Tim Weber, a private investor, discusses the bull thesis for $AMPY. We're in a period of heightened uncertainty, as the company's Beta asset was responsible for an oil spill last weekend. However, Tim think the market has shot AMPY and priced in a worst case scenario without factoring in lots of other factors (the likelihood a ship is responsible for the spill, that this spill is much smaller than precedent spills and damages shoudl thus be significantly lower, etc.). AMPY is a microcap oil and ...
Oct 08, 2021•1 hr 2 min
Leo Kang, author of the excellent Plum Capital Substack, comes on to discuss his thesis on Atento (ATTO). With 3 legacy private equity holders owning more than 60% of the stock, Leo think the company is set for a sale, and a cheap multiple, continued operating momentum, and health dose of leverage could create for serious upside in a process. Leo's ATTO write up: https://plumcapital.substack.com/p/at... My ATTO notes: https://twitter.com/AndrewRangeley/st... Chapters 0:00 Intro 1:30 ATTO overvie...
Sep 30, 2021•56 min
Ben Claremon, Partner at Cove Street Capital, discusses his thesis on Lumen. Lumen is a complicated story and a bit of a battleground stock, but Ben think the company is trading at a large discount to their asset value and is making moves to unlock that value. Ben's first YAVP appearance on Viasat (VSAT): https://youtu.be/Otw0oWvuhdU Ben's Compounders podcast: https://open.spotify.com/show/3Qbcrw84MDaJ3CZUNuqOxu?si=vD-uIjqVR4G_SFwH_ALVEg&dl_branch=1 Chapters 0:00 Intro 1:35 Lumen Overview 5:...
Sep 27, 2021•1 hr 10 min
Edwin Dorsey, founder of The Bear Cave, discusses his bearish note on Clear Secure (YOU). Bulls think Clear is a product members love with a clear moat and a long growth runway; Edwin sees a company with lots of consumer complaints that has been around for almost two decades and is still losing money while losing economics to key partners like airports. The Bear Cave's YOU note: https://thebearcave.substack.com/p/pr... My Clear tweet thread: https://twitter.com/AndrewRangeley/st... Edwin's first...
Sep 24, 2021•49 min
Jeff Moore and Thomas Braziel discuss their new position in AAMC. AAMC is an illiquid microcap, which significantly increases its risk, but Jeff and Thomas think the company is likely to have a successful settlement of their preferred stock. After settlement, AAMC should have net cash per share in excess of today's share price, and then the company could make a significantly accrettive acquisition. Jeff's original tweet on AAMC: https://twitter.com/ragnarisapirate/status/1433519100152721412?s=20...
Sep 10, 2021•46 min
Kyler Hasson, Portfolio Manager at Delta Investment Management, discusses our mutual position / bag-holding in Altice. Key topics include what bulls could be missing, the differences between Altice and Charter, and how regulation could impact cable. My tweet thread on ATUS: https://twitter.com/AndrewRangeley/status/1435228524399448065?s=20 Kyler's write up: https://concentratedcompounding.substack.com/p/altice My write up: https://yetanothervalueblog.substack.com/p/altice-is-the-best-large-cap-s...
Sep 08, 2021•1 hr 12 min
Brian Laks, partner at Old West Invest Management, discusses the bull case for uranium. Key topics include why this time could be different, breaking down the supply / demand curve that has him so excited, and discussing why NexGen (NXE) is such an interesting way to play uranium. Brian's twitter account: https://twitter.com/brianlaks Kuppy's uranium shortage post: https://adventuresincapitalism.com/20... Chapters 0:00 Intro 1:30 Uranium overview 2:35 What got Old West so excited about uranium? ...
Sep 04, 2021•1 hr 2 min
Jon Cukiewar, Founder of Sohra Peak Capital, discusses his ivnestment thesis for goeasy (in Canada under $GSY; in U.S. under $EHMEF). Jon does a deep dive into the company's history before explaining how they can get such great returns and why he sees continued strong growth in their future. Jon's twitter: https://twitter.com/JonCukierwar Sohra Peak's website: https://www.sohrapeakcapital.com/disclaimer Chapters 0:00 Intro 1:40 goeasy overview and background 15:00 Discussing goeasy's valuation v...
