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.
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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.
In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Bill Chen for the fastest return in YAVP history. After running out of time in their last chat, Bill returns to dissect Alexander’s Inc. (ALX), exploring its complex debt restructuring, unique real estate portfolio, and intriguing market valuation. The two dive deep into the Bloomberg HQ lease, the nuances of retail space refinancing, and the strategic implications of Steven Roth’s leadership. They also tackle REIT go...
Host Andrew Walker welcomes back Bill Chen for a wide-ranging discussion centered on the world of REITs. Though the conversation was intended to focus on one stock, the duo instead explores why REITs have underperformed in recent years, capital cycle dynamics, governance issues, and where Bill sees current opportunities. They dive deep into the theoretical and practical aspects of REIT investing, dissect recent REIT liquidations, and discuss portfolio construction and leverage in event-driven op...
Andrew Walker reflects on the current "face-ripping rally" and geopolitical tensions, questioning the sustainability of market euphoria. He addresses listener feedback on his "weird markets" theory, distinguishing true alpha from beta and discussing how AI is a tool, not an inherent edge. Walker also critiques investors who stray beyond their core competencies and re-examines the concept of power laws in index returns. Finally, he shares a significant shift in his perspective on societal vices like cannabis and online gambling, highlighting the growing regulatory tail risks for related industries due to their engineered addictiveness.
Jeremy Raper returns for a deep-dive postmortem on his high-conviction investment in aviation leasing company AVAP. From sourcing the deal via Twitter, to acquiring a ~20% block at well below book value, to negotiating with key stakeholders and navigating operational hurdles, Jeremy recounts the challenges and victories of shareholder activism in a niche sector. This case study sheds light on the realities of unlocking value in the public markets and the grind behind executing a thesis, even whe...
YAVP hall of famer Jeremy Raper returns to cover a wide range of topics—from Jeremy’s decision to shut down his investment blog to his perspective on underappreciated international markets like Japan and the UK. The episode culminates with an in-depth discussion on Jeremy’s high-stakes activist campaign at HUM Group, a non-bank Australian lender. Jeremy explains why he's pushing for a board overhaul and outlines governance red flags he believes shareholders shouldn't ignore._____________________...
Adam Buckstein from ASB partners explores Stride Inc. (formerly K12), the largest provider of virtual public schools in the U.S. Adam dives deep into the company's business model, regulatory framework, and competitive position, as well as the company's unique funding structure, post-COVID enrollment growth, market misconceptions, and the complex compliance challenges it faces. The conversation also dives into Stride’s outcomes, criticisms, AI’s future role in education, and the stock’s dramatic ...
In this solo episode of Yet Another Value Podcast, host Andrew Walker introduces and unpacks his evolving investment concept: the Theory of Weird Markets. Andrew uses analogies from sports, AI, and Rubik’s Cube competitions to argue that traditional strategies in investing are increasingly obsolete. Instead, he suggests that in an age dominated by quant funds, AI, and machine learning, alpha lies at the edges—in unique, weird, or "N of 1" investment opportunities. This episode is part rough-draf...
Jon Boyar of Boyar Research for an (almost) annual discussion on the “Forgotten 40” — a curated list of 40 overlooked, value-oriented stocks. Jon outlines major 2025 themes including SMID caps and financials, before diving into deep valuations and sale potential for the Atlanta Braves, plus long-term positioning of Uber in an autonomous future. They also touch on media exposure, structural incentives, and the potential for corporate activism to unlock value in overlooked names. _________________...
After a long hiatus, one of the people's most popular guests returns. Randy Baron ventures across the pond to talk about Victoria PLC. Victoria has run into hard times, driven by a bunch of debt and a vicious cyclical downturn, but Randy sees some light at the end of the tunnel and goes into all the ways the company can survive the downturn and the huge potential upside for the common stock if he's right. ___________________________________________________________ [00:00:00] Podcast and guest in...
Judd Arnold from Lake Cornelia Capital joins for a wide ranging discussion of inflection investing, $TOI's unique oncology model, and tons of stuff on risk management and portfolio construction.See Lake Cornelia's Substack here: https://lakecornelia.substack.com/ ___________________________________________ [00:00:00] Podcast intro and guest announcement [00:02:41] Judd on becoming a father [00:03:40] Judd discusses launching Substack [00:06:30] Complexity versus simplicity in investing [00:07:52...
Host Andrew Walker delivers his monthly random ramblings for December 2025, reflecting on a decade of "professional public-market investing". Andrew shares a developing thesis on why markets are becoming increasingly strange, drawing parallels to evolution in sports, chess, and technology. He examines how efficiency, quant strategies, leverage, and speculative behavior have reshaped market dynamics. Andrew also walks through several investing beliefs he’s changed his mind on over the past ten ye...
Christian Olesen of Olesen Value Funds discusses the opportunities in UK homebuilders. The discussion centers on why the UK equity market remains deeply out of favor and how this pessimism has created compelling value in residential developers. Christian outlines the cyclical dynamics driving depressed demand, explains why Bellway stands out among peers, and explores balance sheet strength, land valuation, and downside protection. The conversation also addresses macro concerns around the UK econ...
