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เนื้อหาจัดทำโดย Andrew Walker เนื้อหาพอดแคสต์ทั้งหมด รวมถึงตอน กราฟิก และคำอธิบายพอดแคสต์ได้รับการอัปโหลดและจัดหาให้โดยตรงจาก Andrew Walker หรือพันธมิตรแพลตฟอร์มพอดแคสต์ของพวกเขา หากคุณเชื่อว่ามีบุคคลอื่นใช้งานที่มีลิขสิทธิ์ของคุณโดยไม่ได้รับอนุญาต คุณสามารถปฏิบัติตามขั้นตอนที่แสดงไว้ที่นี่ https://th.player.fm/legal
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On this episode of Advances in Care , host Erin Welsh and Dr. Craig Smith, Chair of the Department of Surgery and Surgeon-in-Chief at NewYork-Presbyterian and Columbia discuss the highlights of Dr. Smith’s 40+ year career as a cardiac surgeon and how the culture of Columbia has been a catalyst for innovation in cardiac care. Dr. Smith describes the excitement of helping to pioneer the institution’s heart transplant program in the 1980s, when it was just one of only three hospitals in the country practicing heart transplantation. Dr. Smith also explains how a unique collaboration with Columbia’s cardiology team led to the first of several groundbreaking trials, called PARTNER (Placement of AoRTic TraNscatheteR Valve), which paved the way for a monumental treatment for aortic stenosis — the most common heart valve disease that is lethal if left untreated. During the trial, Dr. Smith worked closely with Dr. Martin B. Leon, Professor of Medicine at Columbia University Irving Medical Center and Chief Innovation Officer and the Director of the Cardiovascular Data Science Center for the Division of Cardiology. Their findings elevated TAVR, or transcatheter aortic valve replacement, to eventually become the gold-standard for aortic stenosis patients at all levels of illness severity and surgical risk. Today, an experienced team of specialists at Columbia treat TAVR patients with a combination of advancements including advanced replacement valve materials, three-dimensional and ECG imaging, and a personalized approach to cardiac care. Finally, Dr. Smith shares his thoughts on new frontiers of cardiac surgery, like the challenge of repairing the mitral and tricuspid valves, and the promising application of robotic surgery for complex, high-risk operations. He reflects on life after he retires from operating, and shares his observations of how NewYork-Presbyterian and Columbia have evolved in the decades since he began his residency. For more information visit nyp.org/Advances…
Yet Another Value Podcast
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เนื้อหาจัดทำโดย Andrew Walker เนื้อหาพอดแคสต์ทั้งหมด รวมถึงตอน กราฟิก และคำอธิบายพอดแคสต์ได้รับการอัปโหลดและจัดหาให้โดยตรงจาก Andrew Walker หรือพันธมิตรแพลตฟอร์มพอดแคสต์ของพวกเขา หากคุณเชื่อว่ามีบุคคลอื่นใช้งานที่มีลิขสิทธิ์ของคุณโดยไม่ได้รับอนุญาต คุณสามารถปฏิบัติตามขั้นตอนที่แสดงไว้ที่นี่ https://th.player.fm/legal
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
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299 ตอน
ทำเครื่องหมายทั้งหมดว่า (ยังไม่ได้)เล่น…
Manage series 2789730
เนื้อหาจัดทำโดย Andrew Walker เนื้อหาพอดแคสต์ทั้งหมด รวมถึงตอน กราฟิก และคำอธิบายพอดแคสต์ได้รับการอัปโหลดและจัดหาให้โดยตรงจาก Andrew Walker หรือพันธมิตรแพลตฟอร์มพอดแคสต์ของพวกเขา หากคุณเชื่อว่ามีบุคคลอื่นใช้งานที่มีลิขสิทธิ์ของคุณโดยไม่ได้รับอนุญาต คุณสามารถปฏิบัติตามขั้นตอนที่แสดงไว้ที่นี่ https://th.player.fm/legal
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
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299 ตอน
ทุกตอน
×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 SAGE Chapters: [0:00] Episode sponsor: Alphasense [3:21] Introduction - passive vs. active investing [7:32] Overview of $SAGE and why its interesting to Andrew: passive owners in the company, shareholder engagement [13:40] Biogen offer (rejected by Sage) - what happened [17:34] Expert call with OBGYN (thank you, Alphasense!) [21:38] Board needs to weigh opportunity cost of cash burn and options [25:49] Shareholder engagement and IRWD cautionary tale / SAGE board and management compensation [30:54] Biogen / Sage merger - why it makes sense and final thoughts Today's sponsor: Alphasense If you’re unfamiliar with AlphaSense, it’s a market intelligence platform with the world’s premier library of proprietary expert insight. For years now, I’ve used Tegus for their expert call transcript library, and with AlphaSense’s acquisition, the depth and breadth of market research content available has expanded significantly. Why I chose AlphaSense? Unparalleled expert insights—access 150,000+ proprietary expert transcripts, growing by 6,000 per month, covering 24,000+ public and private companies. Comprehensive market intelligence—search 450M+ documents, including company filings, analyst research, expert interviews, and more, all connected for deeper analysis.AI-powered research at scale—complete qualitative research 5-10x faster with advanced generative AI, delivering instant, high-confidence insights. Start your free trial now at: https://www.alpha-sense.com/yavp/…
Shaul Rosten, Equity Analyst, Global Value at Redwheel, joins the podcast to share his thesis on Ayvens ($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 interesting to Shaul [3:04] What is Shaul seeing with Ayvens that the market is missing [5:46] How do they compete against capital Finco's / understanding the business, how they make money [14:58] Red flags: what's going on with the "big merger" they did (LeasePlan) [23:12] Electric vehicles [28:02] Right to grow right now [32:54] SocGen's 52% ownership [38:29] Regulatory risks [42:20] What could go wrong / what could break Ayvens thesis for Shaul [46:14] Final thoughts: revisiting question - what does Shaul think the market is missing here, how'd they do during the GFC [49:19] Financing business Today's sponsor: Daloopa Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can. Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition. Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.…
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1 Windward's Marc Chalfin and Jay Upadhyay describes the overhaul and new vision at Groupon $GRPN 45:32
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 up [18:26] What is Marc and Jay seeing with $GRPN that the market is missing [24:33] Inventory and Technology [31:48] SumUp / BaseRate [37:37] Final thoughts: web traffic, understanding the tailwinds Today's sponsor: Daloopa Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can. Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition. Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.…
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1 SemiAnalysis' Jeremie Eliahou Ontiveros on the supply/demand dynamics of AI and data centers 1:03:13
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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 now? [17:24] Jeremie's thoughts on NVIDIA [26:32] What breaks the up cycle for AI / is subscription ultimately the way to monetize AI [32:17] Interesting power plays (picks and shovels to support AI); bitcoin miners as potential AI plays [40:58] Bitcoin miner/AI play that Jeremie is interested in; deep dive on AIRian [50:27] Management activities from bitcoin miners; why are some of these companies not seeing the AI opportunity [57:26] Final thoughts on AI, bitcoin mining, power, data centers; why this all domestic activity focused Today's sponsor: Daloopa Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can. Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition. Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.…
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1 Boldstart Ventures' Shomik Ghosh on Kelly Partners' $KPG.AX unique accounting firm roll-up strategy 1:07:07
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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 they are so interesting to Shomik [5:31] What is Shomik seeing that the market is missing with Kelly Partners [9:09] $KPG's secret sauce for rolling up accounting firms / incentive risks / back office secret sauce that $KPG can do that PE firm can't [23:36] International expansion / is there enough growth runway of acquisitions [30:27] Why not relist in US from Australia? [37:10] Expanding into other areas outside accounting / AI tail risk [46:49] Management [52:13] Why are they so focused on McDonald's [55:22] Final thoughts [57:26] What does Shomik think would be the cause for the thesis breaking with Kelly Partners / how does Shomik look at fair value here [1:02:24] Quick thoughts on Match Group Today's sponsor: Daloopa Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can. Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition. Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.…
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1 Recurve Capital's Aaron Chan on the scalability of Carvana's $CVNA business model 1:12:43
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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: Daloopa [1:20] What is Carvana and why are they so interesting to Aaron [5:00] What is Aaron seeing with $CVNA thesis that that the market is missing; differentiated view on CVNA [9:39] Why the volatility and addressing that fear; factors for the wild swings [16:49] Competitive analysis - why is no one copying the $CVNA model [22:44] How much of an advantage is the national level of $CVNA's exposure [26:47] Brand building / advertising [30:30] $CVNA economics [37:09] Why are so many short sellers attracted to $CVNA [52:18] What Aaron thinks would be the reason $CVNA thesis doesn't work 3-5 years from now; downside risks to thesis [57:05] Can $CVNA profitably serve rural places and discussion on valuation [1:03:50] Why isn't every used car dealer dead and final thoughts Today's sponsor: Daloopa Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can. Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition. Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.…
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1 1 Main Capital's Yaron Naymark on some general investor skepticism with $IWG.L thesis 1:03:32
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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 2024): https://www.youtube.com/watch?v=FkZng2PSdxM Chapters: [0:00] Introduction + Episode sponsor: Daloopa [1:31] Overview of $IWG.L and why it's interesting to Yaron [10:36] Valuation [13:42] Franchisees happiness levels with IWG / IWG's "secret sauce"; competitive advantage [21:44] Funding is an obstacle? / RevPAR [33:00] Overcoming general investor skepticism [44:36] Recent transactions in the IWG (shared space) industry, and what that means for IWG valuation / why doesn't Regis own WeWork right now [53:15] Valuation [57:02] What the most likely reason Yaron thinks the thesis doesn't play out / final thoughts Today's sponsor: Daloopa Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can. Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition. Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.…
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1 Outerbridge Capital's Rory Wallace on Allot's rebound and how to value Verizon partnership $ALLT 52:46
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 [7:22] What is Rory seeing with $ALLT thesis that that the market is missing [12:11] Fundamental question RE: vendors and vendor stickiness with Verizon partnership [20:51] Why are customers signing up for Verizon security service vs. something else [27:34] What drove $ALLT run in stock price in last couple months [30:44] What is different this time with the $ALLT pitch vs. past write-ups on VIC [34:55] Management [39:10] Is there a chance that AT&T would use the same CCAS provider as Verizon (Allot) [43:36] Shareholder mindset of the company [46:07] $ALLT valuation [48:22] Competitive landscape Today's sponsor: Fintool Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document. Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280…
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1 Alex Morris on what you can learn in his new book: "Buffett and Munger Unscripted" 1:11:36