Sep 01, 2021•1 hr 7 min
Thomas Braziel, President of 507 Capital, discusses his investment in $GOED. Key topics include addressing the (many) red flags around the investment, how Thomas found the company and why he likes the set up so much, and why investing in stocks with some hair on them can deliver serious alpha. Thomas's twitter: https://twitter.com/ThomasBraziel My notes on GOED: https://twitter.com/AndrewRangeley/status/1430382893692506112?s=20 Chapters 0:00 Intro 1:20 Thomas's legendary Ethenex trade 3:10 $GOED...
Aug 26, 2021•55 min
Louis Camhi, a private investor, discusses his thesis for Origin Materials (ORGN). Origin is a recent deSPAC that has seen a brutal sell off, but Louis thinks the company represents a hyper skewed risk reward, albeit one with a VC style downside (i.e. if it doesn't work out, they'll be worth basically nothing). Louis breaks down what Origin does, why he's so confident that they can build their plans on time and on budget, the demand he sees for their products, and a bunch of other pieces of the ...
Aug 20, 2021•1 hr 5 min
Mike Mitchell, the king of lumber fintwit, discusses his big bet on GreenFirst. Key topics include how Mike found GreenFirst (back when it was Itasca Capital), how he came to know and trust the management team, why he's so bullish on lumber, and why the thinks the deal to buy Rayonier's lumber assets is such a good one. Note that GreenFirst is a microcap Canadian company and much riskier than your average stock, so please remember nothing in this podcast is investing advice and to do your own du...
Aug 18, 2021•1 hr 18 min
Sean Iddings, an entrepreneur and microcap investor, discusses his high conviction position in eXp World Holdings (EXPI). EXPI is a hyper growth company that is attacking the real estate brokerage business with an interesting model. Sean breaks down the business, the upside he sees in the company, and addresses some of the red flags surrounding the stock. Sean’s EXPI write up: https://www.thewoodshedd.com/posts/2021-07-09-highconviction-copy/#how-to-value-expi Sean's twitter: https://twitter.com...
Aug 06, 2021•52 min
Chris Krug, President of Chatham Harbor Capital, breaks down his thesis on PFMT, including why he thinks the stock could be a multi-multi-bagger. Chris's twitter: https://twitter.com/chcap2016 My thread on PFMT notes: https://twitter.com/AndrewRangeley/st... Chapters 0:00 Intro 1:05 PFMT Valuation Outline 4:40 PFMT business overview 15:15 How PFMT "lands and expands" verticals 18:55 How PFMT integrates and ramps up new contracts 27:55 Why can't a start up come and displace PFMT? 32:05 What PFMT'...
Jul 28, 2021•58 min
Artem Fokin, founder of Caro-Kann Capital, discusses the bull case for Burford (BUR). Burford is a litigation finance firm, and Artem makes a compelling case that they are both undervalued on an asset basis and have a moat giving their scale. Caro-Kann's website: http://caro-kann-capital.com/ My thread on Burford prep: https://twitter.com/AndrewRangeley/status/1415795903751983109?s=20 Chapters 0:00 Intro 1:35 Burford Overview 6:00 Does Burford bring something other than money to the table? 13:45...
Jul 18, 2021•1 hr 27 min
Adam Lindsay, founder and managing partner of Powell Anderson Capital Partners, discusses his bull thesis for Tripadvior (TRIP) and Liberty Tripadvisor (LTRPA). The bull thesis is nuanced, but much of it centers on TRIP's nascent Tripadvisor Plus business, which Adam thinks TRIP is uniquely suited to successfully launch and could drastically change their financials. Adam's email: adam@pacp.com Chapters 0:00 Intro 1:30 TRIP Overview 6:30 Why is Tripadvisor Plus not Instant Booking 2.0? 13:00 How ...
