overview of Caesars and why its so interesting to Jacob + why focus on $CZR and not all the other gaming-type companies
[12:
Chris DeMuth's State of the Markets May 2024
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this May 2024 edition, Chris shares his thoughts on: Tapestry / Capri merger, Enhabit $EHAB, ECIP banks, $INBX deal.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Santangel's Review
[2:05] What's on Chris' mind as we head into the summer: M&A, Capri / Tapestry merger
[14:33] Enhabit $EHAB
[24:29] ECIP Ba
Marathon Partners' Mario Cibelli on how $XMTR is creating a marketplace for industrial manufacturing
Mario Cibelli, Managing Partner at Marathon Partners Equity Management, LLC, joins the podcast for the third time to share his thesis on Xometry, Inc. (NASDAQ: XMTR), the global AI-powered marketplace that connects buyers with suppliers of custom manufacturing services.
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[2:23] What is Xometry and why is it so interesting to Mario Cibelli
[5:42] $XMTR creating marketplace for industrial manufacturing / problem the company is solvin
Asif Suria on the Six Special Situation Strategies to Outperform the Market
Asif Suria, Author of "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market", joins the podcast to discuss the six special situation strategies he outlines in his book to outperform the market.
You can buy your copy of Asif's new book, "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market" here: https://www.amazon.com/Event-Driven-Edge-Investing-Strategies-Outperform-ebook/dp/B0CN3PF1SW?_e
HX Research's Enrique Abeyta on importance of power generation, power crisis + $TLNE thesis
Enrique Abeyta, Founder/CEO of HX Research, joins the podcast to share his thesis on Talen Energy Corporation (OTCQX: TLNE), an independent power producer ("IPP") and infrastructure company committed to the energy transition.
For more information about HX Research, please visit: https://daily.hxresearch.net/
Enrique's write-up on $TLNE: https://daily.hxresearch.net/p/an-actual-way-to-make-money-from-climate-change
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[2
Pershing Square Challenge 2024 winning team shares pitch on Valvoline $VVV
The team that won the Pershing Square Challenge, Garrett Wallis, Jared Duda and Joseph Montgomery Ferguson, joins the podcast to discuss their winning pitch on Valvoline Inc. (NYSE: VVV).
You can find their winning pitch deck here: https://1drv.ms/b/c/b9a8675d1ef0d212/EUgO7sJJKoBBsx151i7xfvkBuTziYI94y8VF02bdym1WmA?e=21DQAc
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[1:49] Backgrounds on team that won the Pershing Square Challenge
[3:13] Valvoline Inc. $VVV pitch
[8:57] S
Random Ramblings May 2024: conferences, control shareholders, energy drinks and stock advertising
Welcome to the first edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: investor conferences (since returning from Planet MicroCap Showcase: VEGAS 2024), control shareholders, energy drinks and stock advertising.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: YCharts
Chris DeMuth's State of the Markets April 2024
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this April 2024 edition, Chris shares his thoughts on: the markets as we head into the Summer months, anti-trust, Capri-Tapestry anti-trust case, mergers blocked in greater frequency - has there been another time like this, and more!
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[1:57] Thoughts on marke
Best of Breed Growth Stocks' Julian Lin thesis on king of the meme stocks, Reddit $RDDT
Julian Lin, Founder of Best of Breed Growth Stocks, an investment newsletter, joins the podcast to discuss his thesis on Reddit, Inc. (NYSE: RDDT).
$RDDT write-up on Seeking Alpha: https://seekingalpha.com/article/4686257-reddit-julian-lins-top-conviction-idea
Chapters:
[0:00] Introduction + Episode sponsor: YCharts
[1:22] What is Reddit $RDDT and why is it interesting to Julian
[2:58] $RDDT bull case
[14:09] Network effects
[20:46] $RDDT bear case: when will they become profitable? What are the
Matt Turk on why corporate history matters with Target Hospitality $TH
Matt Turk joins the podcast to discuss his thesis on Target Hospitality Corp. (NASDAQ: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services.
Links:
https://www.bamsec.com/filing/114036124014503/4?cik=1859285
https://www.youtube.com/watch?v=31s6todiuM8
Matt's YouTube Channel: https://www.youtube.com/@given2trade4
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[1:53] What's going on with Ta
Greenhaven Road's Scott Miller shares his thoughts on point of sale business, PAR Technologies $PAR
Scott Miller, CIO of Greenhaven Road, joins the podcast to discuss his thesis on PAR Technologies (NYSE: PAR), where more than 70,000 restaurants in more than 110 countries use PAR’s restaurant point-of-sale, digital ordering, loyalty and back-office software solutions as well as industry-leading hardware and drive-thru offerings (according to the company's website).
Voss Capital write-up: https://vosscapital.substack.com/p/pars-path-to-80-redux
Greenhaven Road Q4 investor letter ($PAR menti
TeraWulf's $WULF Patrick Fleury on everything you need to know about bitcoin mining
Patrick Fleury, CFO of TeraWulf Inc. (NASDAQ: WULF), joins the podcast to discuss everything you need to know about bitcoin mining.
TeraWulf owns and operates vertically integrated, environmentally clean bitcoin mining facilities in the United States.
For more information and to subscribe to TeraWulf, please visit: https://www.terawulf.com/
Chapters:
[0:00] Introduction + Episode sponsor: Santangel's Review
[1:34] Patrick Fleury's background / difference between oil and gas mining to bit
Devin LaSarre shares thesis on Haypp Group, Online Distributor of Snus and Nicotine Pouches
Devin LaSarre, Founder and Editor of the Invariant Newsletter on Substack, joins the podcast to discuss his write-up and thesis on Haypp Group (HAYPP.ST).
Quick description on Haypp Group (according to their website): The Haypp Group is spearheading the global transformation from smoking to healthier product alternatives. With origins in Scandinavia our extensive experience from pioneering markets in smoke free alternatives, as well as being a leader in the e-commerce sector, we now fully take o
Chris DeMuth's State of the Markets March 2024
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this March 2024 edition, Chris shares his thoughts on meme stocks being back in vogue, $DJT, is speculation back in the market right now, small caps due for some revenge, crypto, bitcoin halving and SBF sentencing.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Santangel's Review
[2:14] Chris' high level thoughts
Lake Cornelia Research's Judd Arnold describes MiX Telematics $MIXT and Powerfleet $PWFL merger
Judd Arnold, Lake Cornelia Research Management @CorneliaLake, joins the podcast to discuss the MiX Telematics $MIXT and Powerfleet $PWFL merger.
$PWFL / $MIXT Memo: https://drive.google.com/file/d/1eONP4_CF6UPAKXYuZiDedUt2jRimujTa/view
For more information for Lake Cornelia Research Management and Judd Arnold, you can can Follow on Twitter/X @CorneliaLake: https://twitter.com/CorneliaLake
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:53] Overview of $MIXT / $PWFL
[10:18] Why $MIXT /
Matt Warder shares state of the coal markets + $AMR $HCC
Matt Warder, @mfwarder on Twitter/X, joins the podcast to discuss all things Coal, including: high level thoughts on coal, investing narrative from last few years, regulation, "greening" of metallurgical coal, $AMR, $HCC, upcoming election's impact on coal investment case and more!
You can Follow Matt Warder on Twitter/X @mfwarder: https://twitter.com/mfwarder
Range Global Resources Coal ETF: https://rangeetfs.com/coal
Chapters:
[0:00] Introduction
[1:27] High level thoughts on Coa
Broyhill Asset Management's Chris Pavese on $AVTR, pick and shovel play for life sciences
Christopher Pavese, President & Chief Investment Officer at Broyhill Asset Management, joins the podcast to discuss Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries.
For more information about Broyhill Asset Management, please visit: https://www.broyhillasset.com/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[1:35] As a generalist, how Chris and team arrived looking a
Gator Capital Management's Derek Pilecki shares his thoughts on Banks and Financials in 2024
Derek Pilecki, CFA, Managing Member and Portfolio Manager at Gator Capital Management, joins the podcast to have a general conversation about the Financial Sector: banks, crypto and more!
For more information about Gator Capital Management, please visit: https://gatorcapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[1:49] What's most interesting to Derek in Financials sector today / $NYCB / Valley and Western Alliance
[12:28] Western Alliance
[19:43] Capital One and though
Plural Investing's Chris Waller shares thesis on industrial roll-up compounder, TerraVest $TVK.TO
Chris Waller, Founder and CIO at Plural Investing, joins the podcast to discuss his thesis on TerraVest Industries Inc. (TSX: TVK), a manufacturer of home heating products, propane, anhydrous ammonia (“NH3”) and natural gas liquids (“NGL”) transport vehicles and storage vessels, energy processing equipment and fiberglass storage tanks.
For more information about Plural Invest, please visit: https://www.pluralinvesting.com/
Plural Investing write up on TerraVest $TVK.TO: https://static1.squarespa
Speedwell Research's Drew Cohen shares thesis on FinTwit favorite, Constellation Software $CSU.TO
Drew Cohen from Speedwell Research, joins the podcast to discuss his thesis on Constellation Software (TSX: CSU), who acquires, manages and builds vertical market software businesses.
For more information about Speedwell Research, please visit: https://speedwellresearch.com/
Speedwell Research profile on Constellation Software: https://speedwellresearch.com/companies/reports/constellation-software/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[1:41] Who is Constellation Software and wh
Chris DeMuth's State of the Markets February 2024
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this February 2024 edition, Chris shares his thoughts on New ETF $BOXX, Bitcoin and crypto in general, are we in a $BTC mania and Anti-trust outlook - election proxy (using Capital One / Discover as an example).
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:09] Thoughts on New ETF $BOXX
[18:55] Bitcoin and upco
Aurora Financial's Austin Crites on getting comfortable with The Lovesac Company $LOVE
Austin Crites, CIO at Aurora Financial Strategies, joins the podcast to discuss his thesis on The Lovesac Company (NASDAQ: LOVE), the home furnishing and technology brand best known for its Sacs, The World's Most Comfortable Seat.
For more information about Aurora Financial Strategies, please visit: https://www.aurorafinancialstrategies.com/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[1:35] Overview of Lovesac $LOVE and why are they so interesting to Austin
[5:44] Bear case: One
Oxy Capital's Pedro Sousa thesis on high quality, low cost gym facilities in the UK $GYM.L
Pedro Sousa, Principal at Oxy Capital, joins the podcast to discuss his thesis on The Gym Group plc (LSE: GYM) - founded in 2007, the Gym Group is the original provider of high quality, low cost gym facilities in the UK.
For more information about Oxy Capital, please visit: https://oxycapital.com/homepage/
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[2:05] Overview of Gym Group $GYM.L and why it's interesting to Pedro
[9:09] Competitive analysis: Basic-Fit and PureGym
[
Bireme Capital's Evan Tindell on British American Tobacco $BTI and tobacco's inflection point
Evan Tindell, CIO of Bireme Capital, joins the podcast for his fourth time to discuss his thesis on British American Tobacco p.l.c. (NYSE: BTI), the company engages in the provision of tobacco and nicotine products to consumers worldwide.
For more information about Bireme Capital, please visit: https://www.biremecapital.com/
Evan's $BTI write-up in Bireme Capital's investor letter: https://www.biremecapital.com/blog/december-2023-investor-letter
Chapters:
[0:00] Introduction + Episode sp
The Science of Hitting's Alex Morris dissects "Letting Winners Run" philosophy and strategy
Alex Morris, Founder of TSOH Investment Research, returns to Yet Another Value Podcast for the fourth time to discuss his recent article, "Letting Winners Run."
For more information about Alex Morris and subscribe to his research service, TSOH Investment Research Service, please visit: https://thescienceofhitting.com/
You can Follow Alex Morris on Twitter @TSOH_Investing: https://twitter.com/TSOH_Investing
"Letting Winners Run" article: https://thescienceofhitting.com/p/let
Chris DeMuth's State of the Markets January 2024
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this January 2024 edition, Chris discusses anti-trust, Spirit decision, US Steel - Nippon, banks and $LQDA.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:53] Anti-trust + Spirit decision
[9:00] Judge's decision in Spirit case + how antitrust lawyers reacted before and after the decision
[15:45] Future
Voss Capital's Jon Hook thesis on outsourced revenue cycle management company, R1 RCM $RCM
Jon Hook, CFA, Senior Analyst at Voss Capital, joins the podcast to discuss his thesis on R1 RCM Inc. (NASDAQ: RCM), a leading provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers.
For more information about Voss Capital, please visit: https://www.vosscap.com/
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:30] What is $RCM and why are they interesting to Jon Hook
[3:47] Why tax is 4-6% (vs. 2% or 20%)
[6:
Lake Cornelia's Judd Arnold provides his 2024 outlook on offshore drilling + activism
Judd Arnold, Lake Cornelia Research Management @CorneliaLake, joins the podcast to discuss the offshore drilling space, $TDW update, activism, $VAL, $RIG, $NE, Petrobas risk, macro risks, reflecting on recent positions with lessons learned and what Judd is focused on for 2024.
For more information for Lake Cornelia Research Management and Judd Arnold, you can can Follow on Twitter/X @CorneliaLake: https://twitter.com/CorneliaLake
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
Fundamental Edge's Brett Caughran on setting up for success in the pod shop world
Brett Caughran, Lead Trainer and Founder of Fundamental Edge, joins the podcast to discuss Fundamental Edge, Brett's background, how pod shows think about earnings season, fundamental stories, liquidity and market efficiency, small caps, pod shops, risk management and pod shop culture.
To sign up for Fundamental Edge's Analyst Academy, use the code "10YAVP" for a 10% discount: https://www.fundamentedge.com/
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[1:33
Patrick Wolff shares his thoughts investing in 2024, battleground stocks, MicroCaps + $TACT thesis
Patrick Wolff, full-time private investor, joins to have a general discussion a wide range of topics: his background (former US Chess champion in 1992 and 1995), the right to buy stocks, domestic vs. international focus, indexing vs. single stock investing, battleground stocks, advantages investing in MicroCap stocks and closes with his thesis on Transact Technologies $TACT.
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[2:01] Patrick Wolff's background
[7:10] The right t
Jim Royal, Author of "Zen of Thrift Conversions", on the basics of Thrift Conversions
Jim Royal, Author of "Zen of Thrift Conversions", joins the podcast to provide the basics of "Thrift Conversions", what that means, as well as examples that help illuminate them.
Jim's book, "Zen of Thrift Conversions", available on Amazon: https://www.amazon.com/Zen-Thrift-Conversions-Hidden-Stocks/dp/B08KH3THCR?crid=1RO9I0CVP07JD&keywords=the+zen+of+thrift+conversions&qid=1704737642&sprefix=zen+of+thrift,aps,161&sr=8-1&linkCode=sl1&tag=
David Capital Partner's Adam Patinkin thesis on asset light house builder, Vistry Group $VTY.L
Adam Patinkin, CFA, Managing Partner at David Capital Partners, LLC, joins the podcast to discuss his thesis on Vistry Group PLC (LSE: VTY), UK’s leading provider of affordable mixed tenure homes.
For more information about David Capital Partners, please visit: https://davidpartners.com/
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:28] David Capital's background and investing philosophy
[7:07] Overview and history of Vistry Group $VTY.L + David Capital's background with
Chris DeMuth's State of the Markets December 2023
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this December 2023 edition, Chris discusses what's on his mind at the end of the year, Merger Arb, $ROIV, $IMVT, thoughts on $SAVE, views on 2024 and lessons learned from 2023.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:46] Chris' thoughts, high level, for December 2023: merger arb
[2:44] Roiva
Greystone Capital Management's Adam Wilk on $SYZ.TO resurgence following corporate overhaul
Adam Wilk, CFA, Founder and Portfolio Manager of Greystone Capital Management, LLC, joins the podcast to discuss his thesis on Sylogist (TSX: SYZ), provider of mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, nonprofit, and education verticals.