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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 (speaking to organization of the book) [10:23] Incentives and ethical guardrails [21:10] Biggest differences about Buffett over the last 20-30 years [29:53] Nike [39:14] Is there an industry that Berkshire hasn't really invested in after all of Alex's research [41:56] Wal-Mart and Costco [45:27] Predictability and cyclical businesses [49:11] Alex's view of Buffett's thoughts on the market these days [51:55] Parallels between Berkshire to Markel [55:42] Banks [1:04:22] Andrew's thoughts on Academy Sports + Outdoors, and the space in general Today's sponsor: Fintool Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document. Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280…
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1 More Than a Numbers Game: A Brief History of Accounting (Fintwit Book Club January 2025) 1:05:32
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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…
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1 Yet Another Value's 2025 Idea of the Year: Full House Resorts $FLL 1:04:40
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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 2025 [3:07] Quick overview of YAVB Idea of the Year: Full House Resorts $FLL and how to win at regional gaming case study [18:11] Why $FLL interesting/unique opportunity to Andrew [23:38] Why did $FLL invest in Chamonix [25:52] $FLL portfolio casino: American Place [28:22] Upside / what are we playing for [30:39] Why does the $FLL opportunity exist [36:06] The new markets already ramping: American Place and Chamonix [40:53] Risks: Chamonix Ramp, American Place Lawsuit [50:50] Unlocking Value in $FLL: sale leasebacks [56:47] Unlocking Value in $FLL: M&A [1:01:11] Synergies (if a strategic were to buy $FLL) [1:02:57] Final thoughts Today's sponsor: Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV…
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1 Random Ramblings December 2024: YAV Empire, Parallels between Athletics and Investing + Incentives 25:28
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 athletics and investing [18:16] Incentives Today's sponsor: Fintool Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document. Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280…
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-Investing-Strategies-Outperform-ebook/dp/B0CN3PF1SW?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.1zuikMLb5MN1aQVWodj1ww.Nui4P_rilsWES5p1FNmoTnd5v0myqxSeQautyazGgno&qid=1715709920&sr=8-1&linkCode=sl1&tag=andrew613880e-20&linkId=376c305fd243b22988ebba35edf5ecee&language=en_US&ref_=as_li_ss_tl Chapters: [0:00] Introduction + Episode sponsor: Fintool [2:13] What is Pebblebrook Hotel Trust and why are they interesting to Asif [6:18] Insider purchases at Pebblebrook Hotel Trust [9:44] What Asif is seeing with Pebblebrook Hotel Trust that the market is missing [13:56] $PEB portfolio [18:56] Management claim on 11-14% ROI growth investment / NAV numbers from their November 2024 investor presentation [23:20] Competitive landscape - why $PEB over other hotel companies / Share buybacks [28:07] What keeps Asif up at night about his $PEB thesis and investment [29:50] Management incentives [36:12] AirBnB risk? [37:59] Special Situations in general: What have insiders been looking at post-election / sectors Asif is seeing a lot of insider buying currently and elevated insider selling [44:28] Spin-offs Today's sponsor: Fintool Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document. Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280…
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1 Asheville Capital Management's Jake Barfield on InPost's scaling moat 1:12:39
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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 thesis + European parcel delivery differences to US [14:48] Relationship with Allegro [20:27] Why aren't landlords sticking it to InPost [23:55] Competitive analysis [34:32] Market penetration; Polish market and how they are trying to gain market share in UK and France [45:06] Valuation [55:26] Call options and gamification of customer experience [1:00:56] Advent involvement; how does Jake think about empire building risk [1:05:45] What would have to happen for InPost thesis to not work and final thoughts Today's sponsor: Fintool Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document. Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, **check them out at https://fintool.com/ **.…
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1 First Foundation's Eric Speron on the Lagardere SA situation: spin out, publishing, travel retail 50:48
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 Dimanche, JDNews and the Elle brand licence). The Group’s operating assets also include Lagardère Live Entertainment and Lagardère Paris Racing. Eric Speron's Linkedin: https://www.linkedin.com/in/eric-speron-cfa-09925a3/ Chapters: [0:00] Introduction + Episode sponsor: Daloopa [2:31] What is Lagardere SA (MMB.PA) and why is it so interesting to Eric [6:12] What is Eric seeing with Lagardere SA (MMB.PA) that the market is missing [8:54] Vivendi's spin off of ownership stake in Lagardere in December [13:21] Publishing business and growth catalysts [28:25] Travel retail business and the opportunity here [36:28] What does the sum of the parts look like; valuation question [41:07] How does Eric think the spin off will play out [47:44] Final thoughts Today's sponsor: Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV…
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Yet Another Value Podcast
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1 Random Ramblings NOV 2024: Post-Election, how top investors stay on their game, existential risks 26:06
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] Polymarket [9:48] What do top investors do that mirrors NBA players that spend millions on their body management to stay at the top of their games [13:20] Investing blind spots: financial engineering, existential risks Today's sponsor: Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV…
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Yet Another Value Podcast
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1 Ave Maria Focused Fund's Chadd Garcia on misreading waste-focused $SES.TO as energy services 46:31
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 [6:46] $SES.TO's recent run-up, catalysts, acquisitions [15:53] Risk that Western Canada is drilling a lot less oil in the future [19:15] Capital allocation / changing the corporate name [24:58] Continue aggressive buy-backs or focus on tuck-in acquisitions [29:30] Customer insourcing potential [31:40] Waste processing facilities, waste businesses; why haven't people picked up on this aspect of the story thus far [36:00] Bought a lot of assets in distress; what has happened that drives those assets in distress that's not a risk here? [37:46] Separation of businesses argument [40:55] Scenarios for why $SES.TO thesis doesn't work out / final thoughts Today's sponsor: Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV…
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Yet Another Value Podcast
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1 KNA Capital Management's Todd Wenning on making sense of the upside with Ecolab $ECL 1:04:15
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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://x.com/ToddWenning Chapters: [0:00] Introduction + Episode sponsor: Daloopa [1:24] What is Ecolab $ECL and why is it interesting to Todd [3:38] What is Todd seeing that the market is missing with $ECL [6:30] $ECL achilles heel and how they are addressing that / understanding the upside [12:33] $ECL business and major drivers for growth [20:11] Water vertical / why Ecolab's products and services are critical to data centers, hospitals [26:29] Does it make sense for $ECL to have all these businesses under one roof? [29:22] Cintas comparison: market penetration / has $ECL ever lost a QSR? [36:18] Insider ownership and incentives / Bill Gates investment, starting to sell through Cascade [45:47] Debate on AI and automation with Ecolab [51:37] Difference between Ecolab and Cintas or Costco [57:16] What would cause $ECL to regress to the mean [1:00:57] $ECL Final thoughts Today's sponsor: Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV…
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Yet Another Value Podcast
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1 Random Ramblings October 2024: networking with good investors, geopolitical risks, energy, probabilities 25:42
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 shortage [15:06] Follow up to September 2024 ramblings on probabilities Episode sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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Yet Another Value Podcast
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1 Plural Investing's Chris Waller on $WOSG.LN Rolex relationship and secondary luxury watch market 1:01:44
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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] What is The Watches of Switzerland Group and why is it so interesting? [5:52] What is Chris seeing that the market is missing about $WOSG opportunity? [8:25] Why is current valuation compelling? Retailer valuations [12:05] Rolex relationship [19:54] Margin and Rolex business model / other examples of symbiotic supplier-retailer relations where the retailer makes so much of the profit [28:29] Multi-brand stores, Rolex dictates where their brand is located in the store [31:57] Final thoughts on Rolex relationship [35:06] Why doesn't Rolex sell online [38:08] Concerns about Rolex brands because of greater production / does Rolex resonate with new generations, brand lasticity [43:28] How is Rolex advertised these days [45:28] How does Chris think about the growth algorithm for the company / bridging the gap between $WOSG opening new stores and most Rolex watches bought at mom-and-pops that are shutting down [50:14] Why shouldn't this be owned by PE [54:00] Capital allocation [57:15] Any additional risks / misconception about Chinese tourism with Rolex Episode sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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Yet Another Value Podcast
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1 GrizzlyRock Capital's Kyle Mowery on $DRVN's goodco / badco thesis 1:00:47
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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 f ull DRVN deck, see: https://www.grizzlyrockcapital.com/wp-content/uploads/2024/10/GrizzlyRock-Driven-Brands-Write-Up-October-2024.pdf Chapters: [0:00] Introduction + Episode sponsor: Tegus [2:05] What is Driven Brands Holdings and why is it so interesting? [3:38] What is Kyle seeing that the market is missing with $DRVN [7:20] $DRVN trading history and what caused this dislocation that gives the perceived opportunity here [11:59] What protects $DRVN from oversupply (oil change services) problem? [16:37] Why is the brand and scale beneficial to Driven/Take 5? [18:35] $DRVN valuation / why do they not report Take 5 numbers separately? [24:59] How does Kyle view Roark's ownership of the company [28:23] Capital allocation [34:01] EV Risk [38:03] Glass and Collision segments [46:45] Path for Car Wash [51:44] $DRVN bear case [56:50] Final thoughts Episode sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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Yet Another Value Podcast
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1 Matt Warder talks coal markets: how does coal morph into AI play, election, $BTU, $CEIX $ARCH merger 1:09:02
