Bob Robotti, founder of Robotti Advisors, discusses his thesis on Westlake Corporation (WLK) and why he thinks "old economy" stocks are poised for a comeback. My notes on WLK: https://twitter.com/AndrewRangeley/status/1513885052974899200?s=20&t=QiY-1L2H5U3GZ-S5YjGFww Chapters 0:00 Intro 2:50 WLK Overview 6:10 Diving into WLK's segments and products 10:45 WLK's favorable supply demand dynamics 14:40 WLK's valuation 18:55 WLK's control shareholders and family ownership 22:15 How can WLK acquir...
Apr 14, 2022•54 min
Conor Maguire, founder of Value Sits, discusses his thesis on Wickes (WIX:LSE). Wickes is a cheap retailer that Conor thinks is both recession resistant and suffering from typical post-spin dynamics. My notes on WIX: https://twitter.com/AndrewRangeley/status/1511702344022609922?s=20&t=2lChWyeIhR6HZWw938bR8Q Conor's write up: https://valuesits.substack.com/p/wickes-group-plc-wixln?s=w Chapters 0:00 Intro 1:55 Wickes Overview 5:25 WIX value proposition and customer base 10:25 Amazon risk 12:00...
Apr 08, 2022•58 min
Swen Lorenz, founder of https://www.undervalued-shares.com, discusses his thesis on IWG. IWG owns a variety of co-working brands that compete with WeWork, and Swen believes IWG's scale, cheap valuation, and variety of catalysts makes them a terrific value investment. Note: We had some connectivity issues on Swen's side during the podcast; I tried to edit the best I could but ultimately it was either release as is or not at all! Hopefully it's not too much of a bother! My IWG Notes: https://twitt...
Apr 04, 2022•48 min
Tim Weber, a private investor, returns to the podcast to provide an update on the $AMPY thesis and then discuss his double dog index, why it's been crushing the market so far this year, and his outlook for the dogs from here. Twebs double dog post: https://twebs.substack.com/p/introducing-the-double-dog-index?r=f389n&utm_campaign=post&utm_medium=web&s=r Note that there was a slight delay on Tim's end with the audio; I don't think it's a huge issue but wanted to assure you you are not...
Mar 21, 2022•58 min
Chris Colvin returns to the podcast to discuss why he invested in Houghton Mifflin Harcourt (HMHC) and why he thinks the deal to sell HMHC to Veritas is much too cheap. Breach Inlet's letter to HMHC: https://www.businesswire.com/news/home/20220223005845/en/Breach-Inlet-Capital-Sends-Public-Letter-to-Board-of-Houghton-Mifflin-Harcourt My notes on HMHC: https://twitter.com/AndrewRangeley/status/1503704685861273604?s=20&t=BJwJj9NIUfEf4nip2Hlf4w Chapters 0:00 Intro 1:15 HMHC Overview 6:45 Situat...
Mar 17, 2022•54 min
Louis Camhi provides an update on his thesis for ORGN and then walks through where he's finding opportunities in the SPAC market today. Louis's first podcast appearance: https://twitter.com/AndrewRangeley/status/1428710432848613377?s=20 Chapters 0:00 Intro 1:45 Origin Update 5:55 Origin today versus their SPAC projections 8:45 When will we start seeing unit economics for ORGN plants? 12:55 Talking about the SPAC market today 17:30 Opportunities in current SPAC IPOs 21:30 What pre-deal SPACs does...
Mar 07, 2022•54 min
Jeremy Raper returns to the podcast to discuss his recent semi-activism at FAR Ltd. FAR recently received a bid that Jeremy thinks dramatically undervalues the company, so Jeremy is pressuring the company to cut costs and aggressively return capital to shareholders. My tweet thread on FAR: https://twitter.com/AndrewRangeley/status/1496863885122539520?s=20&t=UK4pHbZdyRecEFP_I46_UQ Chapters 0:00 Intro 1:50 FAR overview 7:20 Recapping the valuation case 13:10 Acquirer optionality at FAR 16:45 F...