For more information about Greystone Capital Management, please visit: https://www.greystonevalue.com/
Sylogist write-up in Q1 2023 Letter: https://www.greystonevalue.com/_files/ugd/47fd79_4bc7a73739034
Creek Drive Capital's Kevin Mak introduces the business case for Sphere Entertainment $SPHR
Kevin Mak, CFA, Founder of Creek Drive Capital and Teacher at Stanford University of a course called, Financial Trading Strategy, discusses his thesis on Sphere Entertainment Co. (NYSE: SPHR).
Link to Kevin's $SPHR thesis: https://drive.google.com/file/d/1_jGx22O8NWRlb8zZZmuqMwfa-Ae3Y55o/view
Twitter: https://twitter.com/KevinLMak
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:17] Sphere Entertainment Co. $SPHR and why it's interesting to Kevin
[3:36] Kevin's views on
Saber Capital Management's John Huber describes inevitable retail winners + $FND thesis
John Huber, Founder and Portfolio Manager at Saber Capital Management, joins the podcast today to describe the concept "Inevitable Retail Winners", characteristics of inevitability, as well as talking through many different examples that exemplify this concept. In addition, John shares his thesis on Floor & Decor (NYSE: FND).
For more information about Saber Capital Management, please visit: https://sabercapitalmgt.com/home/
Article from Base Hit Investing: https://basehitinvesting
Valorem Research's Lionel Hutz provides his Spirit / JetBlue post-trial breakdown
Lionel Hutz, Editor of the Valorem Research Newsletter on Substack, joins the podcast today to provide his Spirit / JetBlue post-trial breakdown.
For more information about Valorem Research and to subscribe, please visit: https://www.valoremresearch.com/
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:44] General takeaways from Spirit / JetBlue post-trial and post-trial briefs
[7:56] DOJ's case, what citing of Philadelphia National and Baker Hughes cases as precedents means
[
Far View Capital Management's Brad Hathaway talks the compelling setup at $DSGR
Brad Hathaway, Managing Partner of Far View Capital Management, joins the podcast today to discuss what he thinks is a compelling setup at Distribution Solutions Group, Inc. (NASDAQ: DSGR), a premier multi-platform specialty distribution company providing high touch, value-added distribution solutions to the maintenance, repair & operations (MRO), the original equipment manufacturer (OEM) and the industrial technologies markets.
For more information about Far View Capital Management, please
Valorem Research's Lionel Hutz talks LQDA v. UTHR hearing at the Federal Circuit + argument review
Lionel Hutz, Editor of the Valorem Research Newsletter on Substack, joins the podcast today to discuss the Liquidia vs. UTHR hearing at the Federal Circuit that took place on Monday, December 4, 2023.
Lionel's LQDA write up: https://www.valoremresearch.com/p/lqda-v-uthr-premium-update
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:35] What was the $LQDA hearing recently on Monday, December 4, 2023, and Lionel's initial thoughts on the hearing
[6:16] Arguments UTHR was dri
ICLE's Chief Economist Brian Albrecht evaluates $24.6 billion Kroger-Albertsons transaction
Brian Albrecht, Chief Economist of the International Center for Law & Economics (ICLE), joins the podcast today to discuss ICLE's paper on the $24.6 billion Kroger-Albertsons transaction.
ICLE Paper on Kroger / Albertson's merger: https://laweconcenter.org/icle-on-kroger-albertsons/
White paper: https://laweconcenter.org/wp-content/uploads/2023/10/Kroger-Albertsons-Merger-Full-Paper.pdf
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:32] Overview of ICLE (International
MDC Financial Research's Michael Cohen post-closing arguments update on $JBLU / $SAVE merger trial
Michael D. Cohen, CEO & Director of Research at MDC Financial Research, LLC, joins the podcast for the second time to share his thoughts on the JetBlue $JBLU / Spirit Airlines $SAVE merger trial now that closing arguments have been made. Known for their “Event-Driven Legal” investment-research, Michael Cohen and his team follow significant legal disputes and are closely watching the $JBLU / $SAVE case.
For more information about MDC Financial Research, please visit: https://mdcfinancial.com/
Raper Capital's Jeremy Raper expounds on his letter to Bragg Gaming $BRAG
Jeremy Raper, Founder of Raper Capital, is back on Yet Another Value Podcast to discuss Bragg Gaming (NASDAQ: BRAG / TSX: BRAG), a global B2B content-driven iGaming technology provider. On November 22, 2023, Jeremy published "An Open Letter to the Chair of the Board of Bragg Gaming Group." on his website (link below), where he outlines strategic alternatives for the company. Jeremy and Andrew close out with Jeremy's take on the Spirit / JetBlue trial.
For more information about Jer
Chris DeMuth's State of the Markets November 2023
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this November 2023 edition, Chris provides his take on the opacity and aggression of the FTC, how he is thinking about the Spirit trial, Amazon / iRobot deal and reflections on Charlie Munger.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[2:07] What is on Chris' mind this month: M&A, arbitrage, anti-
YAVP AMA hosted by Caro-Kann Capital's Artem Fokin
Artem Fokin, Portfolio Manager at Caro-Kann Capital LLC, returns to the podcast to do a fun AMA, not as a guest, but putting his hosting skills to the test and interviewing YAVP host, Andrew Walker.
For more information about Caro-Kann Capital, please visit: http://caro-kann-capital.com/
Chapters:
[1:25] Introduction + Episode sponsor: Alphasense
[3:03] Idea/inspiration for launching Yet Another Value Podcast
[5:56] 5% that is not "Podcast Andrew"
[7:10] YAVP format - how Andrew got to
MDC Financial Research's Michael Cohen "halftime" report on the $JBLU / $SAVE merger trial
Michael D. Cohen, CEO & Director of Research at MDC Financial Research, LLC, joins the podcast for the first time to share his thoughts on the JetBlue $JBLU / Spirit Airlines $SAVE merger trial that is now underway. Known for their “Event-Driven Legal” investment-research, Michael Cohen and his team follow significant legal disputes and are closely watching the $JBLU / $SAVE case.
For more information about MDC Financial Research, please visit: https://mdcfinancial.com/
For more on the SAVE
Chris DeMuth's State of the Markets October 2023
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this October 2023 edition, Chris provides his take on problems and opportunities in biotech, tax loss selling, closed-end funds, big spread arbitrage, Albertson's / Kroger merger case and predictions for upcoming Liberty Day.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:22] What is on Chris&
Boyar Research's Jonathan Boyar on how $MODG is growing an entire industry
Jonathan Boyar, President of Boyar Research, returns to the podcast for the fourth(!!) time to discuss his thesis on Topgolf Callaway Brands (NASDAQ: MODG) and how it is growing an entire industry.
Subscribe to the Boyar Research Substack here: https://boyarresearch.substack.com/
You can Follow Boyar Research on Twitter/X here: https://twitter.com/BoyarValue
$MODG write-up: https://boyarresearch.substack.com/p/a-company-thats-growing-its-entire
Chapters:
[0:00] Introduction + Episode sponsor: A
Value Punks' Daye Deng on why Warren Buffett $BRK invested in Japanese Trading Companies
Daye Deng, Co-Founder and Editor of the Value Punks newsletter on Substack, joins the podcast to discuss his articles that are deep dives on Japanese Trading Companies and why Warren Buffett invested in Japan.
Value Punks article on Japanese Trading Companies: https://valuepunks.substack.com/p/deep-dive-japanese-trading-companies
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:26] History of the Japanese trading companies and Warren Buffett
[6:59] Why trading so important in Japan
Bill Chen on why the opportunity exists right now in publicly-traded Real Estate
Bill Chen, a real estate investor and Managing Director at Rhizome Partners, returns to the podcast to provide his latest insights on what's happening in publicly-traded real estate market, private real estate market and literally everything real estate in between.
For more information about Rhizome Partners, please visit: http://rhizomepartners.com/
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:38] Discrepancy between publicly-traded real estate and private market value / w
HSP Capital's Harris Perlman unpacks vegetable canner, Seneca Foods $SENEA
Harris Perlman, Principal at HSP Capital, joins the podcast to discuss his thesis on Seneca Foods Corporation (NASDAQ: SENEA), one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. (Note Harris' audio is not the greatest on this, but we did our best to adjust where we could.)
Harris' write-up: https://drive.google.com/file/d/1wAm1w3eEZCHCfY-e1Lzu0gvyGW7uN4KL/view
Chapters:
[0:00] Introduction + Episode sponsor: S
Chris DeMuth's State of the Markets September 2023
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this September 2023 edition, Chris provides his take on Amazon FTC case, Scultpor Capital Management bid, monthly antitrust update, and more!
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:49] What's been going on - September 2023: update on antitrust cases and valuing the deals
[8:45] Large
Lionel Hutz' breakdown and analysis of the JetBlue $JBLU / Spirit $SAVE merger DOJ case
Lionel Hutz, Editor of the Lionel Hutz Newsletter on Substack, joins the podcast today to discuss the JetBlue (NASDAQ: JBLU) / Spirit (NYSE: SAVE) merger DOJ case.
Lionel's JetBlue/Spirit write up: https://lionelhutz.substack.com/p/in-the-spirit-of-competition
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:48] What is so interesting about the JetBlue / Spirit DOJ case
[4:18] JetBlue / Spirit merger saga - background
[11:34] Why is the "Northeast Alliance"
Grizzly Rock Capital's Kyle Mowery + Mike Holt on secular tailwinds for silicon metal producer $GSM
Kyle Mowery and Mike Holt, CFA, Managing Partner / Portfolio Manager and Senior Analyst, respectively, at Grizzly Rock Capital joins the podcast today to discuss their thesis on Ferroglobe PLC (NASDAQ: GSM), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys.
For more information about Grizzly Rock Capital, please visit: https://www.grizzlyrockcapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:47] Who is Ferroglobe
B. Riley's Dan Day describes Supply Side Platform (SSP), CTV + Magnite $MGNI thesis
Dan Day, CFA, Equity Research Analyst at B. Riley Securities, joins the podcast today to discuss the digital advertising business, SSPs and his thesis on Magnite, Inc. (NASDAQ: MGNI), the world’s largest independent sell-side advertising company (according the company's website). To get in touch with Dan Day, you can reach him via email here: dday@brileyfin.com
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:35] What is Magnite, Inc. (NASDAQ: MGNI) and why is it int
Artem Fokin discusses Burford winning the YPF case + fundamental thesis post-trial $BUR
Artem Fokin, Portfolio Manager at Caro-Kann Capital LLC, returns to the podcast (for the fourth time) to discuss Burford winning the YPF case and the fundamental thesis post-trial.
For more information about Caro-Kann Capital, please visit: http://caro-kann-capital.com/
Artem's first appearance on BUR: https://youtu.be/qBuH8pyc8Y0
Artem's second appearance on BUR: https://youtu.be/OIFGrfx1O88
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:41] Burford won the cas
Value Situations' Conor Maguire shares Marlowe plc $MRL.L thesis + TIC segment catalyst
Conor Maguire, Founder and Editor of the Value Situations Newsletter, joins the podcast for his second appearance to share his thesis on Marlowe plc (LSE: MRL), provider of a broad range of compliance software and services in areas which pose a high risk for businesses.
For more information about Conor Maguire and Value Situations Substack: https://valuesits.substack.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:41] Overview and investing thesis on Marlowe plc (LS
Ave Maria Focused Fund's Chadd Garcia talks eDreams, travel subscription platform in Europe $EDR.MC
Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Focused Fund, joins the podcast for his second appearance to share his thesis on eDreams ODIEGO (MSE - Madrid Stock Exchange: EDR), travel subscription platform and one of the largest e-commerce businesses in Europe.
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:43] Overview of eDreams ODIGEO $EDR.MC
[9:27] eDreams' overall vision and current valuation
[13:3
Chris DeMuth's State of the Markets August 2023
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this August 2023 edition, Chris provides his take on the FTC in general, Horizon/Amgen case, deep dive into CVRs and, of course, the Microsoft / Activision deal.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:43] What's been going on - August 2023; starting with FTC in general
[7:12] State of
Firstlight Management's AJ Secrist provides update on $LW thesis post-earnings and pre-Investor Day
AJ Secrist from Firstlight Management is back on the podcast today to provide an update on Lamb Weston Holdings Inc. (NYSE: LW), a key supplier of french fries to fast-food chains, following their recent quarterly update and in advance of their investor day.
Check out his first appearance on YAVP laying out his $LW thesis (December 2022): https://youtu.be/lNY8sQVttks
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:24] Update on Lamb Weston Holdings $LW since AJ's las
Choice Equities' Mitchell Scott making the case that $CROX is not a fad
Mitchell Scott, Founder and Portfolio Manager at Choice Equities Capital Management, joined the podcast to make the case that Crocs, Inc. (NASDAQ: CROX) is not a fad.
For more information about Choice Equities Capital Management, please visit: https://choice-equities.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:36] What is $CROX, why is it interesting to Mitchell and $CROX growth story
[4:50] What is Jibbitz, patent protection on the product and consumer trends u
Hedgeye's Daniel Biolsi on state of the Consumer Staples sector + $COST $ACI $KVUE $HSY $IFF
Daniel Biolsi, Head of Consumer Staples sector at Hedgeye, shares his thoughts on current state of the Consumer Staples sector in 2023.
For more information about Hedgeye, please visit: https://app.hedgeye.com/insights
Chapters:
[0:00] Introduction + Episode sponsor: Hedgeye
[0:56] State of the Consumer Staples sector
[4:04] $COST and BJ's thesis
[8:24] Why long Albertson's $ACI + thoughts on acquisition proposed by Kroger
[21:14] $KVUE Kenvue thesis
[28:04] Hershey $HSY, international
Focus Capital's Mordechai Yavneh returns to explain how $SIMO / $MXL deal fell apart
Mordechai Yavneh, Founder and Portfolio Manager at Focus Capital, returns to the podcast to discuss how the Silicon Motion Technology Corporation (NASDAQ: SIMO) / MaxLinear (NASDAQ: MXL) deal fell apart.
Focus Capital's research site (with SIMO deck): https://focuscapitaladvisers.com/research
Mordechai's December 2022 $SIMO pitch on YAVP: https://youtu.be/f--RrIG1fAQ
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:46] Update since Mordechai's $SIMO pitch wit
Ross Levin on Cooperative Investment Certificates (CCIs) issued by Credit Agricole Group
Ross Levin, Director of Research at Arbiter Partners, joins the pod to discuss his thesis on Credit Agricole S.A. CCIs (Cooperative Investment Certificates).
For more information about Arbiter Partners, please visit: https://arbiterpartners.net/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:43] Overview of Credit Agricole S.A. and CCIs (Cooperative Investment Certificates)
[9:56] Dividend yield on these CCIs
[16:51] Value catalyst - Eureka transaction
[23:53] Credit Ag
Half Moon Capital's Eric DeLamarter and Brandon Carnovale thesis on Keurig Dr Pepper $KDP
The team from Half Moon Capital, Eric DeLamarter and Brandon Carnovale, come back on the pod to discuss their thesis on Keurig Dr Pepper Inc. (NASDAQ: KDP).
For more on the KDP thesis, see:
Half Moon Capital KDP Q2’23 Investment Thesis Update_8.1.23
Half Moon Capital KDP Investment Thesis_July 2023
For more information about Half Moon Capital, please visit: https://halfmooncapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:25] Half Moon Capital's Keurig Dr
Buckley Capital Partners' Zack Buckley provides update on $XPOF thesis following short report
Zack Buckley, Managing Partner at Buckley Capital Partners, joins Yet Another Value Podcast for the second time to provide an update on his Xponential Fitness, Inc. (NYSE: XPOF) thesis since he was last on the podcast and following the Fuzzy Panda short report on the company.
