Yet Another Value Podcast

Chris Krug, President of Chatham Harbor Capital, breaks down his thesis on PFMT, including why he thinks the stock could be a multi-multi-bagger. Chris's twitter: https://twitter.com/chcap2016 My thread on PFMT notes: https://twitter.com/AndrewRangeley/st... Chapters 0:00 Intro 1:05 PFMT Valuation Outline 4:40 PFMT business overview 15:15 How PFMT "lands and expands" verticals 18:55...

Artem Fokin, founder of Caro-Kann Capital, discusses the bull case for Burford (BUR). Burford is a litigation finance firm, and Artem makes a compelling case that they are both undervalued on an asset basis and have a moat giving their scale. Caro-Kann's website: http://caro-kann-capital.com/ My thread on Burford prep: https://twitter.com/AndrewRangeley/status/1415795903751983109?s=20 Chapter...

Adam Lindsay, founder and managing partner of Powell Anderson Capital Partners, discusses his bull thesis for Tripadvior (TRIP) and Liberty Tripadvisor (LTRPA). The bull thesis is nuanced, but much of it centers on TRIP's nascent Tripadvisor Plus business, which Adam thinks TRIP is uniquely suited to successfully launch and could drastically change their financials. Adam's email: adam@pa...

Kyle Cerminara, President of FGNA, discusses his thesis for deSPACing with OppFi. Key topics include comparing OppFi to its closest competitors, how FNGA and OppFi arrived at their valuation, and addressing different regulatory risks for OppFi. Kyle's twitter: https://twitter.com/kcerminara OppFi / FGNA's SEC filings: https://www.sec.gov/edgar/browse/?CIK=1818502&owner=exclude Chapte...

Mike Melby, Founder and Portfolio Manager at Gate City Capital, makes a repeat appearance to discuss his investment in CATO. CATO is a small retailer with a rock solid balance sheet; Mike thinks their low multiple combined with a focus on returning cash flow to shareholders and some hidden tax and real estate assets creates an attractive investment opportunity. Mike's first appearance on AXR:...

Brian Mosoff, CEO of Ether Capital Corp, does a deep dive into the investment case for Ethereum. Key topics include how Ethereum is different than Bitcoin, how proof of stake and EIP-1559 will improve the Ethereum ecosystem, and why Ethereum today looks like investing in computer operating systems in the early 80s. Disclosure: nothing in here is investing advice. Listeners/viewers should remember...

Randy Baron, Portfolio Manager at Pinnacle Associates, gives an overview of the Synthetic Biology space. Randy thinks "the 21st century is going to be a century of biology," and he discusses all the ways synthetic biology can change the world and why he thinks Amyris (AMRS) could be the biggest winner given their head start in the space. Randy's Barron's write up on Synthetic B...

James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Third Point Investors (TPOU; trades in London).  TPOU is a closed-end investment company that invests into Third Point, Dan Loeb's hedge fund. TPOU consistently trades at a discount to NAV, and James thinks the combination of Third Point's investing prowess and TPOU's innovative buyback/tender mech...

Andrew Carreon, founder of Emeth Value, discusses his thesis on Blackstone Minerals (BSM). Key points include how some of the company's undeveloped acreage could be a massive call option, how rising commodity prices impact BSM's value, and how BSM compares to other loose peers. Side note: I had a puppy emergency for the last ten minutes of this podcast; you might see me glancing to the s...

Aaron Edelheit, founder of Mindset Capital and author of The Hard Break, comes on to discuss his thesis for investing in cannabis in general and Glass House Group in particular. Key topics include why interstate legalization could come sooner than later, how Glass House's California locations are a huge asset, and why U.S. Cannabis stocks trade don't trade in the U.S. Aaron's Book,...

The crypto market currently feels like the wild wild west. It can take only a week or two to run through a full cycle (a bull and a bear market), and coins that are explicitly a joke can be valued at billions of dollars on the back of a tweet from the right celebrity. David Fauchier, fund manager at Nickel Digital, pops on to discuss how a professional approaches investing in the crypto world. Top...

Chris McIntyre, founder of McIntyre partnerships, discusses his investment thesis for Garrett Motion (GTX). GTX just emerged from bankruptcy after filing in 2020, and Chris thinks the stock is significantly too cheap. He walks through how Garrett's near term projections are significantly understated, how minority shareholders are aligned with the new controlling shareholders, and why the comp...

Dickson Pau, Tom Moore, and Bill Henry, three first years at Columbia Business School, discuss their investment thesis for Angi. The three pitched ANGI in the Pershing Stock Challenge (placing second!), and they go into the due diligence they did putting their investment thesis together, the potential upside they see at ANGI, and all of the different risk factors they thought about. The first Yet...