Hugo Navarro of Undervalued and Undercovered discusses NCR Atlas (NATL), a company operating at the intersection of legacy cash infrastructure and modern outsourcing economics. The conversation centers on whether ATMs represent a declining business or a misunderstood opportunity, unpacking NCR Atlas’s valuation, free cash flow profile, and competitive positioning within a duopoly market. Hugo outlines the company’s ATM-as-a-service strategy, highlighting scale advantages, incremental margins, an...
A wide-ranging conversation with Lead Edge Capital's Evan Skorpen talking about applying a concentrated, long-term strategy to growth tech investing. Key topics include capital allocation, executive incentives, and investing in "air pockets." [00:00:00] Podcast and guest introduction [00:02:59] Lead Edge strategy overview [00:07:16] AI’s impact on software [00:13:32] How CEOs react to markets [00:24:29] Investor days and messaging [00:30:40] Remitly’s capital allocation shift [00:36:09] Importan...
David Thomas, author of The Fairfax Way (amazon link: https://amzn.to/4adQ7JS ), comes on the podcast for a wide-ranging podcast on Fairfax, including the company's origins, macro wins, missteps in insurance, and what the future looks like for Fairfax as Prem approaches his 80s. __________________________________________________________ [00:00:00] Andrew returns with David Thomas [00:02:31] David’s background in business journalism [00:06:25] Fairfax’s long-term investment returns [00:08:16] Evo...
Host Andrew Walker delivers his November ramblings with four key themes. He kicks things off with a story about craps in Vegas to illustrate how early wins in investing can falsely reinforce flawed strategies. Andrew also explores the mental traps of buying stocks he initially passed on, offers cautious commentary on shorting the so-called "AI bubble," and reflects on why trusting management projections and NAV estimates often ends in disappointment. With a new baby on the way, Andrew signs off ...
On the heels of sending an open letter to the Golden Entertainment's (GDEN; disclosure: long) board, host Andrew Walker dives deeper into Golden's take private deal and why he believes it transfers ~$300m of value from minority shareholders to insiders. Open letter to GDEN board : https://www.yetanothervalueblog.com/p/an-open-letter-to-the-golden-entertainment ___________________________________________________________ [00:00:02] Intro to special episode [00:03:26] Comparison to Louvre heist [00...
Chadd Garcia joins the five timers club and talks about his investment thesis for WaterBridge (WBI). WaterBridge is a recent IPO that manages water from oil drilling, largely in the Permian Basin. Chadd's spent a lot of time on oil services and infrastructure, and he breaks down how this investment relates to prior investments in LandBridge, Texas Pacific, and Secure. He also talks about the opportunity for growth and pricing power at WaterBridge. ________________________________________________...
Andrei Stetsenko from Gymkhana Partners explores the investment case for Indian holdcos in general and Maharashtra Scooters in particular. Andrei outlines why he isn't just looking for a discount to NAV; he talks about how he breaks down the underlying NAV and incentives of the key players when assessing an Indian holdco, and how he believes the control of the Bajaj Group can create long term value. Gymkhana Partners website: www.gymkhanapartners.com Gymkhana's Q3 letter: https://www.gymkhanapar...
Doug O’Loughlin of Fabricated Knowledge and SemiAnalysis returns to the podcast in to dive into all things AI, Power, and Corporate Governance. On the AI side, they discuss where we are in the cycle, if AI is a bubble, and what will drive the next leg of growth. On the corporate governance side, they discuss using signals like off-cycle PSU grants to reflexive incentive structures to find investments, as well as diving into some topical examples. (PS- Doug’s last appearance was podcast #166 on A...
In this month’s episode of Yet Another Value Podcast, host Andrew Walker reflects on key investing themes from October 2025. He probes Warren Buffett’s late-stage performance, introducing a concept called “risk riding” and considers the unseen risks that may have shaped Buffett’s recent success. Andrew also critiques excessive investor relations spending, explores a tweet on the underappreciated value of averaging up, and questions the mindset behind stocks being “cheaper today than yesterday.” ...
In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Mario Cibelli of Marathon Partners for his fifth appearance. This time, they revisit Remitly (RELY), a name Mario originally pitched a year ago on podcast #266 . The stock has seen ups and downs since, prompting a fresh look at its fundamentals, growth trajectory, and competitive standing—especially against players like Wise. The duo explores key risks including stablecoin disruption, regulatory dynamics, fraud preven...
In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Zack Buckley of Buckley Capital Partners to discuss Basic-Fit, Europe’s largest gym chain. Zack shares why the market has been overly pessimistic on the name, despite long-term growth potential. They break down what went wrong post-2020, unit economics, and whether Basic-Fit can finally deliver on expectations. Zack also outlines the opportunity in France’s 24/7 gym shift, the underappreciated moat in Basic-Fit's clus...
In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Dom St. George from Cayucos Capital about Jardine Matheson, a complex, centuries-old conglomerate currently trading at a discount to its net asset value. Dom shares insights from over a decade of following the company, breaking down its historic roots, complicated structure, and the recent strategic overhaul under fifth-generation leadership. The conversation digs into the potential implications of new private equity hi...
In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Byrne Hobart from The Diff for the monthly book club. They discuss Born to Be Wired, the newly released memoir of John Malone. The conversation explores Malone’s strategic mastery, his historical and modern media investments, thoughts on taxation, and media regulation. Andrew and Byrne also reflect on Liberty’s recent underperformance, Malone’s approach to succession, and the evolving media landscape. They close with a...