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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 the overall coal market [4:38] Coal for AI overview [12:18] Overall supply/demand for Metallurgical "met" coal [17:35] How does the election affect coal market [21:31] Vision for Coal and AI, how does coal morph into an AI play [30:26] AI arms race and building AI data centers, timeline to building this AI / Coal power play and how should folks think about new coal plants in America [35:21] Final thoughts on AI and Coal [38:31] Peabody $BTU 13D [46:40] Peabody and Consol Energy / Arch Resource merger conference calls; why are management communicating this way [49:16] Insider ownership in Coal stocks [55:37] Other levers that could be pulled to unlock value in PRB [59:38] How to think about met coal stocks right now and their performance [1:03:21] $BTU corporate action ideas [1:05:45] Comments on $CEIX $ARCH merger Episode sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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Yet Another Value Podcast
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1 Random Ramblings September 2024: heavy selection bias, probabilities & terminal 0's, returns on fame 21:45
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] Returns on fame Today's sponsor: Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV…
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Yet Another Value Podcast
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1 MDC Financial Research's Michael Cohen provides his post-game report on $ACI / $KR case 1:04:49
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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 reactions from those also in the courtroom with Michael [20:36] Joe the Grocer testimony [25:50] Due process arguments / price checking [31:21] Experts, who was most believable [40:01] What Michael saw and hear regarding CNS as a buyer / confidentiality (close courtroom to the gallery) [45:11] Closing arguments / anything else jumped out to Michael from the trial [49:44] Possible outcomes for the case / incentives for why each side wants their side to win [57:05] Michael's guess on the odds of a preliminary injunction coming down here / is it more fun to listen to a well-reasoned case from both sides or more a Kangaroo-court style case [1:00:54] Hot docs / final thoughts Episode sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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1 Choice Equities' Mitchell Scott provides update on $CROX thesis and thoughts on Magnite $MGNI 1:00:48
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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'Connor's piece on $MGNI: https://www.crossroadscap.io/documents/trust-busting-update Chapters: [0:00] Introduction + Episode sponsor: Daloopa [1:36] Update on $CROX thesis [4:22] How has Mitchell's views on whether $CROX is a fad changed (or not) [7:26] Crocs' partnerships driving the brand [10:05] Macro consumer, consumer weakness, anything of concern for $CROX / margins [15:05] HeyDude acquisition [21:00] What does Mitchell see that makes $CROX an alpha opportunity [22:46] $CROX capital allocation moving forward / final thoughts on $CROX [26:56] What is Magnite and why are value-oriented event investors on the small-cap side talking about to this company? [30:45] What does Mitchell see that makes $MGNI an alpha opportunity [35:06] $MGNI's Netflix and Disney deals [38:17] Big customer wins squeeze take rates down for $MGNI? [44:39] Why isn't $MGNI growing faster? [47:53] Key to unlocking personalized ads on CTV streaming, is $MGNI key to this? [52:19] $MGNI bear case / insider selling [54:21] Google DOJ anti-trust case and how it affects $MGNI Today's sponsor: Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV…
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Yet Another Value Podcast
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1 Value Situations' Conor Maguire on why strategic review at Dowlais $DWL.L indicates a live catalyst 1:09:21
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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-wheels Chapters: [0:00] Introduction + Episode sponsor: Tegus [2:15] What is Dowlais Group Plc (DWL) and why are they interesting to Conor [9:18] What is Conor seeing about Dowlais that the market is missing [16:42] Dowlais recent history [21:45] Trends in the auto industry [27:43] Bidding war time from 2018 [32:29] Margin expansion [38:03] Management and incentive structure [49:08] Capital allocation scenarios [53:25] Who's the buyer of Powdermet [58:50] Cyclicality of Powdermet business? [1:02:16] Final thoughts on Dowlais / one more question about goodwill on the balance sheet Episode sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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Yet Another Value Podcast
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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' opinion) is this an alpha opportunity and why now [23:03] Betting on compounding legend, Vincent Bolloré [27:40] Risk of getting "Icahn'd" [32:20] Share re-purchases / capital allocation [39:31] French regulatory risk [41:41] What's the path for l'Odet [45:42] Vivendi [50:38] Anything else that investors should be looking out for here? Follow on re: capital allocation scenarios [54:57] Ross' quick thoughts on CCIs and France overall Episode sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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Yet Another Value Podcast
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1 Marathon Partners' Mario Cibelli on digital remittances company, Remitly $RELY 1:19:47
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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 opinion) [8:08] $RELY service use case / question of fees to transfer money / bear case / crypto [17:25] How does their customer base trust them / why is it so complex to do digital disbursement the right way? [27:32] Digital fraud / business environment [35:34] Bear case cont'd. / valuation [44:48] Thoughts on Wise [51:13] Marketing expenses [58:56] Valuation cont'd [1:02:33] What keeps Mario up on at night on $RELY thesis [1:08:10] Final thoughts / additional key points investors should be aware of about $RELY, i.e., direct connections [1:16:34] Stable coins/crypto - why not a risk? Why Mario thinks it's an accelerant? Episode sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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Yet Another Value Podcast
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1 MDC Financial Research's Michael Cohen provides his halftime report on $ACI / $KR case 1:03:05
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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 unless you're there [9:00] Market definition [12:58] Pricing argument [23:34] Divestiture [32:00] Eric Winn's testimony [36:57] C&S lack of data scientists, what does this mean [42:04] How does the fear this will be "Haggen 2.0" frame this discussion [45:58] Labor argument [50:10] Politics entering the case? [51:50] How this merger not going through could be bad for consumers [55:15] Final thoughts or anything missed from the trial thus far [57:36] Odds right now for the merger approved / dismissed Today's sponsor: Ycharts This episode is sponsored by our friends at YCharts. A typical day in the life of a financial advisor calls for back-to-back client meetings, juggling portfolio management, and the consistent desire to improve client relationships. YCharts’ report and proposal tools could be the missing piece to help you effectively handle these time-consuming tasks. Now more than ever, clients want to hear from their advisors. And with user-friendly templates at your disposal, generating impactful client reports can be easily integrated into your everyday routine, helping you free up time and focus on what matters most: enhancing client interactions and growing AUM. Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value…
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, before Biden dropped out / election risk, implications [9:51] Overview on Anti-trust cases: Albertsons / Kroger's and Capri / Tapestry [17:45] Albertsons / Kroger's cont'd [27:58] Costco [32:55] Robinhood credit card [44:06] High-end credit cards launching travel lounges Today's sponsor: Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV…
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Yet Another Value Podcast
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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 relevant in the drone market? What is unique about $RCAT drones? [13:29] Capabilities of $RCAT drones and how much they are selling them for (to the military) / what specifically going on with $RCAT drone that US Government is using them vs. going with commercial drone [21:21] What is the SRR Contract and why is this a big deal [25:40] Odds that $RCAT wins this SRR contract [30:00] Economics if $RCAT wins the contract / what margins would look like [33:12] Valuation: market already baking in best-case scenario in terms of them winning? [36:17] What does the company look like if they don't win the contract / how much is Paul's bet on $RCAT winning the SRR contract vs. betting on Red Cat in particular [40:05] Are the odds in the stock price right now that they win this contract vs. what Paul thinks the odds are that they win this contract / in Paul's opinion, what he thinks the market is missing [45:22] Is there correlation between the NATO contract and SRR contract? [50:39] Final thoughts Today's sponsor: Ycharts This episode is sponsored by our friends at YCharts. A typical day in the life of a financial advisor calls for back-to-back client meetings, juggling portfolio management, and the consistent desire to improve client relationships. YCharts’ report and proposal tools could be the missing piece to help you effectively handle these time-consuming tasks. Now more than ever, clients want to hear from their advisors. And with user-friendly templates at your disposal, generating impactful client reports can be easily integrated into your everyday routine, helping you free up time and focus on what matters most: enhancing client interactions and growing AUM. Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value…
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Yet Another Value Podcast
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1 Clayton Partners' Jason Stankowski and Brian Lancaster on why Mattr $MATR.TO is misunderstood 57:55
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] Introduction + Episode sponsor: Tegus [2:10] What is Mattr Corp. and why are they so interesting to Brian and Jason [5:23] When Jason and Brian look at Mattr Corp, what they think they're seeing that the market is missing that's going to lead to alpha generation here? [10:57] Switching to US listing and what Jason likes about IFRS better than GAAP [15:07] $MATR.TO comparison to TerraVest [19:34] What's the secret sauce that doesn't make $MATR.TO just another commodity business [26:45] Auto manufacturer vertical [29:56] Growth runway [34:05] How much is Mattr a bet on the business vs. management team for Clayton Partners / stealth AI potential here [43:13] Q2 Earnings and conference call [51:30] $MATR.TO final thoughts and capital allocation strategy Today's sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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Yet Another Value Podcast
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1 Rhizome Partners' Bill Chen updates his publicly traded real estate thesis+ $AIV pitch 1:08:56
