Artem Fokin, Portfolio Manager at Caro-Kann Capital LLC, returns to the podcast (for the third time) to update his thesis on Burfurd (BUR) on the heels of their big YPF summary judgement ruling against Argentina. For more information about Caro-Kann Capital, please visit: http://caro-kann-capital.com/ Artem's first appearance on BUR: https://youtu.be/qBuH8pyc8Y0 Muddy Waters BUR case: https://www.muddywatersresearch.com/research/bur/mw-is-short/ Artem's response: http://caro-kann-capital.com/pdf...
Apr 10, 2023•1 hr 26 min
Michael Liu, Analyst at Intelligent Fanatics Capital Management, discusses Cogstate (ASX: CGS) / (OTCQX: COGZF). Cogstate provides computerized cognitive tests for Alzheimer's clinical trials. Michael came on to discuss his thesis on Cogstate and how a failed takeover attempt could create an interesting special situation. For more information about Michael Liu and Intelligent Fanatics Capital Management, please visit: https://if.capital/ You can Follow Michael Liu on Twitter @michael20171 : http...
Apr 03, 2023•50 min
It's the end of the month, which means its time to welcome back Chris DeMuth for his monthly state of the markets. March 2023 was a doozy, so a lot to breakdown here, including: banking crises, thoughts on Coinbase's wells notice, mergers hanging in the balance (JetBlue/Spirit & Microsoft/Activision Blizzard), and more! For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/ Show notes: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:40] What...
Mar 31, 2023•42 min
Alex Morris, Founder of TSOH Investment Research, returns to Yet Another Value Podcast for the third time to chat with Andrew about the Media and Cable sectors in 2023. The Media and Cable sectors move at a mile a minute and it was time to have Alex back on to sift through all the noise. This conversation covers everything from: how mobile carriers think about fixed wireless, Charter vs. Cable One & T-Mobile, does Disney have an IP problem, and much more. For more information about Alex Morr...
Mar 28, 2023•57 min
John Maxfield, Editor of the Maxfield on Banks Newsletter on Substack, has spent nearly two decades studying America's best and worst banks, the history of banking, and interviewing bank leaders. John joins the Yet Another Value Podcast today to answer your burning questions regarding investing banks, his mindset during this "crisis" and how to think about investing in banks moving forward. For more information and to subscribe to John's new substack, please visit: https://maxfieldonbanks.substa...
Mar 21, 2023•1 hr 8 min
Julia Laulis, Chair of the Board, President & CEO of Cable One, Inc. (NYSE: CABO), joins Yet Another Value Podcast to discuss how the cable industry is positioned right now in 2023, and Cable One's focus moving forward. Cable One will also be at The Markel Corporation's 2023 shareholders meeting in Richmond, VA on May 17, 2023, where Andrew will also be in attendance. Chapters: 0:00 - Introduction + Episode sponsor: $BYTE 1:44 - Let's talk about the Cable business; why its an exciting and sc...
Mar 20, 2023•1 hr 3 min
Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Mutual Funds, joins the Yet Another Value Podcast for the first time to discuss DigitalBridge Group, Inc. (NYSE: DBRG), and why he finds there could be price dislocation in the global digital infrastructure firm. Chapters: 0:00 - Introduction + Episode sponsor: $BYTE 2:23 - Overview of DigitalBridge Group, Inc. (NYSE: DBRG) 8:10 - Chadd's thoughts betting on CEO, Marc Ganzi, + background 1...
Mar 14, 2023•1 hr 3 min
Chris McIntyre returns to the podcast to discuss Sotera Healthcare (SHC), why he thinks it's such a good business, and why he thinks the stock is still undervalued even after a big run in the wake of putting their legal liabilities (largely) behind them. Chapters 0:00 Intro 2:15 Sotera Overview 5:30 What makes Sotera such a good business? 14:30 Why it's so unlikely a new competitor can enter the space 19:55 Discussing Sotera's "growth algorithm" 23:30 Sotera's multiple / valuation 32:00 Historic...