Feb 28, 2022•59 min
Bill Chen, an institutional real estate investor, goes through his thesis for FRPH. FRPH is a conservatively managed real estate company with a great management team and a history of growing NAV and monetizing assets at opportunistic times. You can find all my writings here: https://yetanothervalueblog.substack.... My notes on FRPH: https://twitter.com/AndrewRangeley/st... A rough SOTP for FRPH: https://twitter.com/RhizomePartners/s... Chapters 0:00 Intro 1:20 FRPH overview 3:30 Discussing FRPH'...
Feb 22, 2022•1 hr 4 min
Jon Boyar from the Boyar Value Group returns to the podcast to discuss his high conviction thesis for Scotts Miracle-Gro (SMG). SMG was a massive COVID beneficiary, and shares have sold off in kind with other COVID beneficiaries. Jon thinks the market is too pessimistic here, SMG's brands have Coke like market share, and the company has a rapidly growing "picks and shovels" cannabis business that he believes investors are basically getting for free at current prices You can find all my writings ...
Feb 07, 2022•54 min
Rich Howe, founder of stock spinoff investing, walks through the bull case for NXDT. NXDT is a closed end fund trading at a huge discount to NAV; the fund is planning to transition to a REIT and Rich thinks that makes the stock very catalyst rich. A related company, NXRT, pursued a similar move ~6 years ago and their stock has gone up ~6x since. You can find all my writings here: https://yetanothervalueblog.substack.com/ My thread on NXDT: https://twitter.com/AndrewRangeley/status/14885045337099...
Feb 03, 2022•1 hr 1 min
Josh Young, CIO of Bison Investments, discusses his thoughts on the oil market and why he thinks energy prices are going much higher. Then he dives into his thesis for Journey Energy (JOY CN in Canada), a micro cap Canadian company that he thinks is dramatically undervalued. You can find all my writings here: https://yetanothervalueblog.substack.com/ Josh's Twitter: https://twitter.com/Josh_Young_1 Chapters 0:00 Intro 1:45 How Josh is thinking about the oil market today 6:30 When do you know oil...
Jan 27, 2022•1 hr 15 min
Keith Smith, Portfolio Manager at Bonhoeffer Capital, discusses his thesis for Millicom ($TIGO). TIGO is trading at a super low multiple and a recent deal that the CEO described as a "no brainer" will result in a rights offering for TIGO, which could set the stock up as a special situation as well. Keith breaks down why he likes TIGO versus other telecom stocks, why he thinks the stock is so cheap, and the hidden value potential at TIGO money. You can find all my writings here: https://yetanothe...
Jan 24, 2022•1 hr 10 min
Vadim Perelman goes through his thesis on Basic-Fit (BFIT) and why he thinks it could be a ~10x in ~10 years. Key topics include a detailed walk through the unit economics and why competitors won’t be able to open new gyms once the company “fortresses” their markets. My notes on BFIT: https://twitter.com/AndrewRangeley/st... Vadim's BFIT write up: https://punchcardstocks.substack.com/... Chapters 0:00 Intro 1:00 BFIT intro 6:55 The key BFIT question: is 30%+ ROIC sustainable for gyms 15:00 Why w...
Jan 13, 2022•1 hr 6 min
Chris DeMuth discusses his best idea for 2022, RENN. RENN was on a previous podcast pitched by Ian Bezek as a legal play; since then, RENN settled with minority shareholders for a record payout. However, in December, RENN's shares sold off massively as a judge rejected their proposed settlement with minority shareholders and ruled the payout should instead go to former shareholders; Chris explains why he thinks that ruling is wrong and likely to be overturned. Podcast with Ian Bezek on RENN from...
Jan 09, 2022•1 hr 10 min
In Part 2 of this two part podcast, Jacob Rubin discusses his thesis for GLNG, including why the company trades at a huge discount to its SOTP and why an upcoming spin can delever the core business and serve as a catalyst for the company. Part 1 of the podcast on FTAI: https://yetanothervaluepodcast.substack.com/p/podcast-87-jacob-rubin-is-flying My notes on GLNG: https://twitter.com/AndrewRangeley/status/1471134280906682371?s=20 Jacob's research on GLNG: http://philosophycap.com/research.html C...