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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] Introduction + Episode sponsor: Ycharts [2:18] Capital cycle for publicly traded real estate vs. privately traded [8:53] Five cap rate: how does it interplay with the Treasury rate? [13:02] Publicly traded real estate company performance: have these REITs done well because of management or in spite of management [20:11] Due diligence trips for REITs [30:06] AIMCO $AIV - what is it and why so interesting to Bill [36:26] What is Bill seeing that the market is missing the generates alpha in $AIV [39:38] $AIV report card / management team [48:02] Capital allocation / corporate governance [53:08] Valuation [57:31] Additional $AIV assets (besides Miami assets [1:04:15] $AIV final thoughts Today's sponsor: Ycharts This episode is sponsored by our friends at YCharts, the ultimate platform you need in your toolkit for turning your financial insights into captivating client conversations. With YCharts, each output is a powerful visual that brings your analyses to life and intuitively explains the “why” behind your strategy. Don’t get bogged down in the nitty-gritty of data and report creation — with features like PDF Reports, proposal generation, fundamental charts, and free content resources, YCharts gives you the visual edge you need to make a lasting impression and seal the deal. Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value…
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Yet Another Value Podcast
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1 Random Ramblings August 2024: crazy start to August, due diligence trips, seeing management teams 26:10
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 teams [3:51] Crazy start to August in the stock market [10:11] Due diligence trips [17:30] Due diligence-ing people, seeing management teams Today's sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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: long RCM and WOW Today's sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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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 Samsonite and why it's interesting to Alex and Jason [6:00] What is the average market participant missing with Samsonite [9:25] Why is Samsonite valuation a "cheap" multiple (in Rome Capital's opinion); why Samsonite a "A" business and not a "C" business; pricing power / consumer awareness [17:02] How important is Samsonite's warranty on their products / supply chain [21:18] Samsonite's dual listing plan / does Alex and Jason think that simply re-listing to the US can re-rate the shares [29:00] Instead of dual-listing, why not focus on buybacks [33:40] What happened to the private equity bid; history with CBC back in 2007 [36:13] Wholesale partners, is that one of their competitive advantages / how much does advertising really drive demand and consumption [39:47] Barriers to entry - what is the risk here with new luggage brands entering the market [45:49] Final thoughts on Samsonite Today's sponsor: Ycharts This episode is sponsored by our friends at YCharts, the ultimate platform you need in your toolkit for turning your financial insights into captivating client conversations. With YCharts, each output is a powerful visual that brings your analyses to life and intuitively explains the “why” behind your strategy. Don’t get bogged down in the nitty-gritty of data and report creation — with features like PDF Reports, proposal generation, fundamental charts, and free content resources, YCharts gives you the visual edge you need to make a lasting impression and seal the deal. Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value…
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1 Random Ramblings July 2024: stock price driving narrative + investing in products you don't like 23:03
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/weekend-thoughts-the-stress-of-market On stock prices driving narrative: https://www.yetanothervalueblog.com/p/weekend-thoughts-bonus-stock-prices Chapters: [0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Tegus [2:18] Small cap performance, buybacks [5:15] Stock price drives narrative [8:35] CEO changes [10:42] Due diligence on companies you don't like (i.e. don't like the product or service personally) [16:28] Alternative data [18:55] Idea dinners Today's sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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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 (background cont'd.) [20:19] $FNMA privatization argument from last 10 years [29:54] "The Trump Trade" and $FNMA [42:03] Why didn't Trump privatize in first term / if Trump wins 2nd term, what happens if he's going to pursue a privatization plan? / what is the most likely scenario [53:50] Final thoughts This episode is sponsored by our friends at Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV…
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1 Atla Capital Management's John Haskell on international real estate + ESR Group thesis $1821.HK 1:02:32
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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 / Vietnam overview [21:58] ESR Group Limited thesis overview and why interesting to John [27:12] Why has the stock not worked (since it's high in 2021) / how did John get comfortable with owning ESR [36:06] Starwood investment / potential ESR buyout / how does John think ESR take out plays out [45:54] ESR valuation [55:54] Related party transactions and how do you have faith that they are done in fair value / final thoughts Today's episode is sponsored by: Fundamental Edge One of a kind, world-class training created for your team, your culture, your way. Fundamental Edge was founded with a mission to train the next generation of investors and a vision to create a platform that serves the learning and development needs of investment professionals throughout their careers. Through structured lessons and proven frameworks, Fundamental Edge aims to condense years of “learning via osmosis” into a masterclass for the equity research process. Funds looking to strengthen their internal training programs can visit fundamentedge.com/corporate-training to learn more.…
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 June 2024: election and election trades [3:24] $LQDA [12:07] The Russell Rebalance arbitrage [18:58] Russell Rebalance cont'd: Burford $BUR / Security National $SNFCA [24:20] Thoughts on Presidential Debate, election and implications for investing Today's episode is sponsored by: Fundamental Edge One of a kind, world-class training created for your team, your culture, your way. Fundamental Edge was founded with a mission to train the next generation of investors and a vision to create a platform that serves the learning and development needs of investment professionals throughout their careers. Through structured lessons and proven frameworks, Fundamental Edge aims to condense years of “learning via osmosis” into a masterclass for the equity research process. Funds looking to strengthen their internal training programs can visit fundamentedge.com/corporate-training to learn more.…
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Yet Another Value Podcast
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1 Maverick Value's Ron Nussbaum on the legal and fundamental cases for $CPRI / $TPR combination 1:07:38
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Ron Nussbaum from Maverick Value, joins the podcast to discuss the Capri Holdings Limited / Tapestry ($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 issue [25:15] Tapestry's response and defining the market / employee side of the antitrust argument [33:01] Why were all five Commissioners (3 dems, 2 repubs) voting to sue (and not voting on party lines) [36:00] Industry uniqueness [40:09] Thoughts on the case's judge [44:14] Industry commentary [46:32] Recut [48:07] Room for settlement possible? [49:02] Deal breaks tomorrow, whats the possible downside / market odds for both deal going through and downside (not going through) [55:39] Biggest discrepancy between Ron's view on the case and the market's view on the case [58:31] HotDocs [1:01:15] Final thoughts / timeline on the case Today's sponsor: Ycharts This episode is sponsored by our friends at YCharts. Taxes—they're inevitable. But, minimizing your clients’ tax burdens is a key part of your role as a financial advisor. If you're tired of the headaches from manual calculations, spreadsheets, and juggling different software during the portfolio transition process, then we have just the YCharts update for you. YCharts has released its new Transition Analysis Tool. With this new feature, you can automate the many time-consuming tasks typically associated with this part of the proposal process, so you can spend more time creating a solid foundation for your new client relationships. Advisors can easily get insights into a client’s current positions, cost basis, gains/losses, and tax implications, making transitions smoother. Clients can adjust portfolio allocations in real time, enhancing trust and collaboration with their advisors. Automated processes that free up time for easily creating comprehensive reports, making client presentations more impactful. Click the link to start your free YCharts trial so you can explore this new tool today: https://go.ycharts.com/yet-another-value…
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1 Buckley Capital's Zack Buckley on why he's urging $DNTL.TO to undertake a strategic review process 46:42
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 & Management [7:15] Why'd they call off strategic alternatives in 2023 and why now is the right time [12:23] Management changes / share restructure / US Listing / CRH comp [17:43] Differences between Canadian and US dentistry[ 20:02] Acquisition process / synergies for mom & pop dentistry practices with $DNTL / why private equity has gone after this industry aggressively [26:16] Competitive landscape and environment [28:58] Why hasn't the market warmed up to $DNTL.TO since it's IPO [32:04] Capital allocation [38:34] $DNTL.TO final thoughts on the company and his letter [41:48] Anything else that keeps Zack up at night about $DNTL.TO? [44:05] How big can Dentalcorp grow (when looking at amount of potential dental acquisitions) Today's sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.…
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Yet Another Value Podcast
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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] How Bob defines MicroCap, Small-cap / Robotti's strategy [6:49] Opportunity set for stock pickers [13:04] Magnificent 7 / AI; stock pickers will win the next decade [19:00] Old economy stocks (industrial businesses) [24:43] Q&A from the audience This episode is sponsored by our friends at Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV All information presented in all forms at the Planet MicroCap Showcase or in press releases, videos, emails, or otherwise posted on its website, stocknewsnow.com or YouTube channel (the “Outlets”) is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Stock News Now, SNN Inc., and the Planet MicroCap Showcase, and their representatives are not licensed brokers, broker/dealers, market makers, investment bankers, investment advisers, analysts, or underwriters.…
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1 Random Ramblings June 2024: franchisees, blaming IR, competitors, interest vs. stats, thesis drift 23:06
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 franchisees [10:43] Blaming IR for stock price [13:37] Killing competitors [16:25] Interest in a stock [18:12] Thesis drift This episode is sponsored by our friends at Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa. Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style. Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research. Want to learn more? Create a FREE account at Daloopa.com/YAV…
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Yet Another Value Podcast