Mar 07, 2023•1 hr 4 min
Chris DeMuth returns to the podcast for his monthly state of the markets, with updates on TGNA, ATVI, AMC / APE, and MANU. Chapters 0:00 Intro 2:30 TGNA 27:00 ATVI / MSFT 42:30 AMC / APE 50:00 MANU
Mar 01, 2023•1 hr 1 min
Yaron Naymark returns to the podcast to discuss the value case for IWG (London Listed). IWG is best known for their Regus brand, which competes with WeWork in the flex office space. Yaron thinks the market is discounting the operating leverage IWG will realize as they put COVID behind them and begin to accelerate their managed locations offering. Chapters 0:00 Intro 2:10 IWG overview 12:05 How does the current high vacancy office space impact flex 17:00 Why COVID and tech layoffs could be a tail...
Feb 27, 2023•1 hr 20 min
Josh Young, CIO of Bison, returns to the podcast to discuss what's going on in the energy markets and his recent investment thesis for Vital Energy (VTLE). Bison's VTLE thesis: https://bisoninterests.com/content/f/vital-energy-is-deeply-discounted Chapters 0:00 Intro 3:15 What's happened in energy stocks since Josh's last appearance 5:45 Discussing the outlook for nat gas 15:10 Josh's current outlook for oil 24:30 Is the oil market properly reflecting China's reopening 29:30 Can Russia keep up c...
Feb 13, 2023•1 hr 18 min
Chris DeMuth joins the podcast to discuss the state of the markets in January 2023 and discuss what's on his mind, including updates on AVTI, the meme stocks roaring back, and why energy stocks seem poised to continue to perform well. Chapters 0:00 Intro 2:15 What's on Chris's mind 5:20 Quick hits on ATVI, SPB, and SJR 15:00 More on ATVI 24:30 Meme stocks are back! 30:00 Continued discussion on AMC / APE 37:00 Shareholder discounts and WE's discounted desks 39:30 Energy stock performance versus ...
Jan 30, 2023•52 min
Artem Fokin, founder of Caro-Kann Capital, discusses the bull case for Kaspi (KSPI). Kaspi is the dominant fintech in Kazakhstan, and Artem breaks down how it's trading for a value price despite rapid growth and how its dominance will allow it to grow into new sectors of the Kazakhstan economy. Kaspi IPO case study from HBS: https://www.hbs.edu/faculty/Pages/item.aspx?num=56825 Chapters 0:00 Intro 2:30 KSPI Overview 8:15 Discussing how ingrained in Kazakhstan Kaspi is 11:20 Sizing and breaking d...
Jan 23, 2023•1 hr 14 min
Jeremy Raper returns to the podcast to discuss his latest "engagement campaign" at London listed Serica Energy (SQZ). In particular, he focuses on why Serica is trying to rush through their most recent deal and why shareholders should consider voting against the share issuance at the meeting next week. Jeremy's letter to Serica: https://rapercapital.com/wp-content/uploads/2023/01/open-letter-Serica-Board-1.pdf All of Jeremy's engagement campaigns: https://rapercapital.com/engagement-campaigns/ C...
Jan 19, 2023•54 min
Judd Arnold discusses how the offshore place is at an inflection point and why he thinks Tidewater (TDW) is the best way to lay it. Judd's initial piece on TDW : https://drive.google.com/file/d/1cKYzHg62bamDQa620NZcmn_af0A0xTfT/view Judd's TDW space : https://twitter.com/CorneliaLake/status/1600172923355922434?s=20&t=_Q2xMKdTTh1Lhlp-HeRD3w Chapters 0:00 Intro 2:30 What's interesting about offshore right now? 5:50 Comparing today's cycle to 2012-2014 10:00 TDW's replacement cost and why new b...
Jan 09, 2023•1 hr 4 min
The management team from Tidewater Offshore (TDW) comes on the podcast to discuss Tidewater and why we could be at an inflection point for the offshore space. TDW's investor relations page (with investor deck): https://investor.tdw.com/overview/default.aspx December OSV market report (from seabrokers): https://www.seabrokers.no/wp-content/uploads/SEABREEZE_December.pdf Chapters 0:00 Intro 2:50 What's different in the current cycle? 8:00 Why supply is so limited in offshore 13:10 What is TDW seei...
