PJ Kurzweil, founder of PJ's SMID Cap Ideas, comes on the podcast to discuss his write up on Spectrum Brands (SPB). Spectrum is currently in the process of selling their HHI business, and whether that deal goes through or not PJ thinks the stock is too cheap given the quality of their brands / businesses. My notes on SPB: https://twitter.com/YetAnotherValue/status/1547219565016453121?s=20&t=n_liDehcIwWBLmo0x51NLQ PJ's SPB write up: https://philippejkurzweil.substack.com/p/spectrum-brands-har...
Jul 18, 2022•1 hr 6 min
Jeremy Raper of rapercapital.com makes his record 7th podcast appearance to discuss a host of event driven situations. Jeremy's letter to EVO: https://rapercapital.com/2022/07/03/an-open-letter-to-the-board-of-evolve-education-group/ Chapters 0:00 Intro 2:45 What's the current environment like? 9:20 SHLX 19:00 TRQ 34:00 SAVE 43:00 VTNR 58:30 CLMT 1:19:30 Wrapping up with HRBR and FAR
Jul 11, 2022•1 hr 26 min
Conor Maguire, founder of valuesits, discusses why he thinks SOL Group is a Buffett-like stock trading at an attractive multiple with the possibility of a private equity takeout over the next five years. Conor's SOL write up: https://valuesits.substack.com/p/deep-breath-deep-value Chapters 0:00 Intro 2:50 SOL overview 4:50 What is the market missing with SOL? 9:00 Why a private equity firm would like SOL 14:55 Would regulators be ok with a private equity deal for SOL? 18:10 Why would the family ...
Jul 01, 2022•58 min
Chris DeMuth returns to the podcast to discuss the state of the markets in June 2022. Chris's May 2022 state of the markets episode: https://twitter.com/AndrewRangeley/st... Chris's golden age of arb posts: https://seekingalpha.com/article/4519... Chapters 0:00 Intro 1:50 What's on Chris's mind 3:35 Wide spreads and CTXS 8:15 PLAN's recut 16:15 Do investors over or underestimate how much PE firms care about their reputation? 22:45 How strong are bank financing agreements in rocky markets? 26:40 ...
Jun 23, 2022•58 min
Brian Laks, partner at Old West Invest Management, discusses the bull case for Tin and why he thinks the world's largest tin miner, Alphamin, could present an alpha opportunityi. Brian's first appearance on Uranium and NXE: https://twitter.com/AndrewRangeley/status/1434879061961019396?s=20 Tin market bull case video mentioned: https://www.youtube.com/watch?v=4Ro8uCD10-w Chapters 0:00 Intro 2:20 Tin market overview 4:00 What drives the structural increase in tin prices? 7:25 Is there an alternati...
Jun 16, 2022•1 hr 20 min
Doug Olaughlin, founder of fabricated knowledge, comes on the podcast to talk about the semiconductor space in general and then dive into his thesis on Rambus (RMBS) and why the market might be missing their big growth call option. Fabricated knowledge website: https://www.fabricatedknowledge.com Doug's RMBS thesis: https://www.fabricatedknowledge.com/p/a-pure-play-on-datacenter-memory?s=w Chapters 0:00 Intro 3:00 Why semis are so compelling 4:10 What's driving the auto / semi shortage 6:55 What...
Jun 10, 2022•1 hr 15 min
PJ Kurzweil, founder of PJ's SMID Cap Ideas, comes on the podcast to discuss his write up on Brunswick (BC). BC is a boat manufacturer, and PJ thinks they are too cheap and the market is missing how much more economically resilient the business is today than it was ~10 years ago. My BC notes: https://twitter.com/YetAnotherValue/status/1529822951016497153?s=20&t=lAssCowdwRLleeF1c1ZVEw PJ's BC write up: https://philippejkurzweil.substack.com/p/brunswick-corporation-1-pager-summary?r=1g9l5j&...
May 31, 2022•1 hr
Michael Fritzell, founder of Asian Century Stocks, goes through his thesis on T. Hasegawa. T. Hasegawa trades at a huge discount to its domestic peers like IFF despite similar or better growth and margins, and Michael thinks some recent changes and shareholder pressure could set the company up to rerate. Michael's T. Hasegawa write up: https://www.asiancenturystocks.com/p/deep-dive-2022-8-t-hasegawa?s=w Chapters 0:00 Intro 2:25 T. Hasegawa overview 6:45 Why fragrance and flavors are so sticky 9:...