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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 employees? [34:12] CEO insider transactions [36:44] As a generalist investor, who isn't solely focused on cloud/security companies, why isn't $AKAM just some growthy business competing with major players? What does Steven know that specialists aren't seeing with $AKAM [44:52] Ways $AKAM could benefit from AI, or as an AI play [51:32] Does cloud computing, delivery and security businesses belong together? Today's sponsor: YCharts This episode is sponsored by our friends at YCharts. With all the various job functions that advisors are tasked with, your time is extremely valuable—and often scarce. YCharts is a platform centered around efficiency, and built with speed in mind. With an intuitive and user-friendly interface, YCharts helps save advisors 29 hours per month while uncovering better, and new, investment ideas. Need a way to help clients visualize their financial future, reinforce the importance of consistent investing, and guide them toward informed decisions? Tools for scenario building, portfolio construction, and proposal generation can be the missing piece to your service, so you can act on an idea right when the light bulb flicks on. Start your free YCharts trial and see how YCharts is a one-stop shop for growing AUM with fewer hours spent on investment management: https://go.ycharts.com/yet-another-value…
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Yet Another Value Podcast
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1 1 Main Capital's Yaron Naymark returns to share update on International Workplace Group $IWG.L 1:03:15
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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 shares, putting into perspective CEO's ownership [11:43] $IWG.L inflection - ramping of management franchise [18:11] December 2023 investor day [21:00] $IWG.L bear case [28:45] Franchise revenue margins / understanding IWG market [33:11] Discrepancy between informed IWG analysts vs. speaking with building owners / impact from WeWork [38:23] Competitive environment (post-WeWork emerging from bankruptcy) [42:56] Why didn't IWG take out WeWork and why IWG should own WeWork [52:10] What worries Yaron about IWG thesis (if management franchise business hits a wall) [56:36] Enterprise and final thoughts / US Listing / Buybacks and Dividend / Catalysts for 2024-25 Today's sponsor: Fundamental Edge You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not. The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint. But what is the Academy NOT? It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process. It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM. It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst. To learn more and access a 10% discount code, go to fundamentedge.com/YAVP…
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1 Philosophy Capital's Jacob Rubin on legacy brand names: Caesars $CZR and Gannett $GCI 1:11:45
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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 [12:28] In gaming, how much does scale matter [16:26] Fear of the consumer vs. results of the cashflow [23:06] $CZR what happened in Q1 2024 / catalysts on the upside / capital allocation [34:30] Digital (online gaming) ramp [39:20] Sum of the parts / $CZR valuation [45:07] Carl Icahn investment in $CZR [49:01] Overview of Gannett $GCI and why it's so interesting to Jacob [54:44] Two legs to the thesis: AI and lawsuit against Google / undervalued - what's more of the play for Jacob with $GCI? [1:02:05] $GCI valuation / Apollo involvement Today's episode is sponsored by: Santangel's Review Finding the right hedge fund cap intro event isn't just about the size; it’s about the value it brings to your time. This month's sponsor, Santangel's Review, offers something unique for fund managers and allocators. Founded in 2010, Santangel’s hosts three Cap Intro Roundtables each year - two in New York City and one at Fenway Park in Boston. These events stand out for their focus on quality over quantity, attracting some of the most prestigious endowments, foundations, and family offices worldwide. The secret sauce: Santangel’s spotlights undiscovered talent. Managers you don't necessarily see at other industry conferences. Attendees take part in eight one-on-one meetings, intermixed with ample networking opportunities. In an industry built on relationships, Santangel's fosters some of the most valuable connections. Just go to Santangels.com— S-A-N-T-A-N-G-E-L-S dot com to learn more and request an invitation. If you’re a manager or allocator who is serious about maximizing your time, you'll want to be a part of the Santangel's Roundtable. Click here: https://santangelsreview.com/…
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 Banks [35:44] $INBX deal Today's episode is sponsored by: Santangel's Review Finding the right hedge fund cap intro event isn't just about the size; it’s about the value it brings to your time. This month's sponsor, Santangel's Review, offers something unique for fund managers and allocators. Founded in 2010, Santangel’s hosts three Cap Intro Roundtables each year - two in New York City and one at Fenway Park in Boston. These events stand out for their focus on quality over quantity, attracting some of the most prestigious endowments, foundations, and family offices worldwide. The secret sauce: Santangel’s spotlights undiscovered talent. Managers you don't necessarily see at other industry conferences. Attendees take part in eight one-on-one meetings, intermixed with ample networking opportunities. In an industry built on relationships, Santangel's fosters some of the most valuable connections. Just go to Santangels.com— S-A-N-T-A-N-G-E-L-S dot com to learn more and request an invitation. If you’re a manager or allocator who is serious about maximizing your time, you'll want to be a part of the Santangel's Roundtable. Click here: https://santangelsreview.com/…
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Yet Another Value Podcast
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1 Marathon Partners' Mario Cibelli on how $XMTR is creating a marketplace for industrial manufacturing 1:18:08
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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 solving [19:48] Value proposition of the $XMTR network/marketplace [24:20] Mechanics of the marketplace, customer experience, how it works [26:26] Cutting out the middleman ($XMTR in this case) risk / are they more like Uber or Angie's List? [35:05] "Instant Quote" / what can $XMTR evolve into [41:15] Cyclicality [46:47] Valuation / headwinds (and addressing them) [58:01] Short interest and what keeps Mario up at night about $XMTR [1:08:54] Execution risk Today's sponsor: Fundamental Edge You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not. The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint. But what is the Academy NOT? It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process. It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM. It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst. To learn more and access a 10% discount code, go to fundamentedge.com/YAVP…
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Yet Another Value Podcast
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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?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.1zuikMLb5MN1aQVWodj1ww.Nui4P_rilsWES5p1FNmoTnd5v0myqxSeQautyazGgno&qid=1715709920&sr=8-1&linkCode=sl1&tag=andrew613880e-20&linkId=376c305fd243b22988ebba35edf5ecee&language=en_US&ref_=as_li_ss_tl Chapters: [0:00] Introduction + Episode sponsor: YCharts [1:42] Overview of Asif's book, "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market" [3:33] Merger Arbitrages + examples [16:44] Insider Buying + examples [29:23] Buybacks + examples [36:45] Spinoffs + examples [46:18] Management changes + examples [55:32] SPACs + final thoughts This episode is sponsored by our friends at YCharts This episode is sponsored by our friends at YCharts. Every four years, the uncertainty surrounding the next president and their policies sparks concern among investors. And with 2024 shaping up to be a rematch of the last two presidents, this uncertainty is at an all-time high. So what’s your plan to ensure your clients stay informed—and equally important, invested? Enter YCharts’ latest Election Guide—an essential resource designed to arm you with the insights needed to successfully guide clients through election season and tackle commonly asked questions head-on, speaking to themes about: Market performance across various presidencies, The viability of investments based on political affiliations, Market reactions to Trump’s election vs. Biden’s election. Grab your copy with the link in the show notes to unlock exclusive access to downloadable charts and visuals that will elevate your client communication and boost your clients’ confidence in you as their advisor. Promotional Link: https://go.ycharts.com/how-do-presidential-elections-impact-the-market-guide?utm_source=partner&utm_medium=link&utm_campaign=election_guide&utm_id=yet+another+value…
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Yet Another Value Podcast
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1 HX Research's Enrique Abeyta on importance of power generation, power crisis + $TLNE thesis 1:02:09
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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 [2:29] What is Talon Energy and why are they interesting to Enrique + quick background of Enrique Abeyta / importance of power generation [21:46] Quirks with $TLNE thesis (re: OTC, utilities, etc... [27:25] Coming power crisis [31:13] $TLNE valuation [33:04] Evaluating and addressing risks: nuclear accidents, capital allocation [39:28] AI [47:18] Post-bankruptcy process [51:27] Upcoming election (risk of new administration [56:08] Demand response and final thoughts Today's sponsor: Fundamental Edge You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not. The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint. But what is the Academy NOT? It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process. It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM. It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst. To learn more and access a 10% discount code, go to fundamentedge.com/YAVP…
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Yet Another Value Podcast
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1 Pershing Square Challenge 2024 winning team shares pitch on Valvoline $VVV 1:04:03
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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] Store density / DIY customer share [13:33] $VVV pitch cont'd [28:26] AutoZone comparison / Franchise model [35:35] Shift to EV, risks to $VVV? [39:13] Consumer behavior / why franchisee wants to work with $VVV [46:47] $VVV bear case / same store sales growth [57:10] $VVV - variant view that generates alpha Today's sponsor: Fundamental Edge You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not. The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint. But what is the Academy NOT? It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process. It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM. It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst. To learn more and access a 10% discount code, go to fundamentedge.com/YAVP…
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Yet Another Value Podcast
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1 Random Ramblings May 2024: conferences, control shareholders, energy drinks and stock advertising 19:25