Jan 06, 2023•1 hr 5 min
Chris DeMuth joins the podcast to discuss the state of the markets in December 2022 and what’s catching his eye in event driven land, including updates on ATVI, why pre-arb was so bad in 2022, and WLFC's proposed takeout. Chapters 0:00 Intro 2:30 What's on Chris's mind 4:00 Discussing why "pre-arb" didn't work in 2022 11:20 Updating ATVI 21:00 Majority takeouts of minorities 29:45 WLFC takeout 37:20 AMZN's IRBT takeout...
Dec 22, 2022•47 min
Lionel Hutz discusses his thesis for Liquidia (LQDA) and why the thinks they are likely to win their patent battle against United Therapeutics (UTHR). Lionel's LQDA write up: https://lionelhutz.substack.com/p/waiting-with-bated-breath-for-liquidia Chapters 0:00 Intro 2:50 LQDA overview 8:05 Diving into the patent background 16:10 Breaking down the conflicting rulings on the '793 patent 19:55 Why the PTAB ruling is the most important for '793 21:55 What's so unique about the judge's ruling on '79...
Dec 19, 2022•1 hr 20 min
Mordechai Yavneh, founder and PM at Focus Capital, discusses his investment in Silicon Motion (SIMO) and why he thinks it's "merger arb for people who don't like merger arb." Focus Capital's research site (with SIMO deck): https://focuscapitaladvisers.com/research Chapters 0:00 Intro 2:40 Why SIMO is different than normal merger arbitrage 6:00 More SIMO overview 11:25 Is the merger overhang impacting SIMO's price? 15:30 Discussing SIMO's fundamentals 21:30 Why companies are outsourcing to SIMO 2...
Dec 15, 2022•1 hr 6 min
Avi Fisher from Long Cast Advisors joins the pod to talk about CoreCard (CCRD). Key topics include the risks and opportunities from their Apple Card / GS relationship and the benefits of the CEO’s measured growth approach. Chapters: 0:00 Intro 3:30 Avi's framework for evaluating stocks 22:45 How Avi found CCRD 24:35 CCRD's background 32:00 Discussing the GS relationship and concentration 36:50 CCRD's different revenue lines 40:50 Discussing the "Elephant in the room" (BB article on Apple trying ...
Dec 12, 2022•1 hr 13 min
AJ Secrist from Firstlight Management discussed his thesis for Lamb Weston (LW). LW is a very strong business, and AJ thinks the market is missing just how much margin upside there is as COVID era deals with large customers reprice and the company laps 2021’s disastrous potato crop. Chapters 0:00 Intro 2:25 LW Overview 9:35 LW Valuation 13:00 Isn't LW fully valued at these prices? 19:25 Discussing the current potato crop 26:55 Global margin upside 28:35 Why is scale an advantage for LW? 31:45 Wh...
Dec 08, 2022•59 min
The team from Half Moon Capital, Eric DeLamarter and Brandon Carnovale, come on the pod to discuss their thesis on Oxford Industries (OXM). OXM owns the Tommy Bahama and Lily Pulitzer brands, and Half Moon thinks the market is underestimating the strength of those brands for a variety of reasons. Half Moon's OXM thesis: https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:aec0338f-33d0-4e35-b956-ac6aa024167a?viewer%21megaVerb=group-discover Chapters 0:00 Intro 2:20 OXM overview 5:00 Tommy Bahama brand...
Dec 05, 2022•1 hr 6 min
Chris DeMuth joins the podcast to provide his state of the markets for November 2022, including what's happened with TWTR since the deal closed, FTX's implosion, and a quick run down of a few other merger arb situations. Chapters 0:00 Intro 2:50 What's going on with TWTR since the deal? 13:50 FTX's implosion 35:30 Chris's current thoughts on crypto 41:15 Walking through some merger situations
Dec 01, 2022•55 min
Michael Fritzell, founder of Asian Century Stocks, goes through his thesis on Casio Computer. Casio makes the popular G-Shock watches, and Michael thinks their rising popularity and a low valuation make for an interesting set up. Michael's Casio w rite up: https://www.asiancenturystocks.com/p/fb1ac5f5-9ce9-4c56-a930-874d1f73f4c8 Chapters 0:00 Intro 3:00 Casio Overview 6:30 Are watches a dying business? 12:55 Is Casio hitting an inflection point? 18:30 Who's buying G-Shock? 20:00 Casio's valuatio...