Javier Lovato from the Blind Squirrel comes on the podcast to discuss his post on Netflix, including why Netflix's scale is a massive moat, why the "Netflix doesn't do have quality" debate is wrong, and why Netflix is years ahead of their competition. Blind Squirrel's Netflix Write Up: https://blindsquirrel.substack.com/p/netflix-focus-and-execution Chapters 0:00 Intro 1:2...

Neil Cataldi from Blueprint Capital discusses his investment thesis for Sanara Medtech (SMTI). Sanara is growing quickly, and Neil thinks continued growth in their product portfolio and hospitals they are approved to sell in will drive continued accelerated growth and long term compounding. Chapters 0:00 Intro 1:00 Sanara overview 5:30 How is Sanara increasing their hospital reach? 14:25 Discussin...

Alex Morris, founder of The Science of Hitting, comes on the podcast to discuss his investment thesis for Spotify (SPOT). Topics include how Spotify can compete with larger competitors like Apple and Amazon, why Spotify is gaining the upper hand in negotiations with record labels, and how Spotify today rhymes with Netflix in the early stages of their streaming pivot. The science of hitting substac...

Jeremy Raper, founder of Raper Capital (https://rapercapital.com/), makes his fourth podcast appearance to discuss his foray into activism at Hunter Douglas (HDG.NA). Hunter Douglas's controlling shareholder recently made an offer to take the company private that, to put it bluntly, vastly undervalues the business. Jeremy is pushing back on the deal and the process, and in this interview he e...

Ian Bezek from Ian's Insider Corner discusses the most interesting event thesis I've seen this year: buying RenRen (RENN) into their legal battle over the OPI assets. Ian's original RenRen write up: https://seekingalpha.com/article/4406707-renren-shareholders-claim-huge-sofi-stake-via-little-noticed-legal-fight Ian's Twitter: https://twitter.com/irbezek Chapters 0:00 Intro 1:05...

Francisco Olivera, founder of Arevilo Capital, discusses his newest investment in Roblox (RBLX). He covers his vision for the company, why he thinks it's more of a platform than a single game, and how he thinks the company will evolve over time. Chapters 0:00 Intro 1:15 Roblox Overview 4:25 Comping Roblox to Minecraft and World of Warcraft 7:00 Defining the Roblox business model 11:35 Roblox...

Eugene Robin and Andrew Leaf from Cove Street discuss their investment in Viemed. Viemed targets organic growth rates over 30%, yet the company only trades for ~15x free cash flow. Andrew and Eugene lay out their case for why the market is wrong on this one, including why VMD's business model is advantaged versus their competitors and why they aren't scare of a Medicare cut in the near t...

Adam Wilk, founder and portfolio manager at Greystone Capital, discusses his investment thesis in Liberated Syndication (LSYN). Key topics include why the company would make an attractive acquisition target, how Libsyn can grow in a competitive environment, and potential upside from a lawsuit that could cancel ~30% of LSYN's shares overnight. Adam's Twitter account: https://twitter.com/A...

Yaron Naymark, founder and Portfolio Manager at 1 Main Capital, discusses his investment in RCI Hospitality (RICK). RICK is a cash flow machine, and Yaron thinks the company is set to compound free cash flow per share at an accelerated rate for years as they continue to roll up the gentlemen's club industry at very low multiples, execute on their Bombshell's growth plans, and repurchase...

Jon Boyar from the Boyar Value Group returns to the podcast to discuss the proposed merger between MSGE and MSGN. To put it bluntly, the deal is a disaster with absolutely no strategic rational, and Jon walks through all of the reasons the deal doesn't make sense. Jon's first podcast appearance: https://youtu.be/J2trsM41DTU Boyar's letter to the MSGN board: https://www.boyarvaluegro...

Edwin Dorsey from the Bear Cave ( https://thebearcave.substack.com/ ​) returns to discuss a high conviction long idea, Otonomo. Otonomo is a "leading platform and marketplace for vehicle data" and is going public through a SPAC merger with SAII (will trade under ONTO post-deal). Edwin thinks the opportunity for the company is enormous, and if they successfully execute they could be a mul...

Micro-cap investor Jeff Moore (who also writes http://ragnarisapirate.blogspot.com/ ​) discusses his bull case for Thryv (THRY). Thryv is an interesting company: their core value comes from their legacy Yellow Pages business, and they're using the cash flows and relationships from that melting ice cube to start up a SMB SaaS service. Jeff argues there's huge upside as the company taps th...