For more information about Buckley Capital Partners, please visit: https://buckleycapitalpartners.com/
Zack's first appearance on YAVP discussing $XPOF: https://youtu.be/listaT3Bx6Q
Chapters:
[0:00] Introduction + Epis
Chris DeMuth's State of the Markets July 2023
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this July 2023 edition, Chris provides the latest takes on the Activision / Microsoft deal following the judge's ruling, Silicon Motion $SIMO / MaxLinear $MXL deal, Liquidia $LQDA and Burford $BUR.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:42] Updated take on Activision / Microsoft deal f
Daniel Payne from ICBLA on $COIN v. SEC (sponsored by Stream by AlphaSense)
Our podcast sponsor, Stream by Alphasense, connected us with Daniel Payne, Senior Fellow at the International Congress of Blockchain Legal Advisors, to discuss the stakes at play in the SEC vs. Coinbase $COIN case. International Congress of Blockchain Legal Advisors Website: https://icbla.legal/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:08] Daniel Payne quick background
[4:23] SEC vs. Coinbase $COIN - high level overview of the case
[8:45] What are the stakes the S
Bireme Capital's Evan Tindell on growth tailwinds for African Telecom - Airtel Africa $AAF.L
Evan Tindell, CIO of Bireme Capital, joins Yet Another Value Podcast today to share his thesis on Airtel Africa Plc (LSE: AAF), a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.
For more information about Bireme Capital, please visit: https://www.biremecapital.com/
Evan's Tweet thread on Airtel Africa: https://twitter.com/evantindell/status/1666503901229580291
Evan's blog po
Cove Street Capital's Jeff Bronchick and Andrew Leaf talk $ECVT Ecovyst + $VSAT Update
Cove Street Capital's Jeffrey Bronchick, Principal and Portfolio Manager, and Andrew Leaf, Principal, Research Analyst, discuss their thesis on Ecovyst Inc. (NASDAQ: ECVT), a leading integrated and innovative global provider of specialty catalysts and services. Also, be sure to stick around for the last ten minutes as well to hear Jeff and Andrew's update on Viasat $VSAT.
For more information about Cove Street Capital, please visit: https://covestreetcapital.com/
Quick blurb on $VSAT: ht
Warden Capital's Hawkins Entrekin on $VNO and debunking New York City commercial real estate market
Hawkins Entrekin, Founder and Managing Principal of Warden Capital, joins Yet Another Value Podcast today to discuss his thesis on Vornado Realty Trust (NYSE: VNO), a fully-integrated equity real estate investment trust. The conversation begins with an overview on the New York City real estate market in general and transitions to better understand, why, for Hawkins, he picked $VNO over other New York office-focused REITs.
For more information about Warden Capital, please visit: https://www.warde
Colarion Partners' Sam Haskell on the financial sector and banks
Sam Haskell, CIO of Colarion Partners and Editor of the 5 Points newsletter on Substack, is today's guest on the Yet Another Value Podcast. In the last few months, we've been covering all aspects of the financial sector, banks in particular, so we had Sam on today to get his thoughts on wide array of topics in this space, and what he's focused on in these current market conditions.
For more information about Colarion Partners, please visit: https://colarionpartners.com/
You can subsc
Raper Capital's Jeremy Raper outlines strategic alternatives for Alto Ingredients $ALTO
Jeremy Raper, Founder of Raper Capital, is back on Yet Another Value Podcast to share his latest idea: Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and essential ingredients. On June 29, 2023, Jeremy published "An Open Letter to the Board of Alto Ingredients, Inc." on his website (link below), where he outlines strategic alternatives for the company.
For more information about Jeremy Raper and Raper Capital, please visit: https://raper
Chris DeMuth's State of the Markets June 2023
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this June 2023 edition, Chris provides the latest news on the Activision / Microsoft antitrust case + his thoughts on the case.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:36] Update on Activision / Microsoft deal and antitrust case
[14:00] When is it time for the FTC need to engage in damage
Papyrus Capital's Nitin Sacheti updates his $VATE thesis
Nitin Sacheti, Founder and Portfolio Manager at Papyrus Capital, is back to update his INNOVATE (NYSE: VATE) thesis. In his first appearance on the podcast, Nitin went into detail on all segments of the INNOVATE business, a highly levered holding company with three operating segments in: Infrastructure, Life Sciences and Spectrum. The stock has been volatile of late, and as Nitin notes in the beginning of the interview, "because there's a lot in here, there's some businesses that ha
Creek Drive Capital's Kevin Mak on why $PGY has been largely ignored by the AI hoopla
Kevin Mak, CFA, Founder of Creek Drive Capital and Teacher at Stanford University of a course called, Financial Trading Strategy, discusses his thesis on Pagaya Technologies (NASDAQ: PGY), a company that uses big data and AI to look at people's credit scores and look at people's different credit factors to determine whether or not they are more credit-worthy than what would be otherwise seen in this traditional lending system.
Link to Kevin's $PGY articles on Seeking Alpha: https://
Caligan Partners' Dave Johnson on MorphoSys' $MOR change from royalty play to traditional biotech
Dave Johnson, Managing Partner at Caligan Partners, makes his second appearance to discuss his thesis on MorphoSys AG (FSE: MOR; NASDAQ: MOR), including: history of the company, change in business strategy from a royalty play to traditional biotech, Pelabresib clinical trials for Myelofibrosis indication and more!
For more information about Dave Johnson and Caligan Partners, please visit: https://www.caliganpartners.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:47
1 Main Capital's Yaron Naymark talks Limbach's evolution $LMB
Yaron Naymark, Founder of 1 Main Capital, is back for the third time on the Yet Another Value Podcast to discuss Limbach Holdings (NASDAQ: LMB), a mechanical systems solution engineering company that focuses on HVAC systems. Yaron talks about the evolution of the company since it went public via SPAC in 2016, transitioning towards the owner direct business and away from the older general contractor business, growth through acquisition strategy, equity raise in 2021 and why he finds $LMB interest
Net Interest's Marc Rubinstein on $COF and if Silicon Valley Bank has fundamentally changed banking
Marc Rubinstein, Founder and Editor of the Net Interest Newsletter, is back on the Yet Another Value Podcast to have a wide-ranging discussion digging into Marc's thoughts on the current state of banks, financial sector, as well as dissecting his article on what makes Capital One $COF interesting.
For more information about Marc Rubinstein, please visit: https://www.netinterest.co/
Article on Capital One: https://www.netinterest.co/p/capital-one-buffetts-latest-banking
Article on Charles Sch
Brian McGough from Hedgeye on the (dismal) State of Retail
Brian McGough, head of retail at Hedgeye, joins the podcast to discuss the state of the retail sector, hit a wide variety of names, and explain why he's so bearish on the sector currently.
You can find Brian on twitter here: https://twitter.com/HedgeyeRetail
This podcast is sponsored by Hedgeye. Hedgeye is an investment research firm that delivers high-conviction investment ideas through fundamental, quantitative, and Macro analysis. If you’d like access to Hedgeye’s favorite long and short
Chris DeMuth's State of the Markets May 2023
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this May 2023 edition, Chris shares his thoughts on the government suing to block the Horizon Therapeutics sale to Amgen, government's history of antitrust cases, Amazon / iRobot deal, evaluating judges in antitrust cases, banking sector and more!
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1
The Chancery Daily and the Case of the Apes and $AMC
Joining the Yet Another Value Podcast today is the Editor and Co-Founder of The Chancery Daily to have a stirring conversation about the wild $AMC / Apes Case. To say The Chancery Daily has been covering every detail of this case would be an understatement and the following interview will wholly confirm that.
To subscribe and catch up on all aspects of the $AMC / Apes case, as well as to subscribe The Chancery Daily substack, please visit: https://thechancerydaily.substack.com/
Chapters:
[0:00]
BONUS EPISODE: Jonathan Cukierwar from Sohra Peak Capital Partners LIVE in VEGAS
BONUS EPISODE with Jonathan Cukierwar, Principal of the General Partner at Sohra Peak Capital Partners - this interview was recorded live at the Planet MicroCap Showcase: VEGAS 2023. Topics covered: investing in global MicroCap stocks, building relationships with management with teams based in another country, Q&A from the audience, plus an overview and Q&A on Duratec $DUR.AX.
For more information about Jonathan Cukierwar and Sohra Peak Capital Partners, please visit: https://www.sohrape
BONUS EPISODE: Michael Liu from Intelligent Fanatics Capital Management LIVE in VEGAS
BONUS EPISODE with Michael Liu, Analyst at Intelligent Fanatics Capital Management - this interview was recorded live at the Planet MicroCap Showcase: VEGAS 2023. Topics covered: discovery process for MicroCap stocks, building relationships with management, disagreements with management, groupthink, all followed by Q&A from the audience.
For more information about Michael Liu and Intelligent Fanatics Capital Management, please visit: https://if.capital/
You can Follow Michael Liu on Twitter
Brian Finn from Findell Capital is back to dissect $CUTR and $OPRT
Brian Finn, CIO of Findell Capital Management, is back on Yet Another Value Podcast in the quickest turnaround in the show's history, and for good reason. Following earnings calls from $CUTR (idea recently discussed with Vince Martin, link below) and $OPRT (idea discussed on Brian's first appearance, link below), there was a ton information to dissect.
Link to last podcast on $CUTR: https://youtu.be/LVqVzbAohus
Link to last podcast on $OPRT: https://youtu.be/xoxdSl3FwOk
Findell Capital M
Doug O'Laughlin from Fabricated Knowledge on management incentives at $APP
Doug O'Laughlin, Founder and Editor of the Fabricated Knowledge and Mule's Musings Newsletter, joins the Yet Another Value Podcast for the 3rd time to discuss AppLovin Corporation (NASDAQ: APP). Doug became excited about the idea and wanted to come on to chat about it because a very aggressive PSU that recently happened at AppLovin, and what these management incentives could mean for the business.
For more information about Doug O'Laughlin and his newsletters, please visit:
Fabrica
Chris DeMuth's State of the Markets for April 2023
It's time to welcome back Chris DeMuth for his monthly state of the markets. For this April 2023 edition, Chris shares his thoughts on the Spectrum Brands antitrust lawsuit, thoughts on Activision Microsoft following the CMA unexpectedly ruled against the deal, and the Wells Notice sent to Coinbase.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:36] What's on Chris' m
Jay Van Sciver shares his thoughts on Industrials and Materials for 2023
Jay Van Sciver, Head of Industrials and Materials at Hedgeye, shares his thoughts on industrials and materials in 2023. Automobiles, Elon Musk, rails, Norfolk Southern, geopolitical commodities landscape - this podcast runs the gamut; tune in to hear Jay's takes on it all.
For more information about Hedgeye, please visit: https://app.hedgeye.com/insights
Chapters:
[0:00] Introduction + Episode sponsor: Hedgeye
[1:07] Industrial Sector overview: quick takes on VW, Porsche and other auto maker
Vince Martin on the "Game of Thrones" style proxy fight at $CUTR
Vince Martin, Lead Analyst and Writer at the Overlooked Alpha newsletter, discusses the "Game of Thrones" style proxy fight happening at $CUTR.
For more information about the Overlooked Alpha newsletter, please visit: https://www.overlookedalpha.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[2:06] What is Cutera $CUTR - An Overview
[3:33] Cutera's acne products
[5:44] Sales strategy for acne products and how that panned out
[8:35] Understanding to pot
Brian Finn from Findell Capital on his letter to Oportun Financial $OPRT
Brian Finn, CIO of Findell Capital Management, discusses the letter he sent to Oportun Financial's board (NASDAQ: OPRT). Since Oportun's September 2019 IPO, shares have fallen -85%, falling well behind competitor, OneMain Holdings (OMF). In addition, costs have exploded higher and acquisitions have proved disastrous.
Findell Capital Management Letter to the Oportun (Nasdaq: OPRT) Board of Directors (3/29/2023): https://static1.squarespace.com/static/5e17f2a118561f6339437f24/t/64240b4f0c
Artem Fokin's take on Burford's YPF summary judgement ruling $BUR
Artem Fokin, Portfolio Manager at Caro-Kann Capital LLC, returns to the podcast (for the third time) to update his thesis on Burfurd (BUR) on the heels of their big YPF summary judgement ruling against Argentina.
For more information about Caro-Kann Capital, please visit: http://caro-kann-capital.com/
Artem's first appearance on BUR: https://youtu.be/qBuH8pyc8Y0
Muddy Waters BUR case: https://www.muddywatersresearch.com/research/bur/mw-is-short/
Artem's response: http://caro-kann-capital
Michael Liu on why he thinks Cogstate $COGZF is a great business wrapped in a special situation play
Michael Liu, Analyst at Intelligent Fanatics Capital Management, discusses Cogstate (ASX: CGS) / (OTCQX: COGZF). Cogstate provides computerized cognitive tests for Alzheimer's clinical trials. Michael came on to discuss his thesis on Cogstate and how a failed takeover attempt could create an interesting special situation.
For more information about Michael Liu and Intelligent Fanatics Capital Management, please visit: https://if.capital/
You can Follow Michael Liu on Twitter @michael20171 :
Chris DeMuth's State of the Markets for March 2023
It's the end of the month, which means its time to welcome back Chris DeMuth for his monthly state of the markets. March 2023 was a doozy, so a lot to breakdown here, including: banking crises, thoughts on Coinbase's wells notice, mergers hanging in the balance (JetBlue/Spirit & Microsoft/Activision Blizzard), and more!
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Show notes:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[
Alex Morris provides 2023 overview on Cable and what makes Media so attractive
Alex Morris, Founder of TSOH Investment Research, returns to Yet Another Value Podcast for the third time to chat with Andrew about the Media and Cable sectors in 2023. The Media and Cable sectors move at a mile a minute and it was time to have Alex back on to sift through all the noise. This conversation covers everything from: how mobile carriers think about fixed wireless, Charter vs. Cable One & T-Mobile, does Disney have an IP problem, and much more.
For more information about Alex Morr
John Maxfield on Investing in Banks in a Post-SIVB World
John Maxfield, Editor of the Maxfield on Banks Newsletter on Substack, has spent nearly two decades studying America's best and worst banks, the history of banking, and interviewing bank leaders. John joins the Yet Another Value Podcast today to answer your burning questions regarding investing banks, his mindset during this "crisis" and how to think about investing in banks moving forward.
For more information and to subscribe to John's new substack, please visit: https://maxf
An exciting time in the Cable Business with Cable One Julia Laulis (NYSE: $CABO)
Julia Laulis, Chair of the Board, President & CEO of Cable One, Inc. (NYSE: CABO), joins Yet Another Value Podcast to discuss how the cable industry is positioned right now in 2023, and Cable One's focus moving forward. Cable One will also be at The Markel Corporation's 2023 shareholders meeting in Richmond, VA on May 17, 2023, where Andrew will also be in attendance.
Chapters:
0:00 - Introduction + Episode sponsor: $BYTE
1:44 - Let's talk about the Cable business; why its an e
Chadd Garcia finds price dislocation in global digital infrastructure firm, DigitalBridge $DBRG
Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Mutual Funds, joins the Yet Another Value Podcast for the first time to discuss DigitalBridge Group, Inc. (NYSE: DBRG), and why he finds there could be price dislocation in the global digital infrastructure firm.