Nov 21, 2022•35 min
The "Koala", a buyside mining and commodity specialist, comes on to discuss the commodity and mining space in general and Ivanhoe Electric (IE) in particular. The Koala's twitter account : https://twitter.com/YellowLabLife Chapters 0:00 Intro 2:55 General mining / commodity sector overview 12:40 The "nothing can get built anymore" moat 18:40 Capital discipline imposed by low multiples 22:00 How Peabody talked their own stock down with growth plans 31:00 What is the market missing on coal? 44:00 ...
Nov 16, 2022•1 hr 23 min
Samir Patel, Portfolio Manager at Askeladden Capital, joins the podcast to discuss Mix Telematics (MIXT) and why he sent a letter to the company pushing for change. Askeladden's letter to MIXT : https://www.accesswire.com/723191/Askeladden-Capital-Announces-Activist-Position-in-MiX-Telematics-NYSEMIXT Chapters 0:00 Intro 2:50 MIXT Overview 5:45 MIXT's hardware to subscription switch 9:30 The economics of a MIXT subscription 12:30 What's the moat that prevents competitors entering the market? 18:...
Nov 14, 2022•1 hr 3 min
Bill Chen, a real estate investor, returns to the podcast to discuss HHC's value and why Bill Ackman's current tender for the company might undervalue HHC. HHC model: https://t.co/q6lQ69TeXZ Chapters 0:00 Intro 2:50 HHC overview 7:15 How HHC can create value over time 9:15 Valuing HHC's operating assets 11:35 Opportunity cost versus other publicly traded real estate 17:35 Valuing HHC's unstabilized assets 19:30 Valuing HHC's Hawaiian assets (Ward Village) 29:55 Valuing HHC's "other" assets 31:40...
Nov 07, 2022•1 hr 20 min
Chris Lee, a MBA student who won the Dorsey Stock Pitch Competition, comes on the podcast to discuss his winning pitch for Delta Apparel (DLA). Chris's winning pitch: https://dorseystockpitchcompetition.substack.com/p/long-delta-apparel-dla?utm_source=substack&utm_campaign=post_embed&utm_medium=web Chapters 0:00 Intro 2:30 Chris's background 4:45 DLA overview 10:20 DLA's valuation 13:40 Returns on capital and competition 17:35 DLA's Fanatics partnership 23:10 The Salt Life Brand 27:30 Is...
Nov 04, 2022•49 min
Chris DeMuth joins the podcast to discuss the state of the markets in October 2022 and what’s catching his eye in event driven land, with a large focus on TWTR. My prior podcast on SPB: https://twitter.com/AndrewRangeley/status/1549013912133111808?s=20&t=6iWCDZC_8sPzlIuELTNwdQ Chapters 0:00 Intro 2:30 What's on Chris's mind this month (TWTR) 4:50 Twitter's security review (or lack thereof) 7:30 Jurisdiction for a potential TWTR security review 13:30 What would a security review look like? 21...
Oct 26, 2022•55 min
Luis Sanchez, founder of LVS Advisory, disses the bull thesis for IBKR, including why the company is a major beneficiary of interest rates rising and how the company's business to business solution can drive major account growth. See Luis's IBKR write up here: https://lvsadvisory.com/wp-content/uploads/2022/09/LVS-Advisory-IBKR-Write-Up-September-2022.pdf Chapters 0:00 Intro 2:45 IBKR overview 6:05 What is Luis seeing in IBKR that the market is missing? 12:30 IBKR's valuation 15:15 Is IBKR more ...
Oct 17, 2022•1 hr 9 min