May 27, 2022•37 min
Evan Tindell, CIO of Bireme Capital, discusses the circus that is the Elon Musk and Twitter merger agreement and explains why he thinks Delaware law and precedent suggest Elon would lose in court and be forced to close the merger on terms. My piece on Twitter: https://yetanothervalueblog.substack.com/p/twitter-the-circus-will-have-a-happy?s=w This podcast was taped afternoon of May 23; things are moving quickly so just time stamping that! Chapters 0:00 Intro 2:15 Twitter overview 6:45 Why bot fo...
May 25, 2022•1 hr 18 min
Ales Morris, founder of The Science of Hitting, returns to the podcast to discuss all things media, including his investment in Disney and Netflix. Alex's first podcast appearance on Spotify: https://twitter.com/AndrewRangeley/status/1388122956837097482?s=20 Alex's / TSOH substack: https://thescienceofhitting.com Chapters 0:00 Intro 2:55 What's going on in media? 6:15 What is the market missing with its media bearishness? 8:45 Is media too competitive to invest in? 14:35 Why is Netflix having a ...
May 20, 2022•1 hr 15 min
Luis Sanchez, founder of LVS Advisory, discusses his bull case for Endor AG, including why competitors can't recreate their product and how they benefit from the current boom in motor sports like F1 and NASCAR. My notes on Endor: https://twitter.com/AndrewRangeley/status/1526577674801520642?s=20&t=wqYSVMYKfG3kx8M9qhkB9w Luis's MOI pitch: https://twitter.com/LuisVSanchez777/status/1524707206574321666 Chapters 0:00 Intro 2:20 Endor Overview 14:40 Where is Luis most divergent from the market on...
May 19, 2022•1 hr 8 min
Chris DeMuth returns to the podcast for a new monthly segment talking about the current state of the markets My note on event driven situations; https://yetanothervalueblog.substack.com/p/weekend-thoughts-the-rich-set-of?s=w My note on energy companies: https://yetanothervalueblog.substack.com/p/when-are-the-activists-and-pe-funds?s=w Chapters 0:00 Intro 1:55 Chris's state of the markets 11:05 KSS 16:40 The regulatory environment and its impact on deals 22:15 ATVI / MSFT 28:50 TWTR and Elon Musk...
May 12, 2022•50 min
Bill Chen makes his second podcast appearance to discuss Clipper Realty (CLPR). Clipper owns a bunch of NYC apartment buildings, and Bill thinks the current boom in apartment rentals will drive strong returns for the company going forward. Bill's first podcast appearance: https://yetanothervaluepodcast.substack.com/p/bill-chen-breaks-down-frphs-sotp?utm_source=url 0:00 Intro 2:05 CLPR overview 4:35 Where is Bill most differentiated on CLPR? 8:20 How does the post-COVID NYC apartment boom help CL...
May 09, 2022•1 hr 4 min
In this special bonus episode, Randy Baron provides updates on his prior podcast appearances on RNLX and AMRS. Randy's appearance on GDS: https://twitter.com/AndrewRangeley/status/1517512427071545346?s=20&t=UyPsEybQEnbnE9riOPd5yQ Randy's appearance on AMRS: https://twitter.com/AndrewRangeley/status/1407669290241777666?s=20 Randy's appearance on RNLX: https://twitter.com/AndrewRangeley/status/1448604500009242632?s=20 Chapters 0:00 Intro 0:45 RNLX update 4:05 AMRS update 9:45 AMRS's November c...
Apr 25, 2022•34 min
One of the people's favorite guests, Randy Baron, returns to the podcast to talk about his thesis for GDS. GDS is a Chinese data center company, and Randy goes in depth into the company, including why their tier 1 footprint gives them a moat, how GDS is trading at a discount to private market values, and why ADR and VIE fears may be overblown. My notes on GDS: https://twitter.com/YetAnotherValue/status/1516805266565644289?s=20&t=_7FcaMp4YYgZ1S4htJXz6g Randy's first podcast on AMRS: https://t...
Apr 22, 2022•1 hr 3 min
Andrew Wagner, CIO of Wagner Road Capital Management, discusses his thesis on Copart (CPRT). My Copart (CPRT) notes; https://twitter.com/YetAnotherValue/status/1514627334464323589?s=20&t=yjNrQXKvqPrQdJZ_Z00Tdw Andrew's post on Copart: https://www.wagnerroadcm.com/blog/2022/4/8/what-i-like-about-copart-and-how-i-found-it Andrew's Book: The Economics of Online Games: https://amzn.to/3KNkAPn Chapters 0:00 Intro 2:05 How Andrew found CPRT 5:30 What is the market missing in CPRT? 9:20 What does C...
Apr 18, 2022•53 min
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
