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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Amadeus $AMS is down roughly 25% because the market lumped it in with the SaaS names AI is supposed to gut. Team Amadeus, Pershing Square Challenge finalists, argue it's the opposite: a deterministic, mission-critical monopoly that AI makes more valuable, not less. We dig into the 50-year-old systems that planes literally can't take off without, why the GDS is the wrong job for an LLM, the Sabre and Constellation Software angle, and what the stock is actually worth. Full pitch deck (~75 pages): ...
A market that refuses to go down, AI coming for the investor's job, and MicroStrategy quietly becoming the entire preferred-equity market. Andrew's monthly ramble across five things he can't stop thinking about: stretched memory valuations, a hyper-concentrated tape, mental flexibility, and the cycle nobody believes can break. This episode is sponsored by Fiscal.ai. Modern financial data for global equities, with a self-serve API that plugs fundamentals and prices straight into your LLM and upda...
Celsius trades at ~20x earnings while growing ~18% a year, cheaper than Monster (~34x) and even Coke (~25x) despite faster growth. The Pershing Square Challenge third-place team makes the long case for $CELH: the market is sleeping on the Alani Nu acquisition, and their 500-person proprietary survey says the brand loyalty is real. Andrew pushes back hard on the Costco/Kirkland private-label threat, the heavy reliance on Pepsi distribution, and whether energy drinks are just the next "protein" fa...
Team Baker Hughes, the second-place finishers in the 2026 Pershing Square Challenge, discuss their Baker Hughes thesis and why they believe the market hasn't fully appreciated the company's evolution from a cyclical oil field services business. They discuss how the long runway for the IET business, and they back their thesis up with 30+ expert calls, a trip to the Western Turbine Users conference, and a sum-of-the-parts case that leans on growth, not multiple expansion. See the team's full pitch...
The winners of the Pershing Square Challenge 2026 discuss their Doordash pitch, including why the growth story still has room to run (and the 90 primary research calls they made to back up that call). We get into durable US restaurant growth, why new verticals and international could inflect to profitability earlier than the street models, the underappreciated opex leverage, their proprietary Wolt case study, the Tony Xu bet, and why they think the Citrini AI-agent thesis on DoorDash is overblow...
James Elbaor of Marlton presents a bullish outlook for Pershing Square's PSUS, arguing it will trade at a premium to NAV due to its scale and unique structure, unlike typical closed-end funds. He also contends that the PS management company warrants a premium multiple compared to peers like Blackstone and KKR, emphasizing its lean team, advantaged fee structure, and permanent capital. The discussion addresses skepticism regarding Ackman's track record, the 'index-hug' pushback, and the path for future growth and capital allocation, including initiatives like Spark and potential UMG involvement.
Driven Brands ($DRVN) puked on a February accounting restatement. Kyle Mowery (GrizzlyRock Capital) walks through why Take 5 remains a crown jewel and could be worth the entire EV of the company (making the franchise and autoglass businesses a free option). We also dig into how the April and May 8-Ks took the scary left-tail risks off the table, why Roark Capital (65% owner) might run a sale process later this year, and the bear case (corporate cost bloat, weakness in the non-Take-5 brands). dis...
Rich Howe of Stock Spin-Off Investing makes the bull case for Liberty Global ($LBTYK): cheap on a sum-of-the-parts, an upcoming Ziggo spin to crystallize value, and a hidden ventures portfolio. Andrew pushes back hard on Malone, Fries, and Liberty's long history of value that never quite shows up. Chapters: 00:00 Introduction and Liberty Global thesis 01:44 Sponsor: AlphaSense earnings season 04:49 Rich's bull case for $LBTYK 07:46 Andrew on management credibility 09:05 Why a spin can unlock val...
Stevanato (STVN) makes the glass vials and pre-filled syringes that GLP-1 drugs ship in. The stock has sold off on fears that oral GLP-1s replace injectables, but Aurelian Research's Leo Trudel argues that's a misread: biologics demand keeps growing, the mix is shifting toward higher-margin "high-value solutions," and switching costs in regulated drug delivery are real. We dig into the bull case, the oral-vs-injectable debate, capacity and oversupply risk, capital allocation, regulatory lock-in,...