Jul 14, 2021•58 min
Kyle Cerminara, President of FGNA, discusses his thesis for deSPACing with OppFi. Key topics include comparing OppFi to its closest competitors, how FNGA and OppFi arrived at their valuation, and addressing different regulatory risks for OppFi. Kyle's twitter: https://twitter.com/kcerminara OppFi / FGNA's SEC filings: https://www.sec.gov/edgar/browse/?CIK=1818502&owner=exclude Chapters 0:00 Intro 1:30 OppFi overview 9:40 Comping OppFi to Upstart 16:35 Why are Katapult and Affirm part of OppF...
Jul 08, 2021•1 hr 12 min
Mike Melby, Founder and Portfolio Manager at Gate City Capital, makes a repeat appearance to discuss his investment in CATO. CATO is a small retailer with a rock solid balance sheet; Mike thinks their low multiple combined with a focus on returning cash flow to shareholders and some hidden tax and real estate assets creates an attractive investment opportunity. Mike's first appearance on AXR: https://youtu.be/mSEgw2529Q4 Gate City Capital website: https://www.gatecitycap.com/ Chapters 0:00 Intro...
Jun 30, 2021•46 min
Brian Mosoff, CEO of Ether Capital Corp, does a deep dive into the investment case for Ethereum. Key topics include how Ethereum is different than Bitcoin, how proof of stake and EIP-1559 will improve the Ethereum ecosystem, and why Ethereum today looks like investing in computer operating systems in the early 80s. Disclosure: nothing in here is investing advice. Listeners/viewers should remember crypto is extremely risky and do their own work! Brian's Twitter: https://twitter.com/brianmosoff Et...
Jun 29, 2021•1 hr 21 min
Randy Baron, Portfolio Manager at Pinnacle Associates, gives an overview of the Synthetic Biology space. Randy thinks "the 21st century is going to be a century of biology," and he discusses all the ways synthetic biology can change the world and why he thinks Amyris (AMRS) could be the biggest winner given their head start in the space. Randy's Barron's write up on Synthetic Biology: https://www.barrons.com/articles/an-investors-guide-to-the-promise-of-synthetic-biology-51623275429 My thread wi...
Jun 23, 2021•1 hr 14 min
James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Third Point Investors (TPOU; trades in London). TPOU is a closed-end investment company that invests into Third Point, Dan Loeb's hedge fund. TPOU consistently trades at a discount to NAV, and James thinks the combination of Third Point's investing prowess and TPOU's innovative buyback/tender mechanism creates a unique opportunity to generate attractive returns. James' Twitter: https://twitter.com/jameselbaor A...
Jun 17, 2021•55 min
Andrew Carreon, founder of Emeth Value, discusses his thesis on Blackstone Minerals (BSM). Key points include how some of the company's undeveloped acreage could be a massive call option, how rising commodity prices impact BSM's value, and how BSM compares to other loose peers. Side note: I had a puppy emergency for the last ten minutes of this podcast; you might see me glancing to the side a bit as my dog (Penny) tries to get my attention. I still think the conversation was great, but sorry for...
Jun 10, 2021•54 min
Aaron Edelheit, founder of Mindset Capital and author of The Hard Break, comes on to discuss his thesis for investing in cannabis in general and Glass House Group in particular. Key topics include why interstate legalization could come sooner than later, how Glass House's California locations are a huge asset, and why U.S. Cannabis stocks trade don't trade in the U.S. Aaron's Book, The Hard Break: https://amzn.to/34dKyYL Aaron's article on Glass House: https://mindsetvalue.substack.com/p/the-mos...
May 25, 2021•49 min
The crypto market currently feels like the wild wild west. It can take only a week or two to run through a full cycle (a bull and a bear market), and coins that are explicitly a joke can be valued at billions of dollars on the back of a tweet from the right celebrity. David Fauchier, fund manager at Nickel Digital, pops on to discuss how a professional approaches investing in the crypto world. Topics include bitcoin future arb, how to approach the risk of fraud or an exchange blowing up, and why...