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 [3:29] Investor conferences - just returned from the Planet MicroCap Showcase: VEGAS 2024 / time for a Yet Another Value conference? [6:28] Control shareholders [12:24] Energy drinks [15:24] stock advertising This episode is sponsored by our friends at YCharts A typical day in the life of a financial advisor calls for back-to-back client meetings, juggling portfolio management, and the consistent desire to improve client relationships. YCharts’ report and proposal tools could be the missing piece to help you effectively handle these time-consuming tasks. Now more than ever, clients want to hear from their advisors. And with user-friendly templates at your disposal, generating impactful client reports can be easily integrated into your everyday routine, helping you free up time and focus on what matters most: enhancing client interactions and growing AUM. Join thousands of users who rely on YCharts by leveraging personalized proposal reports to truly showcase your value add. Click the link in the show notes to start your free YCharts trial and tell them I sent you (new customers only): https://go.ycharts.com/yet-another-value…
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 markets as we finish up April and head into the Summer months [3:47] Growth in the largest businesses in the index [8:27] Anti-trust [12:36] Capri-Tapestry anti-trust case [27:38] Capri-Tapestry cont'd - market definition [38:43] Last 6 months, 3 mergers have been challenged and blocked - ever been another time like this? Today's sponsor: Fundamental Edge You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not. The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint. But what is the Academy NOT? It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process. It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM. It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst. To learn more and access a 10% discount code, go to fundamentedge.com/YAVP…
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Yet Another Value Podcast
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1 Best of Breed Growth Stocks' Julian Lin thesis on king of the meme stocks, Reddit $RDDT 1:07:48
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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 they spending R&D on? [30:45] Valuation [33:48] $RDDT vs. tier 2 social media platforms (Pinterest, Twitter, SnapChat) / mismanagement [45:27] Valuation cont'd [56:53] $RDDT Growth strategy [1:02:23] $RDDT's Biggest misperceptions This episode is sponsored by our friends at YCharts A typical day in the life of a financial advisor calls for back-to-back client meetings, juggling portfolio management, and the consistent desire to improve client relationships. YCharts’ report and proposal tools could be the missing piece to help you effectively handle these time-consuming tasks. Now more than ever, clients want to hear from their advisors. And with user-friendly templates at your disposal, generating impactful client reports can be easily integrated into your everyday routine, helping you free up time and focus on what matters most: enhancing client interactions and growing AUM. Join thousands of users who rely on YCharts by leveraging personalized proposal reports to truly showcase your value add. Click the link in the show notes to start your free YCharts trial and tell them I sent you (new customers only): https://go.ycharts.com/yet-another-value…
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Yet Another Value Podcast
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1 Matt Turk on why corporate history matters with Target Hospitality $TH 1:10:09
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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 Target Hospitality $TH and why its interesting to Matt [8:18] $TH Corporate history and why it's important / 2020 letter compared to 2024 letter from Arrow Group [31:22] History cont'd of $TH with Arrow Group / why this situations reminds Andrew of $HRT situation [39:11] Government contract / tail risks [41:54] Bull case / comparables / rollups [49:13] Additional risks [58:50] Likelihood of closing and talking through potential buyout prices[1:04:50] Final thoughts Today's sponsor: Fundamental Edge You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not. The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint. But what is the Academy NOT? It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process. It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM. It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst. To learn more and access a 10% discount code, go to fundamentedge.com/YAVP…
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Yet Another Value Podcast
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1 Greenhaven Road's Scott Miller shares his thoughts on point of sale business, PAR Technologies $PAR 45:42
Scott Miller, CIO of Greenhaven Road, joins the podcast to discuss his thesis on PAR Technologies (NYSE: PAR), where more than 70,000 restaurants in more than 110 countries use PAR’s restaurant point-of-sale, digital ordering, loyalty and back-office software solutions as well as industry-leading hardware and drive-thru offerings (according to the company's website). Voss Capital write-up: https://vosscapital.substack.com/p/pars-path-to-80-redux Greenhaven Road Q4 investor letter ($PAR mentioned): https://static1.squarespace.com/static/5498841ce4b0311b8ddc012b/t/65bd570c0ba5792db938f9a6/1706907404785/Greenhaven+Road+-+2023+Q4+FINAL_.pdf For more information about Greenhaven Road, please visit: https://www.greenhavenroad.com/ Chapters: [0:00] Introduction + Episode sponsor: YCharts [1:30] Overview of PAR Technologies $PAR and why Scott is excited about the idea [4:18] What are the "haters" missing with $PAR [7:54] Burger King customer win [9:42] Competitive landscape [15:20] Why $PAR more than a Point of Sale play; additional verticals [19:04] How do they win more customers / cloud-based vs. not-cloud based point of sale matter [25:28] $PAR recent acquisitions, execution risk / convenience stores [33:55] Growth runway / what keeps Scott up at night about $PAR [38:24] Lumpiness of customer wins/announcements [41:30] Final thoughts on $PAR This episode is sponsored by our friends at YCharts. Numbers and data are one thing, but how you communicate and scale the delivery of these insights to clients is the real challenge. The reality is, people are more inclined to invest their attention and hard-earned dollars when presented with a captivating story and a skilled storyteller. YCharts empowers you with a fully customizable report and proposal offering, allowing you to expertly guide and control the narrative during client meetings. With over 30 modules for returns, risk, allocations, exposures, and holdings breakdowns, you can effectively showcase your strategies’ strengths and your competitors’ weaknesses. To top it off, YCharts Proposals has built-in sharing capabilities so you can create and share report templates for seamless collaboration among colleagues, enabling your team to gather new assets with ease. Check out YCharts' all-in-one solution and easily illustrate the value you bring to your clients. Click the link here to start your free YCharts trial and tell them I sent you: https://go.ycharts.com/yet-another-value…
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Yet Another Value Podcast
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1 TeraWulf's $WULF Patrick Fleury on everything you need to know about bitcoin mining 1:09:17
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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 bitcoin mining at TeraWulf [6:10] Defining hash rate and hash price [12:48] Halving [14:10] ROI for every new bitcoin miner they build [19:04] Cost of capital / power costs [24:33] Economies of scale and growth for growth's sake [28:05] ROI on a 20-year investment in bitcoin miner (when considering halvings happen every 4 years) / cooling / low cost mining strategy [33:41] What happens if bitcoin price drops (from mining operation perspective) [38:13] Why issuing shares and directing all cash flows to pay down debt the best use of capital? [40:15] Valuation and where Patrick thinks bitcoin miners should trade / replacement costs on assets in the ground [45:38] Mining facilities, power, AI plays, turning over to HFC and AI machines / power capacity, source of power [54:43] Nautilus facility / bitcoin mining tax / expanding internationally [100:16] Capital allocation [1:01:36] M&A / value discrepancies / final thoughts Today's episode is sponsored by: Santangel's Review Finding the right hedge fund cap intro event isn't just about the size; it’s about the value it brings to your time. This month's sponsor, Santangel's Review, offers something unique for fund managers and allocators. Founded in 2010, Santangel’s hosts three Cap Intro Roundtables each year - two in New York City and one at Fenway Park in Boston. These events stand out for their focus on quality over quantity, attracting some of the most prestigious endowments, foundations, and family offices worldwide. The secret sauce: Santangel’s spotlights undiscovered talent. Managers you don't necessarily see at other industry conferences. Attendees take part in eight one-on-one meetings, intermixed with ample networking opportunities. In an industry built on relationships, Santangel's fosters some of the most valuable connections. Just go to Santangels.com— S-A-N-T-A-N-G-E-L-S dot com to learn more and request an invitation. If you’re a manager or allocator who is serious about maximizing your time, you'll want to be a part of the Santangel's Roundtable. Click here: https://santangelsreview.com/…
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Yet Another Value Podcast
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1 Devin LaSarre shares thesis on Haypp Group, Online Distributor of Snus and Nicotine Pouches 1:25:55
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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 our vision to a global scale. With eleven e-commerce brands, the Haypp group is present in seven countries where we served more than 950 000 active customers in 2023. Haypp Group write-up: https://invariant.substack.com/p/haypp-group-nicotine-pouch-trend For more information and to subscribe to Devin LaSarre's newsletter, Invariant, please visit: https://invariant.substack.com/ You can Follow Devin LaSarre on Twitter/X @DevinLaSarre: https://twitter.com/DevinLaSarre Chapters: [0:00] Introduction + Episode sponsor: Santangel's Review [1:36] What is the Haypp Group and why it's interesting to Devin and overview of the smoking alternatives industry [6:52] Demand for nicotine and oral products (pouches, snus, dips) [13:44] Haypp Group - investing thesis, why attractive idea to Devin [17:44] What is differentiated about Haypp Group; why is this not the most competitive, lowest margin business [23:21] What's a "Zyn-fluencer" and marketing challenges [26:24] Customer acquisition costs / focus on SEO [33:06] Haypp Group's pricing and cost structure [41:01] Alternative smoking product consumer trends, switching up brands [48:30] Addressing risk factors / Haypp's moat [57:07] Insights business [59:47] Regulation risk with selling alternative smoking products online [1:07:23] Valuation [1:12:32] Where alpha potentially comes from since Haypp stock's double in last 6 months [1:18:06] Low capex [1:21:30] Switching costs from cigarettes to alternative smoking products Today's episode is sponsored by: Santangel's Review Finding the right hedge fund cap intro event isn't just about the size; it’s about the value it brings to your time. This month's sponsor, Santangel's Review, offers something unique for fund managers and allocators. Founded in 2010, Santangel’s hosts three Cap Intro Roundtables each year - two in New York City and one at Fenway Park in Boston. These events stand out for their focus on quality over quantity, attracting some of the most prestigious endowments, foundations, and family offices worldwide. The secret sauce: Santangel’s spotlights undiscovered talent. Managers you don't necessarily see at other industry conferences. Attendees take part in eight one-on-one meetings, intermixed with ample networking opportunities. In an industry built on relationships, Santangel's fosters some of the most valuable connections. Just go to Santangels.com— S-A-N-T-A-N-G-E-L-S dot com to learn more and request an invitation. If you’re a manager or allocator who is serious about maximizing your time, you'll want to be a part of the Santangel's Roundtable. Click here: https://santangelsreview.com/…