Chapters:
0:00 - Introduction + Episode sponsor: $BYTE
2:23 - Overview of DigitalBridge Group, Inc. (NYSE: DBRG)
8:10 - Chadd's thoughts betting on CEO, Marc Ganzi, + background
1
Chris McIntyre thinks Sotera is an incredible business at a good valuation $SHC
Chris McIntyre returns to the podcast to discuss Sotera Healthcare (SHC), why he thinks it's such a good business, and why he thinks the stock is still undervalued even after a big run in the wake of putting their legal liabilities (largely) behind them.
Chapters
0:00 Intro
2:15 Sotera Overview
5:30 What makes Sotera such a good business?
14:30 Why it's so unlikely a new competitor can enter the space
19:55 Discussing Sotera's "growth algorithm" &nbs
Chris DeMuth's State of the Markets February 2023
Chris DeMuth returns to the podcast for his monthly state of the markets, with updates on TGNA, ATVI, AMC / APE, and MANU.
Chapters
0:00 Intro
2:30 TGNA
27:00 ATVI / MSFT
42:30 AMC / APE
50:00 MANU
Yaron Naymark on IWG's value case
Yaron Naymark returns to the podcast to discuss the value case for IWG (London Listed). IWG is best known for their Regus brand, which competes with WeWork in the flex office space. Yaron thinks the market is discounting the operating leverage IWG will realize as they put COVID behind them and begin to accelerate their managed locations offering.
Chapters
0:00 Intro
2:10 IWG overview
12:05 How does the current high vacancy office space impact flex
17:0
Josh Young from Bison Investments discusses on Vital Energy and his energy outlook $VTLE
Josh Young, CIO of Bison, returns to the podcast to discuss what's going on in the energy markets and his recent investment thesis for Vital Energy (VTLE).
Bison's VTLE thesis: https://bisoninterests.com/content/f/vital-energy-is-deeply-discounted
Chapters
0:00 Intro
3:15 What's happened in energy stocks since Josh's last appearance
5:45 Discussing the outlook for nat gas
15:10 Josh's current outlook for oil
24:30 Is the oil market properly refle
Chris DeMuth's State of the Markets January 2023
Chris DeMuth joins the podcast to discuss the state of the markets in January 2023 and discuss what's on his mind, including updates on AVTI, the meme stocks roaring back, and why energy stocks seem poised to continue to perform well.
Chapters
0:00 Intro
2:15 What's on Chris's mind
5:20 Quick hits on ATVI, SPB, and SJR
15:00 More on ATVI
24:30 Meme stocks are back!
30:00 Continued discussion on AMC / APE
37:00 Shareholder discounts and W
Artem Fokin from Caro-Kann on Kaspi $KSPI
Artem Fokin, founder of Caro-Kann Capital, discusses the bull case for Kaspi (KSPI). Kaspi is the dominant fintech in Kazakhstan, and Artem breaks down how it's trading for a value price despite rapid growth and how its dominance will allow it to grow into new sectors of the Kazakhstan economy.
Kaspi IPO case study from HBS: https://www.hbs.edu/faculty/Pages/item.aspx?num=56825
Chapters
0:00 Intro
2:30 KSPI Overview
8:15 Discussing how ingrained in Kazakhstan K
Jeremy Raper on his Serica engagement campaign (SQZ)
Jeremy Raper returns to the podcast to discuss his latest "engagement campaign" at London listed Serica Energy (SQZ). In particular, he focuses on why Serica is trying to rush through their most recent deal and why shareholders should consider voting against the share issuance at the meeting next week.
Jeremy's letter to Serica: https://rapercapital.com/wp-content/uploads/2023/01/open-letter-Serica-Board-1.pdf
All of Jeremy's engagement campaigns: https://rapercapital.com/engagement
Judd Arnold from Lake Cornelia Research Management on Offshore and Tidewater $TDW
Judd Arnold discusses how the offshore place is at an inflection point and why he thinks Tidewater (TDW) is the best way to lay it.
Judd's initial piece on TDW: https://drive.google.com/file/d/1cKYzHg62bamDQa620NZcmn_af0A0xTfT/view
Judd's TDW space: https://twitter.com/CorneliaLake/status/1600172923355922434?s=20&t=_Q2xMKdTTh1Lhlp-HeRD3w
Chapters
0:00 Intro
2:30 What's interesting about offshore right now?
5:50 Comparing today's cycle to 2012-2014&
Tidewater's management on the offshore inflection $TDW
The management team from Tidewater Offshore (TDW) comes on the podcast to discuss Tidewater and why we could be at an inflection point for the offshore space.
TDW's investor relations page (with investor deck): https://investor.tdw.com/overview/default.aspx
December OSV market report (from seabrokers): https://www.seabrokers.no/wp-content/uploads/SEABREEZE_December.pdf
Chapters
0:00 Intro
2:50 What's different in the current cycle?
8:00 Why supply is so limite
Chris DeMuth's State of the Markets December 2022
Chris DeMuth joins the podcast to discuss the state of the markets in December 2022 and what’s catching his eye in event driven land, including updates on ATVI, why pre-arb was so bad in 2022, and WLFC's proposed takeout.
Chapters
0:00 Intro
2:30 What's on Chris's mind
4:00 Discussing why "pre-arb" didn't work in 2022
11:20 Updating ATVI
21:00 Majority takeouts of minorities
29:45 WLFC takeout
37:20 AMZN's IRBT takeout
Lionel Hutz on Liquidia's patent battle $LQDA
Lionel Hutz discusses his thesis for Liquidia (LQDA) and why the thinks they are likely to win their patent battle against United Therapeutics (UTHR).
Lionel's LQDA write up: https://lionelhutz.substack.com/p/waiting-with-bated-breath-for-liquidia
Chapters
0:00 Intro
2:50 LQDA overview
8:05 Diving into the patent background
16:10 Breaking down the conflicting rulings on the '793 patent
19:55 Why the PTAB ruling is the most important for '793
21:55 W
Mordechai Yavneh on Silicon Motion $SIMO
Mordechai Yavneh, founder and PM at Focus Capital, discusses his investment in Silicon Motion (SIMO) and why he thinks it's "merger arb for people who don't like merger arb."
Focus Capital's research site (with SIMO deck): https://focuscapitaladvisers.com/research
Chapters
0:00 Intro
2:40 Why SIMO is different than normal merger arbitrage
6:00 More SIMO overview
11:25 Is the merger overhang impacting SIMO's price?
15:30 Discussing SIMO's fund
Avi Fisher from Long Cast Advisors on CoreCard $CCRD
Avi Fisher from Long Cast Advisors joins the pod to talk about CoreCard (CCRD). Key topics include the risks and opportunities from their Apple Card / GS relationship and the benefits of the CEO’s measured growth approach.
Chapters:
0:00 Intro
3:30 Avi's framework for evaluating stocks
22:45 How Avi found CCRD
24:35 CCRD's background
32:00 Discussing the GS relationship and concentration
36:50 CCRD's different revenue lines
40:50 Disc
AJ Secrist from Firstlight Management on Lamb Weston $LW
AJ Secrist from Firstlight Management discussed his thesis for Lamb Weston (LW). LW is a very strong business, and AJ thinks the market is missing just how much margin upside there is as COVID era deals with large customers reprice and the company laps 2021’s disastrous potato crop.
Chapters
0:00 Intro
2:25 LW Overview
9:35 LW Valuation
13:00 Isn't LW fully valued at these prices?
19:25 Discussing the current potato crop
26:55 Global margin u
Half Moon Capital on Oxford Industries $OXM
The team from Half Moon Capital, Eric DeLamarter and Brandon Carnovale, come on the pod to discuss their thesis on Oxford Industries (OXM). OXM owns the Tommy Bahama and Lily Pulitzer brands, and Half Moon thinks the market is underestimating the strength of those brands for a variety of reasons.
Half Moon's OXM thesis: https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:aec0338f-33d0-4e35-b956-ac6aa024167a?viewer%21megaVerb=group-discover
Chapters
0:00 Intro
2:20 OXM over
Chris DeMuth's State of the Markets November 2022
Chris DeMuth joins the podcast to provide his state of the markets for November 2022, including what's happened with TWTR since the deal closed, FTX's implosion, and a quick run down of a few other merger arb situations.
Chapters
0:00 Intro
2:50 What's going on with TWTR since the deal?
13:50 FTX's implosion
35:30 Chris's current thoughts on crypto
41:15 Walking through some merger situations
Michael Fritzell from Asian Century Stocks on Casio Computer
Michael Fritzell, founder of Asian Century Stocks, goes through his thesis on Casio Computer. Casio makes the popular G-Shock watches, and Michael thinks their rising popularity and a low valuation make for an interesting set up.
Michael's Casio write up: https://www.asiancenturystocks.com/p/fb1ac5f5-9ce9-4c56-a930-874d1f73f4c8
Chapters
0:00 Intro
3:00 Casio Overview
6:30 Are watches a dying business?
12:55 Is Casio hitting an inflection point?
18:30 Who's buying G-Shock?
20:00 Casio's
The Koala ventures through the commodity space and Ivanhoe Electric (IE)
The "Koala", a buyside mining and commodity specialist, comes on to discuss the commodity and mining space in general and Ivanhoe Electric (IE) in particular.
The Koala's twitter account: https://twitter.com/YellowLabLife
Chapters
0:00 Intro
2:55 General mining / commodity sector overview
12:40 The "nothing can get built anymore" moat
18:40 Capital discipline imposed by low multiples
22:00 How Peabody talked their own stock down with growth pla
Samir Patel from Askeladden Capital on MIX Telematics $MIXT
Samir Patel, Portfolio Manager at Askeladden Capital, joins the podcast to discuss Mix Telematics (MIXT) and why he sent a letter to the company pushing for change.
Askeladden's letter to MIXT: https://www.accesswire.com/723191/Askeladden-Capital-Announces-Activist-Position-in-MiX-Telematics-NYSEMIXT
Chapters
0:00 Intro
2:50 MIXT Overview
5:45 MIXT's hardware to subscription switch
9:30 The economics of a MIXT subscription
12:30 What's the moat that
Bill Chen on HHC's value and Ackman's pending tender
Bill Chen, a real estate investor, returns to the podcast to discuss HHC's value and why Bill Ackman's current tender for the company might undervalue HHC.
HHC model: https://t.co/q6lQ69TeXZ
Chapters
0:00 Intro
2:50 HHC overview
7:15 How HHC can create value over time
9:15 Valuing HHC's operating assets
11:35 Opportunity cost versus other publicly traded real estate
17:35 Valuing HHC's unstabilized assets
19:30 Valuing HHC's Hawaiian as
Chris Lee discusses his winning stock pitch on $DLA
Chris Lee, a MBA student who won the Dorsey Stock Pitch Competition, comes on the podcast to discuss his winning pitch for Delta Apparel (DLA).
Chris's winning pitch: https://dorseystockpitchcompetition.substack.com/p/long-delta-apparel-dla?utm_source=substack&utm_campaign=post_embed&utm_medium=web
Chapters
0:00 Intro
2:30 Chris's background
4:45 DLA overview
10:20 DLA's valuation
13:40 Returns on capital and competition
17:35 DLA's Fa
Chris DeMuth's State of the Markets October 2022 (with a large TWTR focus!)
Chris DeMuth joins the podcast to discuss the state of the markets in October 2022 and what’s catching his eye in event driven land, with a large focus on TWTR.My prior podcast on SPB: https://twitter.com/AndrewRangeley/status/1549013912133111808?s=20&t=6iWCDZC_8sPzlIuELTNwdQChapters0:00 Intro2:30 What's on Chris's mind this month (TWTR)4:50 Twitter's security review (or lack thereof)7:30 Jurisdiction for a potential TWTR security review13:30 What would a security review look
Luis Sanchez lays out the $IBKR thesis
Luis Sanchez, founder of LVS Advisory, disses the bull thesis for IBKR, including why the company is a major beneficiary of interest rates rising and how the company's business to business solution can drive major account growth.See Luis's IBKR write up here: https://lvsadvisory.com/wp-content/uploads/2022/09/LVS-Advisory-IBKR-Write-Up-September-2022.pdfChapters0:00 Intro2:45 IBKR overview6:05 What is Luis seeing in IBKR that the market is missing?12:30 IBKR's valuation15:15 Is IB
Lionel Hutz explains why Elon will own Twitter $TWTR
Lionel Hutz, author of the excellent lionelhutz substack, comes on the podcast to talk about the ongoing drama with Twitter and Elon Musk. In this episode, we exclusively discuss the Twitter case as it stands on October 13th, the odds the deal closes at the end of the month, why it might not, and what happens if it doesn’t. If you’re looking for more background on the deal, please see my podcast from May with Evan Tindell or August with Professor Ann Lipton and Compound248.Lionel's Twitter:
Doug from Fabricated Knowledge on $SITM
Doug O’Laughlin, founder of fabricated knowledge, returns to the podcast to discuss his thesis on SiTime (SITM). Doug's SITM write up: https://www.fabricatedknowledge.com/p/its-high-time-to-look-at-sitimeDoug's first pod appearance: https://yetanothervalueblog.substack.com/p/doug-from-fabricated-knowledge-onChapters0:00 Intro2:45 SITM overview7:50 What is the market missing at SITM?12:45 Near term numbers and does management have a handle on the business?18:05 MEMS versus Quartz market
Zack Buckley on Xponential Fitness $XPOF
Zack Buckley discusses his investment thesis for Xponential Fitness (XPOF), including why he thinks the company is set for continued rapid growth.Zack's twitter: https://twitter.com/AmarginofsafetyChapters0:00 Intro2:00 Zack's background5:15 XPOF overview8:20 Can XPOF buck the history of publicly traded fitness?12:10 Brand sustainability and the Curves comp15:15 XPOF's valuation and multiples17:50 XPOF management history20:55 How XPOF's partnerships can create value22:55 Does
Dave Johnson from Caligan Partners on Evolus (EOLS) (podcast #128)
Dave Johnson from Caligan Partners discusses his thesis on Evolus (EOLS). Evolus is a one product company. Their product, Jeuveau, is a Botox competitor exclusively focused on the cosmetics market, and Dave thinks the market is underpricing Jeuveau's strong growth potential.Caligan's website: https://www.caliganpartners.com/Chapters0:00 Intro2:15 Caligan background8:15 EOLS Overview13:00 What does Dave see in EOLS that the market is missing?19:30 Why can EOLS take share versus Botox26:
Chris DeMuth's State of the Markets September 2022
Chris DeMuth joins the podcast to discuss the state of the markets in September 2022 and what’s catching his eye in event driven land, including an aggressive anti-trust regime and the potential for a bump at Swedish Match.Chapters0:00 Intro1:50 What's on Chris's Mind3:10 What's happening in Antitrust8:25 Does UNH's win in CHNG change the environment10:45 Does European regulation impact the antitrust environment?15:55 The ATVI / MSFT deal23:30 Is it ok for regulators to be th
The CoVest Select team on launching CoVest and their $OEC thesis
Kyle Mowery and Jake Miller come on the podcast to discus their new CoVest Select venture and then dive deep into their thesis for Orion Engineered Carbons (OEC).CoVest Twitter Account: https://twitter.com/CoVestSelectChapters0:00 Intro2:20 CoVest overview5:05 OEC overview9:05 What is the market missing with OEC?11:45 The supply demand dynamic for rubber black14:15 Why isn't this a simple generic commodity business?18:20 Are management's 2025 midcycle EBITDA targets reasonable?21:00 Wh
Dave Waters of Alluvial Capital on $PX
Dave Waters of Alluvial Capital comes on the pod to discuss his investment thesis on $PX.You can find Dave's original podcast appearance, where he discuss PX when it was still PIOE and some other small caps, here: https://twitter.com/AndrewRangeley/status/1300763059267481600?s=20Chapters0:00 Intro2:15 PX Overview3:30 Management fee streams5:10 Is PX's focus on fund of funds a concern?8:25 Disintermediation risk for fund of funds11:50 What is the market missing at PX?15:20 Why PX versus
James Elbaor is investing in Bill Ackman at a Discount $PSH
James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Pershing Square Holdings (PSH).PSH is Bill Ackman's closed end fund. It trades at a discount, at James thinks Ackman is on the verge of taking steps that will both increase net asset value and shrink the discount.James' Twitter: https://twitter.com/jameselbaorChapters0:00 Intro2:25 PSH Overview11:50 Why would a U.S. listing close the NAV gap?20:20 What could PSH buy to relist in the U.S.?22:55 How doe