In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Deiya Pernas of Pernas Research about Sprout Social (SPT) and the broader SaaS selloff. They examine the company’s platform, competitive positioning, and whether the market is mispricing its long-term potential. The discussion covers API complexity, integrations, AI risks, and shifting perceptions across SaaS. They also address valuation, stock-based compensation concerns, and possible catalysts including governance cha...
In this episode of Yet Another Value Podcast, host Andrew Walker is joined by returning guest Chad Garcia to discuss LandBridge and the broader Permian Basin ecosystem. Chad outlines how land-based royalty models differ from traditional energy investments, highlighting surface rights, produced water, and infrastructure as key drivers. The conversation covers LandBridge’s growth through pore space expansion, strategic land acquisitions, and its relationship with WaterBridge. They also examine val...
In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Marcelo Lima of Heller House Capital about the "SaaSpocalypse". Marcelo shares his perspective from years of following software companies, arguing that fears around AI disrupting SaaS are overblown. They examine whether AI tools threaten incumbents like Salesforce or instead strengthen them through faster product development. The discussion covers valuation compression, enterprise software moats, customer behavior shift...
In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Tolu Bukola from Aganju Capital about DraftKings and the growing threat from prediction markets. Tolu explains DraftKings’ business model, highlighting both sports betting and the expanding iGaming segment. The discussion focuses heavily on regulatory risks, including how prediction markets operate and why they may face legal challenges. They examine potential outcomes if regulation changes, how market share could shift...
In this episode of Yet Another Value Podcast, host Andrew Walker shares his April monthly ramblings, covering a range of investing topics top of mind. He examines the recent selloff in SaaS companies and why they may not be as attractive as they appear. Andrew explores the idea of hedging against AI disruption using large-cap tech options, while also questioning how AI and pattern recognition could reshape investing. He reflects on the balance between experience and laziness in decision-making a...
In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Jingshu Zhang from Guinea Value about Fiserv (FISV) and the broader payments sector. They examine the recent drawdown across payment companies, addressing concerns around AI disruption, regulation, and macro pressures. Jingshu outlines Fiserv’s business structure across financial institutions and merchant solutions, while detailing the impact of leadership changes and operational missteps under prior management. The dis...
Sean Emory of Avory & Co analyzes Clear Security, a biometric identity platform operating in airports nationwide. They examine the company’s subscription model, competitive positioning against TSA and airlines, and the impact of recent TSA disruptions on demand. The discussion covers Clear’s pricing power, partnerships with credit card providers like Amex, and the durability of its airport footprint. Sean also outlines a developing enterprise identity segment and its potential role in future...
In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Andy Summers, CIO of Summers Value, to discuss Theravance (TBPH; disclosure: long). Both share their perspectives as shareholders while examining the company’s setup following a failed Phase 3 trial. They break down Theravance’s remaining asset, the COPD drug Yupelri, and its long-term royalty potential. The discussion covers the company’s balance sheet strength, cost reductions, and ongoing strategic review process. A...
In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Roderick van Zuylen of Nightwatch to analyze Marex (MRX), a futures commission merchant operating in a consolidated financial infrastructure space. Roderick explains how Marex facilitates derivatives trading for clients like airlines and hedge funds, while benefiting from rising trading volumes and industry consolidation. The discussion covers Marex’s strong returns on equity, acquisition-driven growth strategy, and co...
In this episode of Yet Another Value Podcast, host Andrew Walker returns with his monthly solo ramblings covering several themes shaping current markets. He starts by discussing recent volatility and why markets feel inconsistent despite relatively modest index declines. Andrew then explores how long-term tailwinds in software and growth investing may have influenced investor track records over the past decade. He also revisits his three-year rule for evaluating stagnant investments, examining i...
In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Adam May, a physician, dermatologist, and biotech investor, about how he built an edge in small- and mid-cap biotech. Adam walks through his path from medical school investing to launching a small biotech fund during the 2021 peak, then explains how he sources ideas, studies trial data, and looks for situations where the market is missing something important. The conversation focuses on NKTR and ABVX, including trial de...