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 as we conclude March 2024 [3:35] Meme stocks back in vogue / $DJT [7:31] Deeper dive on $DJT / monetizing celebrity [14:54] Is speculation back? [18:09] Small caps due for some revenge? [23:40] Crypto, bitcoin halving, performance since launch of ETFs [32:06] SBF sentencing Today's episode is sponsored by: Santangel's Review Finding the right hedge fund cap intro event isn't just about the size; it’s about the value it brings to your time. This month's sponsor, Santangel's Review, offers something unique for fund managers and allocators. Founded in 2010, Santangel’s hosts three Cap Intro Roundtables each year - two in New York City and one at Fenway Park in Boston. These events stand out for their focus on quality over quantity, attracting some of the most prestigious endowments, foundations, and family offices worldwide. The secret sauce: Santangel’s spotlights undiscovered talent. Managers you don't necessarily see at other industry conferences. Attendees take part in eight one-on-one meetings, intermixed with ample networking opportunities. In an industry built on relationships, Santangel's fosters some of the most valuable connections. Just go to Santangels.com— S-A-N-T-A-N-G-E-L-S dot com to learn more and request an invitation. If you’re a manager or allocator who is serious about maximizing your time, you'll want to be a part of the Santangel's Roundtable. Click here: https://santangelsreview.com/…
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Yet Another Value Podcast
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1 Lake Cornelia Research's Judd Arnold describes MiX Telematics $MIXT and Powerfleet $PWFL merger 1:14:33
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ที่ถูกใจแล้ว1:14:33
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 / $PWFL merger is so interesting to Judd [21:21] Pushback on the bull case for the merger [27:56] Switching costs / AI [34:22] Open vs. closed systems [37:38] Management and incentives [48:44] Management's comments and vision post-deal [53:58] Thoughtful pushback Judd has received on thesis [59:20] Merger background [1:07:26] Why Judd publishes these long notes? Today's episode is sponsored by: Tegus This episode is brought to you by Tegus, the future of investment research. From the beginning, Tegus has been committed to creating efficiencies in the research process by making it easy to access the content that investors need to get to differentiated insights. Today, they’re taking it one step further by bundling qualitative content, quantitative data, and better automation and technology together in the same platform. Instead of piecing together data from fragmented sources, just log in to Tegus to get expert research, company- and industry-specific metrics and KPIs, SEC filings, and more, all under the same license cost. You can even take your work offline with an Excel Add-in that updates almost any model with the latest financial data — keeping all your custom formatting intact. Tegus is the fastest way to learn about a public or private company and the only platform you’ll need for fundamental research. To try it free today, visit Tegus.com/value…
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Yet Another Value Podcast
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1 Matt Warder shares state of the coal markets + $AMR $HCC 1:09:48
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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 Coal [6:07] Coal's investment narrative from last few years [12:50] "Commodities don't die down, they die up" / down cycle in thermal coal [16:07] Biden admin on coal [21:38] Metallurgical coal ideas [26:17] Global cost curve for metallurgical coal "met coal" / are we mining less efficiently? [35:41] "Greening" of metallurgical coal? [42:53] Domestic coal plays $AMR [48:54] $HCC / Blue Creek Mine [57:17] Does upcoming election matter for the coal investment case [1:00:28] $HCC $AMR valuations [1:06:09] Final thoughts on coal…
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Yet Another Value Podcast
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1 Broyhill Asset Management's Chris Pavese on $AVTR, pick and shovel play for life sciences 1:08:52
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ที่ถูกใจแล้ว1:08:52
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 at healthcare + GLP-1 tangent [9:16] Overview of Avantor, Inc. $AVTR and why it's interesting to Chris [13:56] Laboratory Solutions (accounts for 2/3's of $AVTR revs) / how embedded is $AVTR with customer base (CDMO business) [20:19] VWR acquisition [23:02] Disconnect between reported numbers and large cap comparisons / understanding cyclicality in life sciences/healthcare [32:36] Variant opinion that generates alpha in $AVTR [37:14] Why not own $TMO or $DHR over $AVTR? [42:06] Capital allocation and M&A [46:22] Build vs. sell [48:35] Recovery story: bull or base case when $AVTR shared guidance [54:01] Return on due diligence work with $AVTR, perception as a complicated business [1:02:04] Tail risks [1:06:39] Final thoughts Today's episode is sponsored by: Tegus This episode is brought to you by Tegus, the future of investment research. From the beginning, Tegus has been committed to creating efficiencies in the research process by making it easy to access the content that investors need to get to differentiated insights. Today, they’re taking it one step further by bundling qualitative content, quantitative data, and better automation and technology together in the same platform. Instead of piecing together data from fragmented sources, just log in to Tegus to get expert research, company- and industry-specific metrics and KPIs, SEC filings, and more, all under the same license cost. You can even take your work offline with an Excel Add-in that updates almost any model with the latest financial data — keeping all your custom formatting intact. Tegus is the fastest way to learn about a public or private company and the only platform you’ll need for fundamental research. To try it free today, visit Tegus.com/value…
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Yet Another Value Podcast
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1 Gator Capital Management's Derek Pilecki shares his thoughts on Banks and Financials in 2024 1:05:21
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ที่ถูกใจแล้ว1:05:21
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 thoughts on Discover merger [28:36] Overall regulatory environment with banks and financials [30:51] Election and how that affects banks [33:26] Robinhood [41:47] Fannie's and Freddie's [47:50] $NYCB cont'd. [50:32] Thoughts on buybacks based on conversations with bank CEO's [1:01:18] Why Derek thinks banks are below average businesses Today's episode is sponsored by: Tegus This episode is brought to you by Tegus, the future of investment research. From the beginning, Tegus has been committed to creating efficiencies in the research process by making it easy to access the content that investors need to get to differentiated insights. Today, they’re taking it one step further by bundling qualitative content, quantitative data, and better automation and technology together in the same platform. Instead of piecing together data from fragmented sources, just log in to Tegus to get expert research, company- and industry-specific metrics and KPIs, SEC filings, and more, all under the same license cost. You can even take your work offline with an Excel Add-in that updates almost any model with the latest financial data — keeping all your custom formatting intact. Tegus is the fastest way to learn about a public or private company and the only platform you’ll need for fundamental research. To try it free today, visit Tegus.com/value…
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Yet Another Value Podcast
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1 Plural Investing's Chris Waller shares thesis on industrial roll-up compounder, TerraVest $TVK.TO 1:02:12
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ที่ถูกใจแล้ว1:02:12
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.squarespace.com/static/57eff176e58c621a298bfa61/t/65c1736ea99cbe30a72634d1/1707176815309/Plural+Investing+Report+on+Terravest+%282024.01.24%29.pdf Chapters: [0:00] Introduction + Episode sponsor: Tegus [1:54] What is TerraVest and why are they so interesting to Chris [4:51] Why is TerraVest underfollowed? [6:47] Why can their acquire at a discount and $TVK.TO's business model, overview, value proposition [14:21] Propane tank industry / location moat [19:44] How TerraVest pulls off the reduction in steel costs [22:27] Why hasn't Private Equity stepped in to roll up the propane tank industry? [25:48] How does TerraVest get labor cost down? [29:35] Tanker and Boiler businesses / recent Highland Tanks acquisition [35:13] Terminal value questions [40:49] Management, insider ownership and incentives [44:50] Valuation / Organic growth / How much accretive acquisitions to drive real performance here [51:29] Cyclicality[54:27] Capital allocation [57:40] $TVK.TO bear case [1:00:46] Final thoughts Today's episode is sponsored by: Tegus This episode is brought to you by Tegus, the future of investment research. From the beginning, Tegus has been committed to creating efficiencies in the research process by making it easy to access the content that investors need to get to differentiated insights. Today, they’re taking it one step further by bundling qualitative content, quantitative data, and better automation and technology together in the same platform. Instead of piecing together data from fragmented sources, just log in to Tegus to get expert research, company- and industry-specific metrics and KPIs, SEC filings, and more, all under the same license cost. You can even take your work offline with an Excel Add-in that updates almost any model with the latest financial data — keeping all your custom formatting intact. Tegus is the fastest way to learn about a public or private company and the only platform you’ll need for fundamental research. To try it free today, visit Tegus.com/value…
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Yet Another Value Podcast
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1 Speedwell Research's Drew Cohen shares thesis on FinTwit favorite, Constellation Software $CSU.TO 1:00:44
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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 why are they interesting to Drew [6:05] How $CSU.TO is scaling their business model / competing with private equity [13:00] Reverse DCF, deploying capital, competing now with other billion dollar software businesses [21:02] Mark Leonard - is $CSU.TO a jockey bet / capital allocation / sellers [28:32] $CSU.TO - what takes this company out [30:57] AI risk? [32:52] Price increases / TransDigm comparison / competition risk [40:08] $CSU.TO vs. parking capital at index fund / likelihood of deploying at least 50% of their cash flow over next 10-ish years [45:07] Operating synergies with 6 verticals? Why not more spin-offs? [47:07] Additional worry about $CSU.TO - changing incentive system [51:58] Aside from Berkshire, what are other examples of Constellation-like culture [54:57] Speedwell's favorite write-ups he's done recently + quick thoughts on $RH Today's episode is sponsored by: Tegus This episode is brought to you by Tegus, the future of investment research. From the beginning, Tegus has been committed to creating efficiencies in the research process by making it easy to access the content that investors need to get to differentiated insights. Today, they’re taking it one step further by bundling qualitative content, quantitative data, and better automation and technology together in the same platform. Instead of piecing together data from fragmented sources, just log in to Tegus to get expert research, company- and industry-specific metrics and KPIs, SEC filings, and more, all under the same license cost. You can even take your work offline with an Excel Add-in that updates almost any model with the latest financial data — keeping all your custom formatting intact. Tegus is the fastest way to learn about a public or private company and the only platform you’ll need for fundamental research. To try it free today, visit Tegus.com/value…