May 20, 2021•1 hr 9 min
Chris McIntyre, founder of McIntyre partnerships, discusses his investment thesis for Garrett Motion (GTX). GTX just emerged from bankruptcy after filing in 2020, and Chris thinks the stock is significantly too cheap. He walks through how Garrett's near term projections are significantly understated, how minority shareholders are aligned with the new controlling shareholders, and why the company is likely to "melt" at a much slower rate than the market is pricing in. Chris's GTX website: gtxisac...
May 17, 2021•1 hr 3 min
Dickson Pau, Tom Moore, and Bill Henry, three first years at Columbia Business School, discuss their investment thesis for Angi. The three pitched ANGI in the Pershing Stock Challenge (placing second!), and they go into the due diligence they did putting their investment thesis together, the potential upside they see at ANGI, and all of the different risk factors they thought about. The first Yet Another Value Podcast on ANGI: https://youtu.be/J2trsM41DTU Spring Graham and Doddsville (ANGI pitch...
May 12, 2021•1 hr 2 min
Javier Lovato from the Blind Squirrel comes on the podcast to discuss his post on Netflix, including why Netflix's scale is a massive moat, why the "Netflix doesn't do have quality" debate is wrong, and why Netflix is years ahead of their competition. Blind Squirrel's Netflix Write Up: https://blindsquirrel.substack.com/p/netflix-focus-and-execution Chapters 0:00 Intro 1:25 Why is Netflix a good investment? 7:25 Netflix's relationship with creators 14:05 Where is Netflix's Game of Thrones 21:50 ...
May 04, 2021•58 min
Neil Cataldi from Blueprint Capital discusses his investment thesis for Sanara Medtech (SMTI). Sanara is growing quickly, and Neil thinks continued growth in their product portfolio and hospitals they are approved to sell in will drive continued accelerated growth and long term compounding. Chapters 0:00 Intro 1:00 Sanara overview 5:30 How is Sanara increasing their hospital reach? 14:25 Discussing management 21:10 Related party risks 33:20 Breaking down SMTI's growth 42:45 Sanara's telehealth a...
May 03, 2021•1 hr 14 min
Alex Morris, founder of The Science of Hitting, comes on the podcast to discuss his investment thesis for Spotify (SPOT). Topics include how Spotify can compete with larger competitors like Apple and Amazon, why Spotify is gaining the upper hand in negotiations with record labels, and how Spotify today rhymes with Netflix in the early stages of their streaming pivot. The science of hitting substack: https://thescienceofhitting.substack.com/ Chapters 0:00 Intro 1:40 Why is Spotify a good investme...
Apr 30, 2021•1 hr 4 min
Jeremy Raper, founder of Raper Capital (https://rapercapital.com/), makes his fourth podcast appearance to discuss his foray into activism at Hunter Douglas (HDG.NA). Hunter Douglas's controlling shareholder recently made an offer to take the company private that, to put it bluntly, vastly undervalues the business. Jeremy is pushing back on the deal and the process, and in this interview he explains why he's fighting the current offer and how he thinks the process will play out. Jeremy's letter ...
Apr 27, 2021•1 hr 2 min
Ian Bezek from Ian's Insider Corner discusses the most interesting event thesis I've seen this year: buying RenRen (RENN) into their legal battle over the OPI assets. Ian's original RenRen write up: https://seekingalpha.com/article/4406707-renren-shareholders-claim-huge-sofi-stake-via-little-noticed-legal-fight Ian's Twitter: https://twitter.com/irbezek Chapters 0:00 Intro 1:05 RenRen Overview 2:25 How Ian discovered RenRen 3:50 OPI transaction background 6:40 Discussing OPI's valuation 8:15 Oas...
Apr 22, 2021•38 min