Chris Paryse breaks down Ferrellgas (FGPR), a propane distributor emerging from a complex post-bankruptcy structure. The conversation focuses on the recently completed Class B to Class A unit conversion, which significantly increases free float and simplifies the capital structure. Chris explains how the company generated cash flow to eliminate legacy obligations and outlines a potential path toward reinstating dividends. They also discuss leverage, preferred securities, and the opportunity for ...
Simeon McMillan of Accrued Interest about the shifting media landscape and recent industry restructurings. Simeon brings experience from inside major media companies, offering a perspective on how traditional networks, streaming platforms, and sports rights are shaping valuations across the sector. The conversation examines Comcast’s Versant spin-off, the positioning of assets like Bravo and other entertainment channels, and how investors should think about cable decline versus streaming economi...
Host Andrew Walker speaks with Alex Morris of The Science of Hitting about the rapidly shifting media landscape. They examine the failed Netflix bid for Warner Bros. Discovery and Paramount’s winning acquisition, along with the strategic implications for streaming competition. The conversation analyzes Netflix’s long-term positioning, the importance of intellectual property in a streaming ecosystem, and how artificial intelligence could influence media consumption. They also assess the financial...
Host Andrew Walker speaks with Will Cleary of Carriage House Fund about FTAI Aviation and its rapidly expanding jet engine aftermarket platform. Will explains how FTAI transformed from a traditional aircraft leasing company into a vertically integrated provider of engine maintenance, repair, and module swaps for commercial airlines. The discussion examines the economics of engine maintenance, why FTAI’s model reduces costs and turnaround times for airlines, and how its growing ecosystem of engin...
Roy Swisa talks about Daily Journal (DJCO) and the evolving thesis behind its valuation. Roy shares how independent research into Journal Technologies’ court case management systems led to consulting work with the company. They examine the sum-of-the-parts framework, the sizable equity portfolio, and incentives post-Charlie Munger. The discussion also explores vertical software durability, regulatory moats, primary research methods, expert networks, and AI’s impact on niche SaaS businesses. Roy ...
Dan Rasmussen and Greg Obenshain of Verdad Capital discuss their white paper on quantitative investing in biotech. Topics include why biotech’s complexity makes it attractive for systematic investors, how specialist fund ownership serves as a quality signal, and why insider buying and spending-based valuation metrics can outperform traditional financial analysis. The conversation also examines momentum within therapeutic categories, risk management on the short side, and how diversification and ...
Phil Namara of Antipodes discusses Volaris (VLRS), a Mexican low-cost airline with significant domestic exposure and cross-border routes into the U.S. Phil outlines the structural growth opportunity in Mexico’s aviation market, where air travel continues taking share from long-distance buses. The discussion examines industry consolidation, competitive dynamics, grounded aircraft from Pratt & Whitney engine issues, and the proposed merger between Volaris and Viva. They analyze regulatory cons...
Andrew Walker explores the growing AI-driven panic across various markets, particularly in SaaS, where intangible assets face rapid displacement by exponential technological improvement. He compares this to previous panics, noting the unique difficulty in assessing risk without tangible backing, and considers how AI might fragment industries like media. The episode also delves into the delicate balance of investor arrogance and humility, and the importance of continuously updating one's beliefs in a rapidly evolving market.
This episode features Andrew Walker and Ryan Fennerty of AlphaSense exploring how investors can refine their approach to expert calls and integrate AI tools effectively. They delve into strategies for framing expert interviews around hypotheses, navigating various biases, and utilizing expert libraries. The discussion highlights AI's role in accelerating research, providing differentiated views against consensus, enhancing portfolio monitoring, and reshaping the skill set required for modern investors. The conversation also touches on AI's potential in fraud detection and its broader impact on fundamental investing.
Andrew Walker hosts David Kaiser, founder of Methodical Investments, to delve into systematic value investing. They explore the firm's rules-based model, focusing on profitability, sector exposures, and annual rebalancing. The conversation also addresses challenges like corporate governance, data integrity, avoiding "melting ice cubes," and how AI might affect or enhance quantitative strategies, highlighting the tension between sticking to principles and adapting to market evolution.
