Lionel Hutz, author of the excellent lionelhutz substack, comes on the podcast to talk about the ongoing drama with Twitter and Elon Musk. In this episode, we exclusively discuss the Twitter case as it stands on October 13th, the odds the deal closes at the end of the month, why it might not, and what happens if it doesn’t. If you’re looking for more background on the deal, please see my podcast from May with Evan Tindell or August with Professor Ann Lipton and Compound248. Lionel's Twitter: htt...
Oct 14, 2022•1 hr 8 min
Doug O’Laughlin , founder of fabricated knowledge , returns to the podcast to discuss his thesis on SiTime (SITM). Doug's SITM write up: https://www.fabricatedknowledge.com/p/its-high-time-to-look-at-sitime Doug's first pod appearance: https://yetanothervalueblog.substack.com/p/doug-from-fabricated-knowledge-on Chapters 0:00 Intro 2:45 SITM overview 7:50 What is the market missing at SITM? 12:45 Near term numbers and does management have a handle on the business? 18:05 MEMS versus Quartz market ...
Oct 10, 2022•1 hr 14 min
Zack Buckley discusses his investment thesis for Xponential Fitness (XPOF), including why he thinks the company is set for continued rapid growth. Zack's twitter: https://twitter.com/Amarginofsafety Chapters 0:00 Intro 2:00 Zack's background 5:15 XPOF overview 8:20 Can XPOF buck the history of publicly traded fitness? 12:10 Brand sustainability and the Curves comp 15:15 XPOF's valuation and multiples 17:50 XPOF management history 20:55 How XPOF's partnerships can create value 22:55 Does XPOF hav...
Oct 06, 2022•1 hr
Dave Johnson from Caligan Partners discusses his thesis on Evolus (EOLS). Evolus is a one product company. Their product, Jeuveau, is a Botox competitor exclusively focused on the cosmetics market, and Dave thinks the market is underpricing Jeuveau's strong growth potential. Caligan's website: https://www.caliganpartners.com/ Chapters 0:00 Intro 2:15 Caligan background 8:15 EOLS Overview 13:00 What does Dave see in EOLS that the market is missing? 19:30 Why can EOLS take share versus Botox 26:00...
Sep 30, 2022•59 min
Chris DeMuth joins the podcast to discuss the state of the markets in September 2022 and what’s catching his eye in event driven land, including an aggressive anti-trust regime and the potential for a bump at Swedish Match. Chapters 0:00 Intro 1:50 What's on Chris's Mind 3:10 What's happening in Antitrust 8:25 Does UNH's win in CHNG change the environment 10:45 Does European regulation impact the antitrust environment? 15:55 The ATVI / MSFT deal 23:30 Is it ok for regulators to be this "outgunne...
Sep 28, 2022•44 min
Kyle Mowery and Jake Miller come on the podcast to discus their new CoVest Select venture and then dive deep into their thesis for Orion Engineered Carbons (OEC). CoVest Twitter Account: https://twitter.com/CoVestSelect Chapters 0:00 Intro 2:20 CoVest overview 5:05 OEC overview 9:05 What is the market missing with OEC? 11:45 The supply demand dynamic for rubber black 14:15 Why isn't this a simple generic commodity business? 18:20 Are management's 2025 midcycle EBITDA targets reasonable? 21:00 Wh...
Sep 21, 2022•1 hr 9 min
Dave Waters of Alluvial Capital comes on the pod to discuss his investment thesis on $PX. You can find Dave's original podcast appearance, where he discuss PX when it was still PIOE and some other small caps, here: https://twitter.com/AndrewRangeley/status/1300763059267481600?s=20 Chapters 0:00 Intro 2:15 PX Overview 3:30 Management fee streams 5:10 Is PX's focus on fund of funds a concern? 8:25 Disintermediation risk for fund of funds 11:50 What is the market missing at PX? 15:20 Why PX versus ...
Sep 16, 2022•1 hr 1 min
James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Pershing Square Holdings (PSH). PSH is Bill Ackman's closed end fund. It trades at a discount, at James thinks Ackman is on the verge of taking steps that will both increase net asset value and shrink the discount. James' Twitter: https://twitter.com/jameselbaor Chapters 0:00 Intro 2:25 PSH Overview 11:50 Why would a U.S. listing close the NAV gap? 20:20 What could PSH buy to relist in the U.S.? 22:55 How does ...
Sep 12, 2022•1 hr 5 min
Jon Boyar returns to the podcast to talk about his investment thesis for MSGS and MSGE, including why he thinks investors are underrating James Dolan and just how wide their discount to asset value has become. You can find more on the Fresh Looks here: https://boyarresearch.myshopify.com/products/2022-opportunity-issue-edition-with-bonus-content?utm_content=216760092&utm_medium=social&utm_source=twitter&hss_channel=tw-963533512887406593 Chapters 0:00 Intro 3:45 MSG History 8:10 Do th...
Aug 26, 2022•55 min
Andrew Carreon, founder of Emeth Value, discusses his thesis on Diversified Energy (DEC; trades in London). Key points include how the company can get such good deals on acquisitions, if the company has an edge in handling asset retirement obligations, and why the company pays such a big dividend. My bull thesis on DEC: https://yetanothervalueblog.substack.com/p/tegus-sponsored-deep-dive-4-natural-198 Andrew's first podcast appearance on BSM: https://twitter.com/AndrewRangeley/status/14029673142...
Aug 22, 2022•1 hr 28 min
Chris DeMuth returns to the podcast to talk about what's on his mind in the markets this month, including updates on TWTR, the IS / U / APP love triangle, and Rio's "failed" bid for TRQ. 0:00 Intro 2:10 Overview 3:45 What's happening with TWTR 26:10 IS / U / APP love triangle 45:00 Rio / TRQ
Aug 17, 2022•56 min
Tulane Law Professor Ann Lipton and Fintwit personality Compound248 discuss the latest in Twitter’s lawsuit against Elon Musk. Note that we dive directly into all the nuisances of the trial; for more background on how we got here and what’s at stake you can listen to my podcast from May with Evan Tindell. My May pod with Evan on TWTR: https://twitter.com/AndrewRangeley/status/1529452942931238914?s=20&t=7yi3kr0wvPY0nduenfVdSA Professor Lipton's Twitter: https://twitter.com/AnnMLipton Compound...
Aug 09, 2022•1 hr 17 min
David Bastian from Kingdom Capital discusses his bull thesis for Unit Corp (UNTC). David's UNTC write up: https://seekingalpha.com/article/4503262-unit-corporation-heads-win-tails-dont-lose Chapters 0:00 Intro 2:30 UNTC overview 5:00 Discussing UNTC's sale process 11:20 Thoughts on UNTC's prelim Q2 numbers 14:45 What is the market missing with UNTC? 18:00 What is UNTC's major shareholder thinking? 23:20 Why did the Gulf assets sell for such a discount? 27:15 Can UNTC increase their production? 3...
Aug 02, 2022•1 hr 8 min
Chris DeMuth returns to the podcast to talk about what's on his mind in the markets this month, including updates on TWTR, the state of antitrust, and the opportunity set in squeeze outs. 0:00 Intro 2:45 Markets Overview 4:25 Sanderson Farms (SAFM) 8:00 Majority owned companies and squeeze outs 10:40 CLR update and energy companies 21:55 Energy companies now versus Tobacco in the 80s 26:10 TWTR update 28:50 Review of the TWTR expedited hearing 35:25 Will Twitter win specific performance if they ...
Jul 28, 2022•58 min
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