Dec 21, 2021•39 min
In Part 1 of this two part podcast, Jacob Rubin returns to the podcast. We start by wrapping up his prior podcast appearance on ESGC, and then we move into discussing FTAI and why he thinks the stock is dramatically undervalued and an upcoming spinoff could unlock significant value. My FTAI notes: https://twitter.com/AndrewRangeley/status/1470841498048634885?s=20 Jacob's first podcast appearance: https://twitter.com/AndrewRangeley/status/1366760857590521861?s=20 Jacob's research on FTAI: http://...
Dec 17, 2021•57 min
Kuppy comes on the show to discuss his recent activism at LEE and why he thinks the stock is dramatically undervalued. My notes on LEE: https://twitter.com/AndrewRangeley/st... Kuppy's LEE thesis: https://adventuresincapitalism.com/20... KEDM: https://www.kedm.com/what-is-kedm/ Chapters 0:00 Intro 2:00 LEE Overview 7:55 Why does Kuppy think Alden's LEE offer is so undervalued? 12:35 Why does small town, local news offer a moat? 17:30 Is LEE's digital growth real or is it just small base effect? ...
Dec 16, 2021•57 min
Chris McIntyre returns to the podcast to discuss his belief that MSGE is a cheap stock. Key topics include how to look at the Sphere, why the Dolans might not be as bad as you think, and why he thinks the company will gush free cash flow once the Sphere is completed. My notes on MSGE: https://twitter.com/AndrewRangeley/status/1469002333908606979?s=20 Chris's website / presentation on MSGE: https://msgeisacheapstock.com/presi.html My podcast with Jon Boyar on the awful MSGE / MSGN deal: https://t...
Dec 14, 2021•1 hr 13 min
Sleepwell Capital and Enlightened Capital discuss their thesis for Ally $ALLY. Ally trades for just over book value despite posting ROEs well in excess of their cost of capital; Sleep and Enlightened both believe their valuable deposit franchise, reasonable valuation, and share repurchase program will combine to produce attractive returns for shareholders over the next few years. My notes on ALLY: https://twitter.com/AndrewRangeley/status/1467960317242134537?s=20 Enlightened's twitter: https://t...
Dec 13, 2021•1 hr 5 min
Andrew Freedman, managing director at Hedgeye, walks through the TMT landscape post earnings. Key topics include how he looks at legacy media company, why he's bearish PINS and SNAP but long TWTR, and his wories that the economics of streaming simply don't work. Andrew's Twitter account: https://twitter.com/HedgeyeComm Chapters 0:00 Intro 1:15 Andrew's Process 5:15 Discussing long TWTR vs short SNAP / PINS 9:35 Does the strategic interest around PINS worry you? 15:20 What's going on with TWTR ri...
Dec 06, 2021•1 hr 7 min
Ari Lazar, senior analyst at RGA investment advisors, discusses his bull case for KW. Ari believes KW trades at a material discount to NAV, and that discount should shrink as the company's growth starts to ramp up in the near future. My tweet thread on KW: https://twitter.com/AndrewRangeley/status/1465714725254307840?s=20 RGA's Q3 letter w/ KW discussion: https://www.rgaia.com/commentary/q4-2021-investment-commentary-looking-inward-and-looking-westward/ Chapters 0:00 Intro 1:25 KW Overview 2:45 ...
Dec 02, 2021•1 hr 9 min
Richard Sosa, host of the Riches in Niches podcast, discusses his thesis on Donnelly Financial (DFIN). Despite a strong recent run, DFIN trades at a value multiple, and Richard breaks down all the reasons why he thinks the stock is too cheap and why DFIN is a huge beneficiary of the current SPAC / IPO boom. My twitter background thread on DFIN: https://twitter.com/AndrewRangeley/status/1460661067395305479?s=20 Riches in Niches podcast twitter: @RichesNichesPod Chapters 0:00 Intro 1:40 Some backg...