Jon Boyar on the Dolan Discounts at $MSGS and $MSGE
Jon Boyar returns to the podcast to talk about his investment thesis for MSGS and MSGE, including why he thinks investors are underrating James Dolan and just how wide their discount to asset value has become.You can find more on the Fresh Looks here: https://boyarresearch.myshopify.com/products/2022-opportunity-issue-edition-with-bonus-content?utm_content=216760092&utm_medium=social&utm_source=twitter&hss_channel=tw-963533512887406593Chapters0:00 Intro3:45 MSG History8:10 Do the Dol
Andrew Carreon from Emeth Value on Diversified Energy $DEC
Andrew Carreon, founder of Emeth Value, discusses his thesis on Diversified Energy (DEC; trades in London). Key points include how the company can get such good deals on acquisitions, if the company has an edge in handling asset retirement obligations, and why the company pays such a big dividend.My bull thesis on DEC: https://yetanothervalueblog.substack.com/p/tegus-sponsored-deep-dive-4-natural-198Andrew's first podcast appearance on BSM: https://twitter.com/AndrewRangeley/status/14029673
Chris DeMuth's State of the Markets August 2022
Chris DeMuth returns to the podcast to talk about what's on his mind in the markets this month, including updates on TWTR, the IS / U / APP love triangle, and Rio's "failed" bid for TRQ.0:00 Intro2:10 Overview3:45 What's happening with TWTR26:10 IS / U / APP love triangle45:00 Rio / TRQ
Professor Ann Lipton and Compound248 on $TWTR vs. Musk
Tulane Law Professor Ann Lipton and Fintwit personality Compound248 discuss the latest in Twitter’s lawsuit against Elon Musk. Note that we dive directly into all the nuisances of the trial; for more background on how we got here and what’s at stake you can listen to my podcast from May with Evan Tindell.My May pod with Evan on TWTR: https://twitter.com/AndrewRangeley/status/1529452942931238914?s=20&t=7yi3kr0wvPY0nduenfVdSAProfessor Lipton's Twitter: https://twitter.com/AnnMLiptonCompou
David from Kingdom Capital on UNTC
David Bastian from Kingdom Capital discusses his bull thesis for Unit Corp (UNTC).David's UNTC write up: https://seekingalpha.com/article/4503262-unit-corporation-heads-win-tails-dont-loseChapters0:00 Intro2:30 UNTC overview5:00 Discussing UNTC's sale process11:20 Thoughts on UNTC's prelim Q2 numbers14:45 What is the market missing with UNTC?18:00 What is UNTC's major shareholder thinking?23:20 Why did the Gulf assets sell for such a discount?27:15 Can UNTC increase their pro
Chris DeMuth's state of the markets July 2022
Chris DeMuth returns to the podcast to talk about what's on his mind in the markets this month, including updates on TWTR, the state of antitrust, and the opportunity set in squeeze outs.0:00 Intro2:45 Markets Overview4:25 Sanderson Farms (SAFM)8:00 Majority owned companies and squeeze outs10:40 CLR update and energy companies21:55 Energy companies now versus Tobacco in the 80s26:10 TWTR update28:50 Review of the TWTR expedited hearing35:25 Will Twitter win specific performance if they win
PJ Kurzweil on Spectrum Brands SPB
PJ Kurzweil, founder of PJ's SMID Cap Ideas, comes on the podcast to discuss his write up on Spectrum Brands (SPB). Spectrum is currently in the process of selling their HHI business, and whether that deal goes through or not PJ thinks the stock is too cheap given the quality of their brands / businesses.My notes on SPB: https://twitter.com/YetAnotherValue/status/1547219565016453121?s=20&t=n_liDehcIwWBLmo0x51NLQPJ's SPB write up: https://philippejkurzweil.substack.com/p/spectrum-br
Jeremy Raper on the event driven market July 2022
Jeremy Raper of rapercapital.com makes his record 7th podcast appearance to discuss a host of event driven situations.Jeremy's letter to EVO: https://rapercapital.com/2022/07/03/an-open-letter-to-the-board-of-evolve-education-group/Chapters0:00 Intro2:45 What's the current environment like?9:20 SHLX19:00 TRQ34:00 SAVE43:00 VTNR58:30 CLMT1:19:30 Wrapping up with HRBR and FAR
Conor Maguire's "Deep Breath, Deep Value" thesis on SOL Group
Conor Maguire, founder of valuesits, discusses why he thinks SOL Group is a Buffett-like stock trading at an attractive multiple with the possibility of a private equity takeout over the next five years.Conor's SOL write up: https://valuesits.substack.com/p/deep-breath-deep-valueChapters0:00 Intro2:50 SOL overview4:50 What is the market missing with SOL?9:00 Why a private equity firm would like SOL14:55 Would regulators be ok with a private equity deal for SOL?18:10 Why would the family wan
Chris DeMuth's State of the Markets June 2022 (podcast #114)
Chris DeMuth returns to the podcast to discuss the state of the markets in June 2022.Chris's May 2022 state of the markets episode: https://twitter.com/AndrewRangeley/st...Chris's golden age of arb posts: https://seekingalpha.com/article/4519...Chapters0:00 Intro1:50 What's on Chris's mind3:35 Wide spreads and CTXS8:15 PLAN's recut16:15 Do investors over or underestimate how much PE firms care about their reputation?22:45 How strong are bank financing agreements in rocky
Brian Laks from Old West on Tin's Alpha Potential
Brian Laks, partner at Old West Invest Management, discusses the bull case for Tin and why he thinks the world's largest tin miner, Alphamin, could present an alpha opportunityi.Brian's first appearance on Uranium and NXE: https://twitter.com/AndrewRangeley/status/1434879061961019396?s=20Tin market bull case video mentioned: https://www.youtube.com/watch?v=4Ro8uCD10-wChapters0:00 Intro2:20 Tin market overview4:00 What drives the structural increase in tin prices?7:25 Is there an altern
Doug from Fabricated Knowledge on the Semis industry and his RMBS thesis
Doug Olaughlin, founder of fabricated knowledge, comes on the podcast to talk about the semiconductor space in general and then dive into his thesis on Rambus (RMBS) and why the market might be missing their big growth call option.Fabricated knowledge website: https://www.fabricatedknowledge.comDoug's RMBS thesis: https://www.fabricatedknowledge.com/p/a-pure-play-on-datacenter-memory?s=wChapters0:00 Intro3:00 Why semis are so compelling 4:10 What's driving the auto / semi shortage6:55
PJ Kurzweil sees smooth sailing ahead for BC
PJ Kurzweil, founder of PJ's SMID Cap Ideas, comes on the podcast to discuss his write up on Brunswick (BC). BC is a boat manufacturer, and PJ thinks they are too cheap and the market is missing how much more economically resilient the business is today than it was ~10 years ago.My BC notes: https://twitter.com/YetAnotherValue/status/1529822951016497153?s=20&t=lAssCowdwRLleeF1c1ZVEwPJ's BC write up: https://philippejkurzweil.substack.com/p/brunswick-corporation-1-pager-summary?r=1g
Michael Fritzell from Asian Century Stocks on T. Hasegawa
Michael Fritzell, founder of Asian Century Stocks, goes through his thesis on T. Hasegawa. T. Hasegawa trades at a huge discount to its domestic peers like IFF despite similar or better growth and margins, and Michael thinks some recent changes and shareholder pressure could set the company up to rerate.Michael's T. Hasegawa write up: https://www.asiancenturystocks.com/p/deep-dive-2022-8-t-hasegawa?s=wChapters0:00 Intro2:25 T. Hasegawa overview6:45 Why fragrance and flavors are so sticky9:3
Evan Tindell thinks Elon Musk will close the Twitter acquisition
Evan Tindell, CIO of Bireme Capital, discusses the circus that is the Elon Musk and Twitter merger agreement and explains why he thinks Delaware law and precedent suggest Elon would lose in court and be forced to close the merger on terms.My piece on Twitter: https://yetanothervalueblog.substack.com/p/twitter-the-circus-will-have-a-happy?s=wThis podcast was taped afternoon of May 23; things are moving quickly so just time stamping that!Chapters0:00 Intro2:15 Twitter overview6:45 Why bot follower
Alex Morris (TSOH) on $NFLX, $DIS, and the media space (podcast #108)
Ales Morris, founder of The Science of Hitting, returns to the podcast to discuss all things media, including his investment in Disney and Netflix.Alex's first podcast appearance on Spotify: https://twitter.com/AndrewRangeley/status/1388122956837097482?s=20Alex's / TSOH substack: https://thescienceofhitting.comChapters0:00 Intro2:55 What's going on in media?6:15 What is the market missing with its media bearishness?8:45 Is media too competitive to invest in?14:35 Why is Netflix ha
Luis Sanchez drives home the Endor thesis (Podcast #107)
Luis Sanchez, founder of LVS Advisory, discusses his bull case for Endor AG, including why competitors can't recreate their product and how they benefit from the current boom in motor sports like F1 and NASCAR.My notes on Endor: https://twitter.com/AndrewRangeley/status/1526577674801520642?s=20&t=wqYSVMYKfG3kx8M9qhkB9wLuis's MOI pitch: https://twitter.com/LuisVSanchez777/status/1524707206574321666Chapters0:00 Intro2:20 Endor Overview14:40 Where is Luis most divergent from the marke
Chris DeMuth's state of the markets May 2022
Chris DeMuth returns to the podcast for a new monthly segment talking about the current state of the marketsMy note on event driven situations; https://yetanothervalueblog.substack.com/p/weekend-thoughts-the-rich-set-of?s=wMy note on energy companies: https://yetanothervalueblog.substack.com/p/when-are-the-activists-and-pe-funds?s=wChapters0:00 Intro1:55 Chris's state of the markets11:05 KSS16:40 The regulatory environment and its impact on deals22:15 ATVI / MSFT28:50 TWTR and Elon Musk39:0
Bill Chen on Clipper Realty and the NYC apartment boom
Bill Chen makes his second podcast appearance to discuss Clipper Realty (CLPR). Clipper owns a bunch of NYC apartment buildings, and Bill thinks the current boom in apartment rentals will drive strong returns for the company going forward.Bill's first podcast appearance: https://yetanothervaluepodcast.substack.com/p/bill-chen-breaks-down-frphs-sotp?utm_source=url0:00 Intro2:05 CLPR overview4:35 Where is Bill most differentiated on CLPR?8:20 How does the post-COVID NYC apartment boom help CL
Bonus episode: Randy Baron updates $AMRS and $RNLX
In this special bonus episode, Randy Baron provides updates on his prior podcast appearances on RNLX and AMRS.Randy's appearance on GDS: https://twitter.com/AndrewRangeley/status/1517512427071545346?s=20&t=UyPsEybQEnbnE9riOPd5yQRandy's appearance on AMRS: https://twitter.com/AndrewRangeley/status/1407669290241777666?s=20Randy's appearance on RNLX: https://twitter.com/AndrewRangeley/status/1448604500009242632?s=20Chapters0:00 Intro0:45 RNLX update4:05 AMRS update9:45 AMRS'
Randy Baron's bull case on $GDS
One of the people's favorite guests, Randy Baron, returns to the podcast to talk about his thesis for GDS. GDS is a Chinese data center company, and Randy goes in depth into the company, including why their tier 1 footprint gives them a moat, how GDS is trading at a discount to private market values, and why ADR and VIE fears may be overblown.My notes on GDS: https://twitter.com/YetAnotherValue/status/1516805266565644289?s=20&t=_7FcaMp4YYgZ1S4htJXz6gRandy's first podcast on AMRS: h
Andrew Wagner on Copart (CPRT)
Andrew Wagner, CIO of Wagner Road Capital Management, discusses his thesis on Copart (CPRT).My Copart (CPRT) notes; https://twitter.com/YetAnotherValue/status/1514627334464323589?s=20&t=yjNrQXKvqPrQdJZ_Z00TdwAndrew's post on Copart: https://www.wagnerroadcm.com/blog/2022/4/8/what-i-like-about-copart-and-how-i-found-itAndrew's Book: The Economics of Online Games: https://amzn.to/3KNkAPnChapters0:00 Intro2:05 How Andrew found CPRT5:30 What is the market missing in CPRT?9:20 What does
Bob Robotti on WLK and the revenge of the old economy
Bob Robotti, founder of Robotti Advisors, discusses his thesis on Westlake Corporation (WLK) and why he thinks "old economy" stocks are poised for a comeback.My notes on WLK: https://twitter.com/AndrewRangeley/status/1513885052974899200?s=20&t=QiY-1L2H5U3GZ-S5YjGFwwChapters0:00 Intro2:50 WLK Overview6:10 Diving into WLK's segments and products10:45 WLK's favorable supply demand dynamics14:40 WLK's valuation18:55 WLK's control shareholders and family ownership22:
Conor Maguire sees value in Wickes
Conor Maguire, founder of Value Sits, discusses his thesis on Wickes (WIX:LSE). Wickes is a cheap retailer that Conor thinks is both recession resistant and suffering from typical post-spin dynamics.My notes on WIX: https://twitter.com/AndrewRangeley/status/1511702344022609922?s=20&t=2lChWyeIhR6HZWw938bR8QConor's write up: https://valuesits.substack.com/p/wickes-group-plc-wixln?s=wChapters0:00 Intro1:55 Wickes Overview5:25 WIX value proposition and customer base10:25 Amazon risk12:00 WI
Swen Lorenz from Undervalued-Shares on $IWG
Swen Lorenz, founder of https://www.undervalued-shares.com, discusses his thesis on IWG. IWG owns a variety of co-working brands that compete with WeWork, and Swen believes IWG's scale, cheap valuation, and variety of catalysts makes them a terrific value investment.Note: We had some connectivity issues on Swen's side during the podcast; I tried to edit the best I could but ultimately it was either release as is or not at all! Hopefully it's not too much of a bother!My IWG Notes:
Tim Weber updates $AMPY and talks the double dogs
Tim Weber, a private investor, returns to the podcast to provide an update on the $AMPY thesis and then discuss his double dog index, why it's been crushing the market so far this year, and his outlook for the dogs from here.Twebs double dog post: https://twebs.substack.com/p/introducing-the-double-dog-index?r=f389n&utm_campaign=post&utm_medium=web&s=rNote that there was a slight delay on Tim's end with the audio; I don't think it's a huge issue but wanted to assu
Chris Colvin thinks Veritas is stealing $HMHC
Chris Colvin returns to the podcast to discuss why he invested in Houghton Mifflin Harcourt (HMHC) and why he thinks the deal to sell HMHC to Veritas is much too cheap.Breach Inlet's letter to HMHC: https://www.businesswire.com/news/home/20220223005845/en/Breach-Inlet-Capital-Sends-Public-Letter-to-Board-of-Houghton-Mifflin-HarcourtMy notes on HMHC: https://twitter.com/AndrewRangeley/status/1503704685861273604?s=20&t=BJwJj9NIUfEf4nip2Hlf4wChapters0:00 Intro1:15 HMHC Overview6:45 Situati
Louis Camhi on the opportunities in the SPAC market
Louis Camhi provides an update on his thesis for ORGN and then walks through where he's finding opportunities in the SPAC market today.Louis's first podcast appearance: https://twitter.com/AndrewRangeley/status/1428710432848613377?s=20Chapters0:00 Intro1:45 Origin Update5:55 Origin today versus their SPAC projections8:45 When will we start seeing unit economics for ORGN plants?12:55 Talking about the SPAC market today17:30 Opportunities in current SPAC IPOs21:30 What pre-deal SPACs doe
Jeremy Raper is going FAR
Jeremy Raper returns to the podcast to discuss his recent semi-activism at FAR Ltd. FAR recently received a bid that Jeremy thinks dramatically undervalues the company, so Jeremy is pressuring the company to cut costs and aggressively return capital to shareholders.My tweet thread on FAR: https://twitter.com/AndrewRangeley/status/1496863885122539520?s=20&t=UK4pHbZdyRecEFP_I46_UQChapters0:00 Intro1:50 FAR overview7:20 Recapping the valuation case13:10 Acquirer optionality at FAR16:45 FAR&apos
Bill Chen breaks down $FRPH's SOTP
Bill Chen, an institutional real estate investor, goes through his thesis for FRPH. FRPH is a conservatively managed real estate company with a great management team and a history of growing NAV and monetizing assets at opportunistic times.You can find all my writings here: https://yetanothervalueblog.substack....My notes on FRPH: https://twitter.com/AndrewRangeley/st...A rough SOTP for FRPH: https://twitter.com/RhizomePartners/s...Chapters0:00 Intro1:20 FRPH overview3:30 Discussing FRPH's
