Yet Another Value Podcast

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://...

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...

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 f...

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 -...

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 Digit...

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...

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

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 I...

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 na...

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 ba...

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  Chapte...

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-lette...

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:...

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 ...

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 Major...

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...

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&nb...

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 rel...

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...

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-...

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 Walkin...

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 busi...

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...

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 subscript...

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 e...