Nov 18, 2021•1 hr 7 min
Evan Tindell, CIO of Bireme Capital, discusses the value he sees in Tencent Music (TME). Key topics include why he's not worried about TME's controlling shareholder or VIE structure, and why he thinks the stock is significantly undervalued. My Twitter thread on TME: https://twitter.com/AndrewRangeley/status/1458813448217935874?s=20 Bireme Capital's website: https://www.biremecapital.com/disclaimer.html Chapters 0:00 Intro 1:05 TME Overview 1:40 History of shorting Chinese reverse merger 4:30 Mor...
Nov 15, 2021•1 hr 8 min
Eric Markowitz, Director of research at Worm Capital, discusses the bull thesis for Tesla. Key topics include all of Tesla's growth options, the biggest misperceptions of Tesla, and why comparing Tesla's valuation to legacy auto manufacturers doesn't make sense. We wrap up with 15 minutes of discussion on Spotify and what's misunderstood with that company as well. Reading links: Worm's Q3 letter: https://www.wormcapital.com/the-wormhole-source/q3-2021 My background tweet on Tesla: https://twitte...
Nov 10, 2021•1 hr 2 min
Aaron Edelheit returns to the podcast to discuss all of the opportunities he's seeing in the cannabis world and why he's chosen now to launch a Cannabis focused fund. Aaron's Cannabis manifesto: https://mindsetvalue.substack.com/p/the-cannabis-manifesto Seth Rogen profile I mention during the pod: https://www.nytimes.com/2021/04/20/magazine/seth-rogen.html Chapters: 0:00 Intro 2:45 Why is Aaron launching a cannabis fund now? 12:00 Professional athletes and cannabis 16:55 How Cannabis today remin...
Nov 04, 2021•1 hr 5 min
Jeremy Raper makes his record fifth podcast appearance to discuss his latest high conviction idea: POSaBIT (POSAF). POSaBIT is a microcap company trading on a very small foreign exchange, so risk is certainly elevated here and listeners should remember to do their own work / this is not investing advice. However, Jeremy believes that the company's strong growth and big moat far outweigh the various red flags and risk around it, and that the stock is significantly undervalued based on where much ...
Nov 03, 2021•57 min
Martin Werner, co-founding partner of DD3 Capital, discusses DDMX's deal to deSPAC with Codere Online. Key topics include what DDMX was looking for in a deal, how DDMX worked with their partners in structuring their deal, and why DDMX thinks Codere Online's omnichannel presence gives them a leg up in attacking and winning Latam markets. Towards the end, Martin discusses how he's looking at Betterware (BWMX, which was DD3's first SPAC) and what DD3 will be looking at in their SPAC going forward. ...
Nov 02, 2021•52 min
Nitin Sacheti. CIO of Papyrus Capital and PM at ARS Investment Partners, breaks down his thesis for Innovate (VATE). VATE used to be known as HCHC. HCHC was a mishmash of interesting but disparate assets with a huge cost base. Following an activist battle in late 2019 / early 2020, a new management team was brought in and they have sold off noncore assets while dramatically reduing corporate overhead. Nitin believes the remaining assets are all uniquely valuable, and each could be worth more tha...
Oct 26, 2021•1 hr 13 min
Felix Narhi, CIO and Portfolio Manager at PenderFund, discusses his investment in Stitch Fix (SFIX). Key topics include what Stitch Fix's Act 2 looks like, why negative anecdata from first time users doesn't worry Felix, and what separates Stitch Fix from other online retailers. Felix's Q2 letter: https://www.penderfund.com/commentaries/the-managers-commentary-q2-2021-2/ My SFIX tweet thread: https://twitter.com/AndrewRangeley/status/1450509121661308928?s=20 Felix's Twitter: https://twitter.com/...
Oct 20, 2021•1 hr 6 min
Randy Baron, one of the most popular YAVP guests, returns to discuss his investment thesis on Renalytix (RNLX). Randy sees similarities between RNLX and EXAS, which was a controversial stock that has rocketed over the last few years as the company's diagnostic product gained momentum. While not without risk, Randy thinks RNLX could be even bigger if successful as they are attacking the much larger Chronic Kidney Disease (CKD) market, and he discusses all of the signs he sees that the company is ...
Oct 14, 2021•53 min