Jon Boyar thinks SMG's stock is set to grow
Jon Boyar from the Boyar Value Group returns to the podcast to discuss his high conviction thesis for Scotts Miracle-Gro (SMG). SMG was a massive COVID beneficiary, and shares have sold off in kind with other COVID beneficiaries. Jon thinks the market is too pessimistic here, SMG's brands have Coke like market share, and the company has a rapidly growing "picks and shovels" cannabis business that he believes investors are basically getting for free at current pricesYou can find al
Rich Howe thinks NXDT could be the next NXRT
Rich Howe, founder of stock spinoff investing, walks through the bull case for NXDT. NXDT is a closed end fund trading at a huge discount to NAV; the fund is planning to transition to a REIT and Rich thinks that makes the stock very catalyst rich. A related company, NXRT, pursued a similar move ~6 years ago and their stock has gone up ~6x since.You can find all my writings here: https://yetanothervalueblog.substack.com/My thread on NXDT: https://twitter.com/AndrewRangeley/status/1488504533709991
Josh Young journeys through the energy sector
Josh Young, CIO of Bison Investments, discusses his thoughts on the oil market and why he thinks energy prices are going much higher. Then he dives into his thesis for Journey Energy (JOY CN in Canada), a micro cap Canadian company that he thinks is dramatically undervalued.You can find all my writings here: https://yetanothervalueblog.substack.com/Josh's Twitter: https://twitter.com/Josh_Young_1Chapters0:00 Intro1:45 How Josh is thinking about the oil market today6:30 When do you know oil
Keith Smith thinks TIGO is a cheap special situation
Keith Smith, Portfolio Manager at Bonhoeffer Capital, discusses his thesis for Millicom ($TIGO). TIGO is trading at a super low multiple and a recent deal that the CEO described as a "no brainer" will result in a rights offering for TIGO, which could set the stock up as a special situation as well. Keith breaks down why he likes TIGO versus other telecom stocks, why he thinks the stock is so cheap, and the hidden value potential at TIGO money.You can find all my writings here: https://
Vadim Perelman's Basic-Fit thesis $BFIT
Vadim Perelman goes through his thesis on Basic-Fit (BFIT) and why he thinks it could be a ~10x in ~10 years. Key topics include a detailed walk through the unit economics and why competitors won’t be able to open new gyms once the company “fortresses” their markets.My notes on BFIT: https://twitter.com/AndrewRangeley/st...Vadim's BFIT write up: https://punchcardstocks.substack.com/...Chapters0:00 Intro1:00 BFIT intro6:55 The key BFIT question: is 30%+ ROIC sustainable for gyms15:00 Why win
Chris DeMuth's best idea for 2022 is $RENN
Chris DeMuth discusses his best idea for 2022, RENN. RENN was on a previous podcast pitched by Ian Bezek as a legal play; since then, RENN settled with minority shareholders for a record payout. However, in December, RENN's shares sold off massively as a judge rejected their proposed settlement with minority shareholders and ruled the payout should instead go to former shareholders; Chris explains why he thinks that ruling is wrong and likely to be overturned.Podcast with Ian Bezek on RENN
Jacob Rubin sees value in $GLNG
In Part 2 of this two part podcast, Jacob Rubin discusses his thesis for GLNG, including why the company trades at a huge discount to its SOTP and why an upcoming spin can delever the core business and serve as a catalyst for the company.Part 1 of the podcast on FTAI: https://yetanothervaluepodcast.substack.com/p/podcast-87-jacob-rubin-is-flyingMy notes on GLNG: https://twitter.com/AndrewRangeley/status/1471134280906682371?s=20Jacob's research on GLNG: http://philosophycap.com/research.html
Jacob Rubin is flying with $FTAI
In Part 1 of this two part podcast, Jacob Rubin returns to the podcast. We start by wrapping up his prior podcast appearance on ESGC, and then we move into discussing FTAI and why he thinks the stock is dramatically undervalued and an upcoming spinoff could unlock significant value.My FTAI notes: https://twitter.com/AndrewRangeley/status/1470841498048634885?s=20Jacob's first podcast appearance: https://twitter.com/AndrewRangeley/status/1366760857590521861?s=20Jacob's research on FTAI:
Kuppy is active on $LEE
Kuppy comes on the show to discuss his recent activism at LEE and why he thinks the stock is dramatically undervalued.My notes on LEE: https://twitter.com/AndrewRangeley/st...Kuppy's LEE thesis: https://adventuresincapitalism.com/20...KEDM: https://www.kedm.com/what-is-kedm/Chapters0:00 Intro2:00 LEE Overview7:55 Why does Kuppy think Alden's LEE offer is so undervalued?12:35 Why does small town, local news offer a moat?17:30 Is LEE's digital growth real or is it just small base ef
Chris McIntyre thinks $MSGE is a cheap stock
Chris McIntyre returns to the podcast to discuss his belief that MSGE is a cheap stock. Key topics include how to look at the Sphere, why the Dolans might not be as bad as you think, and why he thinks the company will gush free cash flow once the Sphere is completed.My notes on MSGE: https://twitter.com/AndrewRangeley/status/1469002333908606979?s=20Chris's website / presentation on MSGE: https://msgeisacheapstock.com/presi.htmlMy podcast with Jon Boyar on the awful MSGE / MSGN deal: https:
Sleepwell and Enlightened are allied in the $ALLY bull case
Sleepwell Capital and Enlightened Capital discuss their thesis for Ally $ALLY. Ally trades for just over book value despite posting ROEs well in excess of their cost of capital; Sleep and Enlightened both believe their valuable deposit franchise, reasonable valuation, and share repurchase program will combine to produce attractive returns for shareholders over the next few years.My notes on ALLY: https://twitter.com/AndrewRangeley/status/1467960317242134537?s=20Enlightened's twitter: https:
Andrew Freedman walks through the TMT space
Andrew Freedman, managing director at Hedgeye, walks through the TMT landscape post earnings. Key topics include how he looks at legacy media company, why he's bearish PINS and SNAP but long TWTR, and his wories that the economics of streaming simply don't work.Andrew's Twitter account: https://twitter.com/HedgeyeCommChapters0:00 Intro1:15 Andrew's Process5:15 Discussing long TWTR vs short SNAP / PINS9:35 Does the strategic interest around PINS worry you?15:20 What's goi
Ari Lazar sees value in $KW
Ari Lazar, senior analyst at RGA investment advisors, discusses his bull case for KW. Ari believes KW trades at a material discount to NAV, and that discount should shrink as the company's growth starts to ramp up in the near future.My tweet thread on KW: https://twitter.com/AndrewRangeley/status/1465714725254307840?s=20RGA's Q3 letter w/ KW discussion: https://www.rgaia.com/commentary/q4-2021-investment-commentary-looking-inward-and-looking-westward/Chapters0:00 Intro1:25 KW Overview2
Richard Sosa sees value in DFIN's niche
Richard Sosa, host of the Riches in Niches podcast, discusses his thesis on Donnelly Financial (DFIN). Despite a strong recent run, DFIN trades at a value multiple, and Richard breaks down all the reasons why he thinks the stock is too cheap and why DFIN is a huge beneficiary of the current SPAC / IPO boom.My twitter background thread on DFIN: https://twitter.com/AndrewRangeley/status/1460661067395305479?s=20Riches in Niches podcast twitter: @RichesNichesPodChapters0:00 Intro1:40 Some background
Evan Tindell sees value in $TME
Evan Tindell, CIO of Bireme Capital, discusses the value he sees in Tencent Music (TME). Key topics include why he's not worried about TME's controlling shareholder or VIE structure, and why he thinks the stock is significantly undervalued.My Twitter thread on TME: https://twitter.com/AndrewRangeley/status/1458813448217935874?s=20Bireme Capital's website: https://www.biremecapital.com/disclaimer.htmlChapters0:00 Intro1:05 TME Overview1:40 History of shorting Chinese reverse merger
Eric Markowitz worms his way through the Tesla bull thesis... plus a little Spotify $SPOT $TSLA
Eric Markowitz, Director of research at Worm Capital, discusses the bull thesis for Tesla. Key topics include all of Tesla's growth options, the biggest misperceptions of Tesla, and why comparing Tesla's valuation to legacy auto manufacturers doesn't make sense.We wrap up with 15 minutes of discussion on Spotify and what's misunderstood with that company as well.Reading links:Worm's Q3 letter: https://www.wormcapital.com/the-wormhole-source/q3-2021My background tweet on
Aaron Edelheit is high on Cannabis stocks
Aaron Edelheit returns to the podcast to discuss all of the opportunities he's seeing in the cannabis world and why he's chosen now to launch a Cannabis focused fund.Aaron's Cannabis manifesto: https://mindsetvalue.substack.com/p/the-cannabis-manifestoSeth Rogen profile I mention during the pod: https://www.nytimes.com/2021/04/20/magazine/seth-rogen.htmlChapters:0:00 Intro2:45 Why is Aaron launching a cannabis fund now?12:00 Professional athletes and cannabis16:55 How Cannabis tod
Jeremy Raper discusses POSaBIT $POSAF
Jeremy Raper makes his record fifth podcast appearance to discuss his latest high conviction idea: POSaBIT (POSAF). POSaBIT is a microcap company trading on a very small foreign exchange, so risk is certainly elevated here and listeners should remember to do their own work / this is not investing advice. However, Jeremy believes that the company's strong growth and big moat far outweigh the various red flags and risk around it, and that the stock is significantly undervalued based on where
Martin Werner of DD3 Capital on the Codere / DDMX SPAC deal
Martin Werner, co-founding partner of DD3 Capital, discusses DDMX's deal to deSPAC with Codere Online. Key topics include what DDMX was looking for in a deal, how DDMX worked with their partners in structuring their deal, and why DDMX thinks Codere Online's omnichannel presence gives them a leg up in attacking and winning Latam markets. Towards the end, Martin discusses how he's looking at Betterware (BWMX, which was DD3's first SPAC) and what DD3 will be looking at in their
Nitin Sacheti breaks down $VATE's SOTP
Nitin Sacheti. CIO of Papyrus Capital and PM at ARS Investment Partners, breaks down his thesis for Innovate (VATE). VATE used to be known as HCHC. HCHC was a mishmash of interesting but disparate assets with a huge cost base. Following an activist battle in late 2019 / early 2020, a new management team was brought in and they have sold off noncore assets while dramatically reduing corporate overhead. Nitin believes the remaining assets are all uniquely valuable, and each could be worth more tha
Felix Narhi discusses Stitch Fix $SFIX
Felix Narhi, CIO and Portfolio Manager at PenderFund, discusses his investment in Stitch Fix (SFIX). Key topics include what Stitch Fix's Act 2 looks like, why negative anecdata from first time users doesn't worry Felix, and what separates Stitch Fix from other online retailers.Felix's Q2 letter: https://www.penderfund.com/commentaries/the-managers-commentary-q2-2021-2/My SFIX tweet thread: https://twitter.com/AndrewRangeley/status/1450509121661308928?s=20Felix's Twitter: htt
Randy Baron discusses Renalytix $RNLX
Randy Baron, one of the most popular YAVP guests, returns to discuss his investment thesis on Renalytix (RNLX). Randy sees similarities between RNLX and EXAS, which was a controversial stock that has rocketed over the last few years as the company's diagnostic product gained momentum. While not without risk, Randy thinks RNLX could be even bigger if successful as they are attacking the much larger Chronic Kidney Disease (CKD) market, and he discusses all of the signs he sees that the compan
Tim Weber is bullish $AMPY despite the oil spill
Tim Weber, a private investor, discusses the bull thesis for $AMPY. We're in a period of heightened uncertainty, as the company's Beta asset was responsible for an oil spill last weekend. However, Tim think the market has shot AMPY and priced in a worst case scenario without factoring in lots of other factors (the likelihood a ship is responsible for the spill, that this spill is much smaller than precedent spills and damages shoudl thus be significantly lower, etc.).AMPY is a microcap
Leo Kang from Plum Capital on $ATTO
Leo Kang, author of the excellent Plum Capital Substack, comes on to discuss his thesis on Atento (ATTO). With 3 legacy private equity holders owning more than 60% of the stock, Leo think the company is set for a sale, and a cheap multiple, continued operating momentum, and health dose of leverage could create for serious upside in a process.Leo's ATTO write up: https://plumcapital.substack.com/p/at... My ATTO notes: https://twitter.com/AndrewRangeley/st...Chapters0:00 Intro1:30 ATTO overvi
Ben Claremon on $LUMN
Ben Claremon, Partner at Cove Street Capital, discusses his thesis on Lumen. Lumen is a complicated story and a bit of a battleground stock, but Ben think the company is trading at a large discount to their asset value and is making moves to unlock that value.Ben's first YAVP appearance on Viasat (VSAT): https://youtu.be/Otw0oWvuhdUBen's Compounders podcast: https://open.spotify.com/show/3Qbcrw84MDaJ3CZUNuqOxu?si=vD-uIjqVR4G_SFwH_ALVEg&dl_branch=1Chapters0:00 Intro1:35 Lumen Overvi
The Bear Cave is Watching $YOU
Edwin Dorsey, founder of The Bear Cave, discusses his bearish note on Clear Secure (YOU). Bulls think Clear is a product members love with a clear moat and a long growth runway; Edwin sees a company with lots of consumer complaints that has been around for almost two decades and is still losing money while losing economics to key partners like airports. The Bear Cave's YOU note: https://thebearcave.substack.com/p/pr...My Clear tweet thread: https://twitter.com/AndrewRangeley/st...Edwin&apos
Jeff Moore and Thomas Braziel on their speculative deep value play, $AAMC
Jeff Moore and Thomas Braziel discuss their new position in AAMC. AAMC is an illiquid microcap, which significantly increases its risk, but Jeff and Thomas think the company is likely to have a successful settlement of their preferred stock. After settlement, AAMC should have net cash per share in excess of today's share price, and then the company could make a significantly accrettive acquisition.Jeff's original tweet on AAMC: https://twitter.com/ragnarisapirate/status/143351910015272
Kyler Hasson helps me bag hold $ATUS
Kyler Hasson, Portfolio Manager at Delta Investment Management, discusses our mutual position / bag-holding in Altice. Key topics include what bulls could be missing, the differences between Altice and Charter, and how regulation could impact cable.My tweet thread on ATUS: https://twitter.com/AndrewRangeley/status/1435228524399448065?s=20Kyler's write up: https://concentratedcompounding.substack.com/p/alticeMy write up: https://yetanothervalueblog.substack.com/p/altice-is-the-best-large-cap
Brian Laks covers the #uranium and Nexgen bull cases $NXE
Brian Laks, partner at Old West Invest Management, discusses the bull case for uranium. Key topics include why this time could be different, breaking down the supply / demand curve that has him so excited, and discussing why NexGen (NXE) is such an interesting way to play uranium.Brian's twitter account: https://twitter.com/brianlaksKuppy's uranium shortage post: https://adventuresincapitalism.com/20...Chapters0:00 Intro1:30 Uranium overview2:35 What got Old West so excited about urani
Jon Cukiewar lays out the goeasy thesis $GSY $EHMEF