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 upcoming "halving" / current thoughts on crypto in general [30:44] Are we in a $BTC mania? [33:15] Anti-trust outlook - election proxy? Using Capital One buying Discover as an example [43:11] Final thoughts Today's episode is sponsored by: Tegus This episode is brought to you by Tegus, the future of investment research. From the beginning, Tegus has been committed to creating efficiencies in the research process by making it easy to access the content that investors need to get to differentiated insights. Today, they’re taking it one step further by bundling qualitative content, quantitative data, and better automation and technology together in the same platform. Instead of piecing together data from fragmented sources, just log in to Tegus to get expert research, company- and industry-specific metrics and KPIs, SEC filings, and more, all under the same license cost. You can even take your work offline with an Excel Add-in that updates almost any model with the latest financial data — keeping all your custom formatting intact. Tegus is the fastest way to learn about a public or private company and the only platform you’ll need for fundamental research. To try it free today, visit Tegus.com/value…
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Yet Another Value Podcast
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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 product company + cheap knockoffs [12:02] Repeat business / Crocs comparison / Reddit and TikTok Lovesac / Target customers [21:27] Shark Ninja comparison [26:09] Valuation / Competitive analysis (La-Z-Boy, Restoration Hardware) [31:07] Inventory turns [34:56] Short interest [38:48] Management and insider ownership [41:27] Barter revenues [43:43] $LOVE final thoughts Today's episode is sponsored by: Tegus This episode is brought to you by Tegus, the future of investment research. From the beginning, Tegus has been committed to creating efficiencies in the research process by making it easy to access the content that investors need to get to differentiated insights. Today, they’re taking it one step further by bundling qualitative content, quantitative data, and better automation and technology together in the same platform. Instead of piecing together data from fragmented sources, just log in to Tegus to get expert research, company- and industry-specific metrics and KPIs, SEC filings, and more, all under the same license cost. You can even take your work offline with an Excel Add-in that updates almost any model with the latest financial data — keeping all your custom formatting intact. Tegus is the fastest way to learn about a public or private company and the only platform you’ll need for fundamental research. To try it free today, visit Tegus.com/value…
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Yet Another Value Podcast
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1 Oxy Capital's Pedro Sousa thesis on high quality, low cost gym facilities in the UK $GYM.L 1:09:10
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ที่ถูกใจแล้ว1:09:10
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 [18:00] Raising prices and margin expansion [25:40] Replacement cost and margin of safety [31:29] Discounting of membership in October 2022 [33:42] New CEO in Summer 2023 [37:29] Three-tier pricing membership [41:14] Normalized earnings levels looks like and free cash flow [53:18] EBITDA multiples [56:35] Bear case on $GYM.L [1:07:28] Final thoughts Today's episode is sponsored by: Fundamental Edge You’ve probably heard it’s an “apprenticeship” system, or that you’ll “learn by osmosis”? But what if there was a better way to learn the equity analyst job? Fundamental Edge is re-defining training on the buy-side. Use the code "10YAVP" for a 10% discount. Website: https://www.fundamentedge.com/ Whether you’re already in the seat or looking to break in, the Analyst Academy from Fundamental Edge offers a thorough and flexible path to developing the tools and frameworks employed by leading hedge funds. Breaking in: https://www.fundamentedge.com/breaking-in Check out the Academy syllabus and sign up for future free content: https://fundamental-edge.ck.page/academyinfo…
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Yet Another Value Podcast
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1 Bireme Capital's Evan Tindell on British American Tobacco $BTI and tobacco's inflection point 55:08
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 sponsor: Fundamental Edge [2:04] Overview of British American Tobacco Company and why they are interesting to Evan [6:42] What Evan thinks his edge is with $BTI / comments on stock performance over the last few months [11:58] Vaping, regulations and how this affects $BTI [18:38] $BTI annual report [25:24] Competition from non-regulated folks / legal liabilities for new $BTI products / menthol cigarette ban [34:00] Doom-looping on cigarette industry [38:00] $BTI's ownership stake in ITC (formerly known as India Tobacco Company) [43:43] "Sum of the Parts" stocks[51:07] $BTI capital allocation strategy Today's episode is sponsored by: Fundamental Edge You’ve probably heard it’s an “apprenticeship” system, or that you’ll “learn by osmosis”? But what if there was a better way to learn the equity analyst job? Fundamental Edge is re-defining training on the buy-side. Use the code "10YAVP" for a 10% discount. Website: https://www.fundamentedge.com/ Whether you’re already in the seat or looking to break in, the Analyst Academy from Fundamental Edge offers a thorough and flexible path to developing the tools and frameworks employed by leading hedge funds. Breaking in: https://www.fundamentedge.com/breaking-in Check out the Academy syllabus and sign up for future free content: https://fundamental-edge.ck.page/academyinfo…
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Yet Another Value Podcast
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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/letting-winners-run Chapters: [0:00] Introduction + Episode sponsor: Alphasense [1:47] Letting winners run thesis [6:23] Hindsight bias [8:26] Cash flow considerations [12:07] Selection bias [14:36] Examples of the "Letting Winners Run" strategy (forever business vs. 5-year/20-year outlooks) [18:55] How "Forever Business" in media has changed over the years [21:46] Management [26:07] Is there something unique about big tech [29:08] Thesis drift + examples [38:03] Knowing when to sell "forever business" [41:56] "Beautiful Sunset" principle [45:27] Dismissing banks an example of dismissing "letting winners run" [51:06] Why "Best Ideas Funds" fall short [53:40] Final thoughts and closing Today's episode is sponsored by: Alphasense This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.…
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 of anti-trust and mergers [21:32] US Steel - Nippon [28:33] Banks [30:32] $LQDA Today's episode is sponsored by: Alphasense This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.…
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Yet Another Value Podcast
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1 Voss Capital's Jon Hook thesis on outsourced revenue cycle management company, R1 RCM $RCM 1:03:35
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ที่ถูกใจแล้ว1:03:35
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%) [6:20] Jon Hook's background [8:50] $RCM elevator pitch [15:43] $RCM going concerns: addressing short reports, challenging 2022, management change [22:36] Sutter roll-out [27:37] Network effects / competitive landscape [32:32] Addressing add-backs, adjusted EBITDA [37:10] Addressing stickiness of the business [40:53] Providence acquisition and capital allocation strategy [48:22] Final thoughts on $RCM short report [52:11] Coder shortage [54:31] Optum ($RCM largest competitor) [58:33] $RCM final thoughts Today's episode is sponsored by: Alphasense This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.…
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Yet Another Value Podcast
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1 Lake Cornelia's Judd Arnold provides his 2024 outlook on offshore drilling + activism 1:09:38
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ที่ถูกใจแล้ว1:09:38
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 [2:24] Offshore drilling space and $TDW update [13:12] Offshore drilling space - market correction? and $VAL $RIG [22:56] Why $VAL might not exercise options and Judd's newsletter explaining why $VAL should ($VAL ultimately did) + discussion on activism [35:38] What's it going to take for $VAL to start working [40:25] New build [43:48] Petrobas risk? [45:19] Macro risks: OPEC, Oil prices, geopolitics, US Election [51:52] Gulf of Mexico [55:48] What Judd is focused on; activism; reflecting on recent positions and lessons learned Today's episode is sponsored by: Fundamental Edge You’ve probably heard it’s an “apprenticeship” system, or that you’ll “learn by osmosis”? But what if there was a better way to learn the equity analyst job? Fundamental Edge is re-defining training on the buy-side. Use the code "10YAVP" for a 10% discount. Website: https://www.fundamentedge.com/ Whether you’re already in the seat or looking to break in, the Analyst Academy from Fundamental Edge offers a thorough and flexible path to developing the tools and frameworks employed by leading hedge funds. Breaking in: https://www.fundamentedge.com/breaking-in Check out the Academy syllabus and sign up for future free content: https://fundamental-edge.ck.page/academyinfo…
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Yet Another Value Podcast
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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] Brett's background and overview of Fundamental Edge [6:34] What do pod shops look at when they're thinking about earnings season [15:54] Fundamental stories [20:31] Liquidity and market efficiency, small caps [24:58] Pod shop strategies, stress tests, blow ups [33:53] How interest rate environment affects the pod model [37:45] Revenge of the small caps [43:27] Going to work at smaller startup pods vs. larger pod shops [47:49] Risk management [51:03] Pod shop culture Today's episode is sponsored by: Fundamental Edge You’ve probably heard it’s an “apprenticeship” system, or that you’ll “learn by osmosis”? But what if there was a better way to learn the equity analyst job? Fundamental Edge is re-defining training on the buy-side. Use the code "10YAVP" for a 10% discount. Website: https://www.fundamentedge.com/ Whether you’re already in the seat or looking to break in, the Analyst Academy from Fundamental Edge offers a thorough and flexible path to developing the tools and frameworks employed by leading hedge funds. Breaking in: https://www.fundamentedge.com/breaking-in Check out the Academy syllabus and sign up for future free content: https://fundamental-edge.ck.page/academyinfo…
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