Jon Cukiewar, Founder of Sohra Peak Capital, discusses his ivnestment thesis for goeasy (in Canada under $GSY; in U.S. under $EHMEF). Jon does a deep dive into the company's history before explaining how they can get such great returns and why he sees continued strong growth in their future.Jon's twitter: https://twitter.com/JonCukierwarSohra Peak's website: https://www.sohrapeakcapital.com/disclaimer Chapters0:00 Intro1:40 goeasy overview and background15:00 Discussing goeasy&apo
A $GOED investment thesis that WARRANTs a look with Thomas Braziel
Thomas Braziel, President of 507 Capital, discusses his investment in $GOED. Key topics include addressing the (many) red flags around the investment, how Thomas found the company and why he likes the set up so much, and why investing in stocks with some hair on them can deliver serious alpha.Thomas's twitter: https://twitter.com/ThomasBraziel My notes on GOED: https://twitter.com/AndrewRangeley/status/1430382893692506112?s=20Chapters0:00 Intro1:20 Thomas's legendary Ethenex trade3:10
Louis Camhi presents an ORIGINal investment thesis $ORGN
Louis Camhi, a private investor, discusses his thesis for Origin Materials (ORGN). Origin is a recent deSPAC that has seen a brutal sell off, but Louis thinks the company represents a hyper skewed risk reward, albeit one with a VC style downside (i.e. if it doesn't work out, they'll be worth basically nothing). Louis breaks down what Origin does, why he's so confident that they can build their plans on time and on budget, the demand he sees for their products, and a bunch of other
Mike Mitchell on his big bet on lumber and GreenFirst $ICLTF
Mike Mitchell, the king of lumber fintwit, discusses his big bet on GreenFirst. Key topics include how Mike found GreenFirst (back when it was Itasca Capital), how he came to know and trust the management team, why he's so bullish on lumber, and why the thinks the deal to buy Rayonier's lumber assets is such a good one.Note that GreenFirst is a microcap Canadian company and much riskier than your average stock, so please remember nothing in this podcast is investing advice and to do yo
Sean Iddings on the bull case for $EXPI
Sean Iddings, an entrepreneur and microcap investor, discusses his high conviction position in eXp World Holdings (EXPI). EXPI is a hyper growth company that is attacking the real estate brokerage business with an interesting model. Sean breaks down the business, the upside he sees in the company, and addresses some of the red flags surrounding the stock.Sean’s EXPI write up: https://www.thewoodshedd.com/posts/2021-07-09-highconviction-copy/#how-to-value-expi Sean's twitter: https://twitter
Chris Krug from Chatham Harbor Capital on Performant $PFMT
Chris Krug, President of Chatham Harbor Capital, breaks down his thesis on PFMT, including why he thinks the stock could be a multi-multi-bagger.Chris's twitter: https://twitter.com/chcap2016My thread on PFMT notes: https://twitter.com/AndrewRangeley/st...Chapters0:00 Intro1:05 PFMT Valuation Outline4:40 PFMT business overview15:15 How PFMT "lands and expands" verticals18:55 How PFMT integrates and ramps up new contracts27:55 Why can't a start up come and displace PFMT?32:05
Artem Fokin from Caro-Kann on Burford's bull case
Artem Fokin, founder of Caro-Kann Capital, discusses the bull case for Burford (BUR). Burford is a litigation finance firm, and Artem makes a compelling case that they are both undervalued on an asset basis and have a moat giving their scale.Caro-Kann's website: http://caro-kann-capital.com/My thread on Burford prep: https://twitter.com/AndrewRangeley/status/1415795903751983109?s=20Chapters0:00 Intro1:35 Burford Overview6:00 Does Burford bring something other than money to the table?13:45 I
Adam Lindsay takes a TRIP through the LTRPA bull thesis
Adam Lindsay, founder and managing partner of Powell Anderson Capital Partners, discusses his bull thesis for Tripadvior (TRIP) and Liberty Tripadvisor (LTRPA). The bull thesis is nuanced, but much of it centers on TRIP's nascent Tripadvisor Plus business, which Adam thinks TRIP is uniquely suited to successfully launch and could drastically change their financials.Adam's email: adam@pacp.comChapters0:00 Intro1:30 TRIP Overview6:30 Why is Tripadvisor Plus not Instant Booking 2.0?13:00
Kyle Cerminara on deSPACing OppFi with $FGNA
Kyle Cerminara, President of FGNA, discusses his thesis for deSPACing with OppFi. Key topics include comparing OppFi to its closest competitors, how FNGA and OppFi arrived at their valuation, and addressing different regulatory risks for OppFi.Kyle's twitter: https://twitter.com/kcerminaraOppFi / FGNA's SEC filings: https://www.sec.gov/edgar/browse/?CIK=1818502&owner=excludeChapters0:00 Intro1:30 OppFi overview9:40 Comping OppFi to Upstart16:35 Why are Katapult and Affirm part of O
Uncovering CATO's value with Mike Melby
Mike Melby, Founder and Portfolio Manager at Gate City Capital, makes a repeat appearance to discuss his investment in CATO. CATO is a small retailer with a rock solid balance sheet; Mike thinks their low multiple combined with a focus on returning cash flow to shareholders and some hidden tax and real estate assets creates an attractive investment opportunity.Mike's first appearance on AXR: https://youtu.be/mSEgw2529Q4Gate City Capital website: https://www.gatecitycap.com/Chapters0:00 Intr
Brian Mosoff from Ether Capital on the bull case for Ether
Brian Mosoff, CEO of Ether Capital Corp, does a deep dive into the investment case for Ethereum. Key topics include how Ethereum is different than Bitcoin, how proof of stake and EIP-1559 will improve the Ethereum ecosystem, and why Ethereum today looks like investing in computer operating systems in the early 80s.Disclosure: nothing in here is investing advice. Listeners/viewers should remember crypto is extremely risky and do their own work!Brian's Twitter: https://twitter.com/brianmosoff
Randy Baron from Pinnacle Associates discusses Amyris's lead in synthetic biology
Randy Baron, Portfolio Manager at Pinnacle Associates, gives an overview of the Synthetic Biology space. Randy thinks "the 21st century is going to be a century of biology," and he discusses all the ways synthetic biology can change the world and why he thinks Amyris (AMRS) could be the biggest winner given their head start in the space.Randy's Barron's write up on Synthetic Biology: https://www.barrons.com/articles/an-investors-guide-to-the-promise-of-synthetic-biology-51623
James Elbaor is investing in Dan Loeb at a Discount $TPOU
James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Third Point Investors (TPOU; trades in London). TPOU is a closed-end investment company that invests into Third Point, Dan Loeb's hedge fund. TPOU consistently trades at a discount to NAV, and James thinks the combination of Third Point's investing prowess and TPOU's innovative buyback/tender mechanism creates a unique opportunity to generate attractive returns.James' Twitter: https://twitte
Andrew Carreon from Emeth Value on Blackstone Minerals $BSM
Andrew Carreon, founder of Emeth Value, discusses his thesis on Blackstone Minerals (BSM). Key points include how some of the company's undeveloped acreage could be a massive call option, how rising commodity prices impact BSM's value, and how BSM compares to other loose peers.Side note: I had a puppy emergency for the last ten minutes of this podcast; you might see me glancing to the side a bit as my dog (Penny) tries to get my attention. I still think the conversation was great, but
Discussing the Cannabis opportunity and Glass House Group with Aaron Edelheit
Aaron Edelheit, founder of Mindset Capital and author of The Hard Break, comes on to discuss his thesis for investing in cannabis in general and Glass House Group in particular. Key topics include why interstate legalization could come sooner than later, how Glass House's California locations are a huge asset, and why U.S. Cannabis stocks trade don't trade in the U.S.Aaron's Book, The Hard Break: https://amzn.to/34dKyYLAaron's article on Glass House: https://mindsetvalue.subs
Bitcoin futures arb and trading the crypto market with David Fauchier
The crypto market currently feels like the wild wild west. It can take only a week or two to run through a full cycle (a bull and a bear market), and coins that are explicitly a joke can be valued at billions of dollars on the back of a tweet from the right celebrity. David Fauchier, fund manager at Nickel Digital, pops on to discuss how a professional approaches investing in the crypto world. Topics include bitcoin future arb, how to approach the risk of fraud or an exchange blowing up, and why
Chris McIntyre thinks Garrett Motion could hit turbo mode Post-Reorg $GTX
Chris McIntyre, founder of McIntyre partnerships, discusses his investment thesis for Garrett Motion (GTX). GTX just emerged from bankruptcy after filing in 2020, and Chris thinks the stock is significantly too cheap. He walks through how Garrett's near term projections are significantly understated, how minority shareholders are aligned with the new controlling shareholders, and why the company is likely to "melt" at a much slower rate than the market is pricing in.Chris's G
A roundtable on Angi $ANGI
Dickson Pau, Tom Moore, and Bill Henry, three first years at Columbia Business School, discuss their investment thesis for Angi. The three pitched ANGI in the Pershing Stock Challenge (placing second!), and they go into the due diligence they did putting their investment thesis together, the potential upside they see at ANGI, and all of the different risk factors they thought about.The first Yet Another Value Podcast on ANGI: https://youtu.be/J2trsM41DTUSpring Graham and Doddsville (ANGI pitch o
Javier from Blind Squirrel discusses Netflix $NFLX
Javier Lovato from the Blind Squirrel comes on the podcast to discuss his post on Netflix, including why Netflix's scale is a massive moat, why the "Netflix doesn't do have quality" debate is wrong, and why Netflix is years ahead of their competition.Blind Squirrel's Netflix Write Up: https://blindsquirrel.substack.com/p/netflix-focus-and-executionChapters0:00 Intro1:25 Why is Netflix a good investment?7:25 Netflix's relationship with creators14:05 Where is Netflix&
Neil Cataldi from Blueprint on Sanara Medtech $SMTI
Neil Cataldi from Blueprint Capital discusses his investment thesis for Sanara Medtech (SMTI). Sanara is growing quickly, and Neil thinks continued growth in their product portfolio and hospitals they are approved to sell in will drive continued accelerated growth and long term compounding.Chapters0:00 Intro1:00 Sanara overview5:30 How is Sanara increasing their hospital reach?14:25 Discussing management21:10 Related party risks33:20 Breaking down SMTI's growth42:45 Sanara's telehealth
Alex Morris from TSOH on Spotify $SPOT
Alex Morris, founder of The Science of Hitting, comes on the podcast to discuss his investment thesis for Spotify (SPOT). Topics include how Spotify can compete with larger competitors like Apple and Amazon, why Spotify is gaining the upper hand in negotiations with record labels, and how Spotify today rhymes with Netflix in the early stages of their streaming pivot.The science of hitting substack: https://thescienceofhitting.substack.com/Chapters0:00 Intro1:40 Why is Spotify a good investment?4
Jeremy Raper goes activist on Hunter Douglas $HDG
Jeremy Raper, founder of Raper Capital (https://rapercapital.com/), makes his fourth podcast appearance to discuss his foray into activism at Hunter Douglas (HDG.NA). Hunter Douglas's controlling shareholder recently made an offer to take the company private that, to put it bluntly, vastly undervalues the business. Jeremy is pushing back on the deal and the process, and in this interview he explains why he's fighting the current offer and how he thinks the process will play out.Jeremy&
Ian Bezek on RenRen $RENN
Ian Bezek from Ian's Insider Corner discusses the most interesting event thesis I've seen this year: buying RenRen (RENN) into their legal battle over the OPI assets.Ian's original RenRen write up: https://seekingalpha.com/article/4406707-renren-shareholders-claim-huge-sofi-stake-via-little-noticed-legal-fightIan's Twitter: https://twitter.com/irbezekChapters0:00 Intro1:05 RenRen Overview2:25 How Ian discovered RenRen3:50 OPI transaction background6:40 Discussing OPI's v
Francisco Olivera from Arevilo Capital on Roblox $RBLX
Francisco Olivera, founder of Arevilo Capital, discusses his newest investment in Roblox (RBLX). He covers his vision for the company, why he thinks it's more of a platform than a single game, and how he thinks the company will evolve over time.Chapters0:00 Intro1:15 Roblox Overview4:25 Comping Roblox to Minecraft and World of Warcraft7:00 Defining the Roblox business model11:35 Roblox valuation versus other game companies18:45 Risk from Roblox's user base26:25 Sustainability of Roblox
Cove Street Capital on Viemed (VMD)
Eugene Robin and Andrew Leaf from Cove Street discuss their investment in Viemed. Viemed targets organic growth rates over 30%, yet the company only trades for ~15x free cash flow. Andrew and Eugene lay out their case for why the market is wrong on this one, including why VMD's business model is advantaged versus their competitors and why they aren't scare of a Medicare cut in the near to medium term.Cove Street's first podcast appearance on Viasat (VSAT): https://youtu.be/Otw0oWv
Adam Wilk from Greystone Capital on Liberated Syndication $LSYN
Adam Wilk, founder and portfolio manager at Greystone Capital, discusses his investment thesis in Liberated Syndication (LSYN). Key topics include why the company would make an attractive acquisition target, how Libsyn can grow in a competitive environment, and potential upside from a lawsuit that could cancel ~30% of LSYN's shares overnight.Adam's Twitter account: https://twitter.com/AKWilkAdam's LSYN thesis on seeking alpha: https://seekingalpha.com/article/4416747-liberated-syn
Yaron Naymark from 1 Main Capital on RCI Hospitality $RICK
Yaron Naymark, founder and Portfolio Manager at 1 Main Capital, discusses his investment in RCI Hospitality (RICK). RICK is a cash flow machine, and Yaron thinks the company is set to compound free cash flow per share at an accelerated rate for years as they continue to roll up the gentlemen's club industry at very low multiples, execute on their Bombshell's growth plans, and repurchase shares when they trade at attractive prices.Yaron's Twitter: https://twitter.com/1MainCapital1m
Jon Boyar from the Boyar Value Group on the awful $MSGN / $MSGE deal
Jon Boyar from the Boyar Value Group returns to the podcast to discuss the proposed merger between MSGE and MSGN. To put it bluntly, the deal is a disaster with absolutely no strategic rational, and Jon walks through all of the reasons the deal doesn't make sense.Jon's first podcast appearance: https://youtu.be/J2trsM41DTUBoyar's letter to the MSGN board: https://www.boyarvaluegroup.com/blog/the-boyars-value-groups-letter-to-james-dolan/If you're interested in hearing more ab
Edwin Dorsey from Bear Cave on Otonomo $SAII
Edwin Dorsey from the Bear Cave (https://thebearcave.substack.com/) returns to discuss a high conviction long idea, Otonomo. Otonomo is a "leading platform and marketplace for vehicle data" and is going public through a SPAC merger with SAII (will trade under ONTO post-deal). Edwin thinks the opportunity for the company is enormous, and if they successfully execute they could be a multi-bagger.Chapters0:00 Intro4:00 Otonomo overview6:15 How can Otonomo make money selling car data?1
Jeff Moore discusses Thryv $THRY
Micro-cap investor Jeff Moore (who also writes http://ragnarisapirate.blogspot.com/) discusses his bull case for Thryv (THRY). Thryv is an interesting company: their core value comes from their legacy Yellow Pages business, and they're using the cash flows and relationships from that melting ice cube to start up a SMB SaaS service. Jeff argues there's huge upside as the company taps their customer base, acquires smaller competitors, and the market starts to recognize the value of thei
Cove Street Capital on Viasat $VSAT
Eugene Robin and Ben Claremon from Cove Street Capital discuss the battleground stock Viasat (VSAT). They discuss the biggest misperception among bears, why they think VSAT's government business is a hidden gem, and how the risk from Elon Musk's SpaceX (and other burgeoning competitors) is overblown.Some relevant links:Cove Street's March 2020 Viasat deck: http://covestreetcapital.com/eugene-robin-discusses-viasat-on-the-valuewalk-podcast/Kerrisdale's short report: https://ww
Mostly Borrowed Ideas on Autodesk ( $ADSK)
Abdullah Al-Rezwan from Mostly Borrowed Ideas ( https://mbi-deepdives.com/ ) returns to the podcast to discuss his latest research pick, Autodesk (ADSK). The company successfully did the transition from a licensed to subscription business model, and with that transition behind them, Abdullah discusses why the future is brighter than ever and why Autodesk will benefit from an infrastructure boom.Abdullah / MBI's first appearance on ETSY: https://www.youtube.com/watch?v=muhNdYcNHgk Chapters0
Will Barnes from In Practise on Naked Wines
Will Barnes, co-founder of inpractise.com, discusses the investment case for Naked Wines. The company's been a huge COVID beneficiary, but despite a nice run Will thinks the market is underestimating the long term potential of Naked Wines and how advantaged the business is against the rest of the wine industry.Chapters0:00 Intro7:00 Naked Wines Overview12:25 How Naked Wines Angel model works15:15 Why isn't this Blue Apron 2.0?22:00 Naked's scale and business model gives them a cos
Jacob Rubin from Philosophy Capital on $ESGC
Jacob Rubin, managing member and CIO at Philosophy Capital, joins the podcast to talk about his long thesis on Eros STX (ESGC), how he thinks the stock could respond to a global refi, and the long term upside as they successful integrate their assets.Disclosure: ESGC is a small cap and has a going concern risk; please do your own work and remember nothing on here is investing adviceChapters0:00 Intro4:00 Eros overview6:00 Pattern recognition from Loral (LORL)10:15 LORL's upside optionality
Joe Boskovich on WildBrain $WLDBF
Joe Boskovich, a partner at Old West Investment Management, dives deep into his investment thesis on WildBrian (WLDBF), including why he thinks Apple could drive the Peanuts brand to the next level and how WildBrain Spark could be a huge growth story.Joe's Twitter: https://twitter.com/boskovic64Old West Investment website: https://www.oldwestim.com/pressChapters0:00 Intro2:10 Quick discussion of IDT and their spins5:55 WildBrain investment thesis overview21:30 Devil's Advocate: Haven&a
Shehryar Khursheed from Return on Capital on $RH's bull case
Shehryar Khursheed, the founder of Return on Capital, discusses the battleground stock RH (FKA Restoration Hardware), what Berkshire Hathaway saw in the company, what short sellers missed on the company, and his vision for the company over the next few years.Return on Capital website: https://returnoncap.com/Return on Capital Twitter: https://twitter.com/CapitalTalk2Note that we had brief technical issues around the 22:40 mark of the video; we've done our best to edit those out but there is
Al Grujic from All of Us Financial on Robinhood's issues and $GME squeeze
Al Grujic, founder and CEO of All of Us Financial (https://www.allofusfinancial.com/), comes on to discuss the Stonk market. Topics include Robinhood stopping trading last week, gamma squeezes, and how a stock can have over 100% short interest.Chapters0:00 Intro1:50 Al's background4:20 Why All of Us restricted trading last week9:40 Why couldn't cash accounts buy meme stocks last week?11:45 How should Robinhood have handled their messaging?14:45 How can Gamestop (or any stock) have over
Mario Cibelli on the $WWE bull case
Mario Cibelli, the founder of Marathon Partners and breakout star of the book Netflixed (https://amzn.to/34cim9F), makes his second podcast appearance to discuss the bull case for WWE.Mario's first podcast appearance: https://twitter.com/AndrewRangeley/status/1296130870949097472?s=20Chapters0:00 Intro2:10 WWE Overview4:30 Sale of WWE network9:10 Laying out the upside for WWE16:20 What if the next domestic contract is a down round?20:40 Ratings since the move to fox21:40 How the pandemic wi
Elliot Turner on Twitter $TWTR
Elliot Turner of RGA (http://rgaia.com) makes a repeat appearance to provide a quick update on Dropbox (DBX), discuss how a due diligence project resulted in him hitting the state limit for wine delivery, and then dive deep into his investment in Twitter (TWTR).Elliot's first YAVP appearance: https://www.youtube.com/watch?v=NJddlF3__Nw&t=3sElliot's Twitter: https://twitter.com/ElliotTurnChapters:0:00 Intro1:15 The time Elliot hit the state limit for alcohol shipments3:00 Dropbox (D
Jeremy Raper on Haier Smart Home
Jeremy Raper, founder of the excellent rapercapital.com and our inaugural guest, makes a repeat appearance on the podcast. We provide an update on his idea from our last podcast (Brag), discuss a potential $300m+ investment he's looking to source, and then dive deep into his later idea, Haier Smart Home German Shares (690D).Note that BRAG and Haier are both international small cap stocks; please do you own research and nothing in this podcast is investing advice.LinksJeremy's first YAV
Steve Clapham, author of The Smart Money Method
Steve Clapham, author of The Smart Money Method (https://amzn.to/3gwJJjb) comes on to discuss his new book and some of the valuation and research tricks and tips that didn't quite make it into his book.Chapters0:00 Intro3:30 Steve's one tip for improving as a research analyst10:10 Improving how you read a 10-K17:20 clever research tactics and tips21:00 Emerging accounting issues Steve's looking at25:45 Electric car company discussion34:20 Special situations discussion
Jeremy Raper on Bragg Gaming (BRAG.V)
Jeremy Raper, founder of the excellent rapercapital.com and our inaugural guest, makes a repeat appearance on the podcast. We discuss his recent views on the market, a quick update on his StoneX (SNEX) thesis, and his recent thesis on Canadian microcap Bragg Gaming (BRAG). Note that BRAG is a Canadian Microcap; please do you own research and nothing in this podcast is investing advice.LinksJeremy's first YAVP appearance: https://youtu.be/X-nVRNiSeosJeremy's article on BRAG: https://see
Zack Silver on Liberty Media Investor Day and CuriosityStream (CURI)
Zack Silver, an analyst at B. Riley, recaps what happened at Liberty Media's Investor Day, including Liberty's bullishness for tech companies, Liberty's plan to launch a SPAC, and how Liberty has handled the pandemic overall. Then, we discuss his newest coverage, CuriosityStream (CURI), a new streaming service that recently went public through a SPAC.Chapters0:00 Intro and Background3:30 What separates the best buy-siders Zack interacts with7:00 Shentel (SHEN): the most interestin
Tim Bergin from On Beyond Investing on Global Value Investing and the CIT merger
Tim Bergin is a value investor and the founder of On Beyond Investing (https://onbeyondinvesting.com/). In this episode, he discusses his background, why he sees value in the banking space and specifically in the First Citizen (FCNCA) / CIT merger, and how consolidation could drive upside in the Irish banking marketTim's Twitter: https://twitter.com/onbeyondinvestOn Beyond Investing: https://onbeyondinvesting.com/Chapters0:00 Intro1:35 Tim's Background (and cold water swimming)5:35 Tim
Chris Colvin from Breach Inlet Capital on Apollo's attempt to steal Great Canadian Gaming
On November 10th, Great Canadian Gaming (GC) announced a deal to sell themselves to Apollo (APO) for $39/share. On the subsequent earnings call, shareholders immediately revolted, with several of GC's largest shareholders telling the company they would not vote for the deal because they thought the deal substantially undervalued the company.One of those shareholders was Chris Colvin from Breach Inlet Capital. In this episode, Chris comes on to discuss why he sees so much value in GC, why he
Boyar Value Group on the value in MSGS, IAC, and ANGI
Jonathan Boyar and Shrey Patel from the Boyar Value Group discuss their firm's background and their process for finding stocks trading for less than private market value. Then, we dive deep intro four of their favorite stocks: MSGE (owns Madison Square Garden), MSGS (the Knicks and Rangers), IAC (Barry DIller's holding company), and ANGI (homeadvisor + angie's list). Topics include why James Dolan isn't as bad a manager as you think, why MSGE's Sphere expansion might not
Mike Melby from Gate City Capital on Amrep $AXR
Mike Melby, Founder and Portfolio Manager at Gate City Capital, comes on to discuss his background and his investment into Amrep (AXR), which his firm owns 18% of.Gate City Capital website: https://www.gatecitycap.com/Show Chapters:0:00 intro1:00 Mike's background22:45 Amrep's history29:30 How Mike thinks about Amrep's land55:15 Walkthrough of Amrep's Sum of the Parts (SOTP)1:12:30 Amrep's recent big repurchase
Why Ryan O'Connor is bullish Nintendo $NTDOY
Ryan O'Connor, founder of Above Average Odds Investing and Crossroads Capital, discusses his bull thesis on Nintendo. Our discussion focuses on all of the optionality Nintendo has, including what would happen if Nintendo licensed their games to Microsoft or Sony, how Nintendo cold roll out a subscription style business, and the upside as Nintendo continues to expand their IP into theme parks, movies, and TV shows. We also talk about the company's mobile strategy and how the continued e
Stanford Wyatt on Nordstrom (JWN) and Tile Shop (TTSH)
Stanford Wyatt from August Partners and Rational Research discusses his background in investing and his investment thesis on Nordstrom and The Tile Shop.Rational Reserach: https://rationalresearch.substack.com/
Mostly Borrowed Ideas on Etsy
Abdullah Al-Rezwan from Mostly Borrowed Ideas (https://mbi-deepdives.com/) comes on the pod to talk about his new service and his recent deep dive that left him bullish on Etsy.You can find Abdullah on twitter here: https://twitter.com/borrowed_ideas
A threesome so nice, we did it twice: talking $BMYRT with Matt and Dan (again)
Our first threesome was such a success, we decided to do it again! Dan and Matt come back on to discuss all of the updates on the BMY CVR since our first post; in particular, we discuss Dan's due diligence that suggests an FDA inspection is on going. PS- CVR's are risky and nothing on here is investing advice.You can find our first threesome here: https://twitter.com/AndrewRangeley/status/1305835912975261697?s=20My updated take on the CVR here: https://yetanothervalueblog.com/2020/10/b
Edwin Dorsey from Bear Cave on Short Selling, FOIA requests, and Celsius $CELH
Edwin Dorsey, the founder of the Bear Cave, comes on to talk about short selling, his new newsletter, and his recent report highlighting the red flags at Celsius. Fun fact: Edwin estimates he represents ~1% of the FOIA requests in the U.S.Edwin's twitter: https://twitter.com/StockJabberBear Cave newsletter: https://thebearcave.substack.com/
Minion Capital (aka Shomik Ghosh) on Shopify and VC investing
Shomick Ghosh (aka Minion Capital), a Principal at Boldstart, talks about his experience as a Venture Capitalist and how he balances investing in both public and private companies. Then we dive deep into the investment case for Shopify (SHOP).Minion Capital twitter: https://twitter.com/MinionCapitalShomick's twitter: https://twitter.com/shomikghosh21Boldstart: https://www.boldstart.vc/
Packy McCormick from Not Boring on Opendoor $IPOB
Packy McCormick from Not Boring (https://notboring.substack.com/) comes on to talk about the burgeoning Not Boring empire, his experience in angel investing, and his current investment into Opendoor (IPOB).
Shopping for value: Bill Brewster on $QRTEA
Bill Brewster discusses his investment into QRTEA. QRTEA is part of the John Malone / Liberty family and owns HSN and QVC. Currently, QRTEA is undergoing some financial engineering which has some people recalling the classic John Malone special situations discussed in You Can Be a Stock Market Genius (https://amzn.to/32ApFqv). Bill talks about why the market might be overlooking QRTEA and why he's excited by the financial engineering.You can find Bill on twitter @BillBrewsterSCG (https://tw
A threesome on drugs: talking $BMYRT with Matt and Dan
Matt Turk and Dan Schneeberger do an extremely deep dive into BMYRT. BMYRT is a contingent value right (CVR) established when Bristol-Myers Squibb (BMY) bought Celgene. While CVR's are extremely risky and there is a real chance of this proving worthless, Matt and Dan walk through what a CVR is, why a CVR might be overlooked, and why they think the odds of approval for the drugs underlying BMY's CVR are much higher than the market suggests.Again, CVRs are risky, and nothing in this podc
Clifford Sosin on Cardlytics $CDLX
Clifford Sosin from CAS Investment Partners discusses his investment track record, his investments in Herbalife (HLF) and Carvana (CVNA), and then dives deep into his current investment into Cardlytics (CDLX).
Marc Rubinstein from Net Interest on the Financial Sector
Marc Rubinstein from Net Interest (https://netinterest.substack.com/) discusses everything happening in the financial sector: how big banks are taking share during COVID, and financial sectors FANG equivalents.
Dave Waters of Alluvial Capital / OTCAdventures on $PIOE
Dave Waters of Alluvial Capital and OTCAdventures.com comes on the pod to talk about how he got started, his adventures in foreign markets, and his current investment into P10 $PIOE.
Byrne Hobart from The Diff on The Death of FANG+
Byrne Hobart from The Diff (https://diff.substack.com/) joins us to talk about his recent "The Death of Fang+" series. We dive deep into the question "Which of Amazon / Apple / Microsoft / Google / Netflix / Facebook" is most likely to see serious declines over the next ten years?
Mario Cibelli from Marathon Partners on $UBER
Mario Cibelli, the founder of Marathon Partners and breakout star of the book Netflixed, talks about his background, how he invested in Netflix in the early 2000s, and his current investment in Uber.We also dive into two of his twitter threads: one on how interviewing the management at Expedia changed how he looked at companies, and one on how a due diligence trip to a Netflix Distribution Center opened his eyes to Netflix's moat.
David Kim from Scuttleblurb on Carvana $CVNA
David Kim from Scuttleblurb (https://www.scuttleblurb.com/) comes on to talk about his research process and Carvana (CVNA).
Mike from Non-Gaap on the Corporate Dark Arts
An interview with Mike from Non-Gaap (https://nongaap.substack.com/). We discuss the corporate dark arts, how insiders profited from good news at Kodak (KODK) and Vaxart (VXRT), and more.
Elliot Turner on Dropbox $DBX
An interview with Elliot Turner of RGA (http://rgaia.com). We discuss why Elliot missed Shopify, how the lessons from Shopify helped him invest in Roku, and a little on ANGI and Twitter. Then, we dive deep into his thesis on Dropbox (DBX).
Jeremy Raper on StoneX $SNEX
Our inaugural episode is an interview with Jeremy Raper of Raper Capital (https://rapercapital.com/). We start by discussing Jeremy's credit background and how he's looking at the markets today; then, we dive deep into one of his favorite investing ideas: StoneX (SNEX)
Announcing Yet Another Value Podcast
A new podcast from yetanothervalueblog.com, Yet Another Value Podcast will dive deep into interesting investment ideas with savvy investors.