Yet Another Value Podcast

Latest Episodes:

John Malone's Memoirs: Born to be Wired book club Oct 02, 2025

Show notes

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Byrne Hobart from The Diff for the monthly book club. They discuss Born to Be Wired, the newly released memoir of John Malone. The conversation explores Malone’s strategic mastery, his historical and modern media investments, thoughts on taxation, and media regulation. Andrew and Byrne also reflect on Liberty’s recent underperformance, Malone’s approach to succession, and the evolving media landscape. They close with a playful debate on the future of CNN, potential Saudi buyouts, and what book to read next. Listeners interested in media, cable, and investing will enjoy this deep exploration of Malone's career and legacy.

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[00:00:00] Intro to book and guest

[00:02:52] Malone fit for 1980s market

[00:04:49] AT&T’s dividend inefficiency analysis

[00:08:49] Malone’s era-optimized strategies explained

[00:13:17] Liberty Media’s big split strategy

[00:16:32] Malone’s regulation views criticized

[00:22:02] C-SPAN’s cable subsidization dynamics

[00:24:36] Cable Labs and hostile deals

[00:28:01] Media write-offs and strategic bidding

[00:34:03] Media titan nostalgia and shifts

[00:37:37] Infinite channels end titan era

[00:39:04] Greg Maffei’s underwhelming portrayal

[00:44:13] AI and regulatory survival urgency

[00:45:24] Formula One bullishness and strategy

[00:50:13] Liberty Global optimism despite history

[00:54:31] Timeless themes in cable media

[00:56:18] CNN objectivity vs market demand

[01:00:17] Halloween book club next picks

[01:02:15] Disclaimer and episode wrap-up

Links:

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Firebird Management's Steve Gorelik's Molina Healthcare Bull Thesis $MOH Sep 29, 2025

Show notes

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Steve Gorelik from Firebird Management for a deep dive into Molina Healthcare (ticker: MOH). Together, they explore the sharp drop in Molina's stock despite its long-standing compounder reputation. Steve outlines how Molina operates as a low-cost Medicaid-focused managed care organization, making it uniquely resilient amid rising medical costs and regulatory challenges. They discuss Molina’s competitive advantages, risks tied to healthcare policy, redetermination effects, and its strategic M&A playbook. Tune in to understand why Steve believes Molina remains undervalued and poised to outperform its peers—even as the broader Medicaid sector stumbles.

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[00:00:00] Intro and sponsor mention

[00:02:25] What is Molina Healthcare?

[00:05:31] Medicaid model and revenue growth

[00:06:25] Molina stock chart and July crash

[00:07:13] Industry-wide margin compression

[00:11:28] Why Steve sees alpha in Molina

[00:13:29] ROE vs. cost structure explained

[00:15:04] Admin efficiency as competitive edge

[00:17:04] Molina’s playbook and cost culture

[00:20:16] Medicaid redetermination impact

[00:24:07] Market share gains amid member losses

[00:26:26] What's driving cost inflation now

[00:28:44] Will premiums rise to match costs?

[00:30:26] Regulatory risks in Medicaid

[00:32:19] Medicaid vs. private cost efficiency

[00:33:54] Denials, approvals, and outcomes

[00:37:50] Molina’s denials as cost control

[00:40:42] Tender process and doctor networks

[00:41:43] What keeps Steve up at night

[00:44:41] Acquisitions: model and pipeline

[00:47:18] M&A parallels to John Malone

[00:48:19] CEO incentives and share ownership

[00:50:48] Share buybacks and capital returns

[00:51:19] Could Molina be acquired?

[00:52:57] Long-term compounding vs. exit

[00:53:28] Scooby-Doo investing explained

[00:54:23] Wrapping up the conversation

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

September 2025 Random Ramblings Sep 25, 2025

Show notes

In this monthly solo episode of Yet Another Value Podcast, host Andrew Walker tackles four wide-ranging themes: Trump’s suggestion to change SEC reporting from quarterly to semi-annual filings, Elon Musk’s astonishing $1B open market Tesla buy, the potential for alpha from structural market changes, and the fine line between improvement and mindless investing practice. Andrew also shares candid thoughts on investor judgment and the current explosion of meme stocks. Tune in for an honest and reflective breakdown of how macro shifts and investor behavior may be shaping opportunities—and challenges—in today’s market.

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[00:00:00] Intro and episode overview

[00:01:00] Trump SEC reporting proposal

[00:07:00] Structural market change implications

[00:12:00] Earnings and options volatility

[00:18:00] Impact on quant/pot shop models

[00:21:00] Tesla insider buying analysis

[00:27:00] Elon vs. other big buys

[00:30:00] Historical outcomes of big buys

[00:33:00] Thoughts on self improvement

[00:35:00] Judging other investors’ picks

[00:37:00] Wrapping up and reflections

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Shomik Ghosh's $CWAN bull thesis Sep 22, 2025

Show notes

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes returning guest Shomik Ghosh for a deep dive into Clearwater Analytics (C-WAN). Known for his detailed research, Shomik breaks down C-WAN’s business model, recent acquisitions, valuation metrics, and long-term growth outlook. They explore how Clearwater’s sticky, cloud-native platform is disrupting legacy financial systems and what makes its data architecture and integration vision compelling. From insurance to asset management and hedge funds, the conversation unpacks how Clearwater aims to become an end-to-end solution across the investment lifecycle. They also discuss private equity involvement, AI applications, and valuation rationale—providing a well-rounded view of a business undergoing transformation.

Trata CWAN transcript: https://www.trytrata.com/cwan

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[00:00:00] Podcast intro and sponsor message

[00:02:27] Shomik returns for third time

[00:03:27] Clearwater Analytics business overview

[00:07:06] Integration of three major acquisitions

[00:07:42] Valuation metrics and debt impact

[00:11:32] Revenue multiple versus peers

[00:15:23] Product stickiness and competitors

[00:22:05] Data moat and system advantages

[00:26:31] Growth trajectory and market expansion

[00:31:00] PE firms and private insurer trend

[00:33:10] Board composition and comp concerns

[00:38:08] Net retention and rate cut impact

[00:42:25] Data integration and system of record

[00:45:46] AI efficiencies and investment decisions

[00:50:02] DCF valuation and fair price

[00:51:55] Episode wrap and final remarks

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Artem Fokin on Improving with AI and Expert Calls Sep 18, 2025

Show notes

In this episode of Yet Another Value Podcast, Andrew Walker teams up again with Artem Fokin, head of Caro-Kann Capital, for a deep dive into research tools reshaping modern investing. Originally recorded as a webinar for AlphaSense, they explore how AI and expert call libraries have revolutionized solo and institutional investor workflows. Artem shares how he integrates AlphaSense’s newest tools—like Grid and Deep Research—into his diligence process, and the pair compare approaches to conducting and analyzing expert calls. This is a tactical, in-the-weeds discussion on using tech to sharpen your edge.

You can see the first podcast with Artem Fokin (Perfecting the investing craft) here: https://www.yetanothervalueblog.com/p/perfecting-the-investing-craft-with

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[00:00:00] Intro and AlphaSense partnership

[00:03:43] Focus on investor improvement

[00:06:03] Rise of expert call libraries

[00:07:53] Expert calls vs AI usage

[00:11:31] Sourcing expert interviewees

[00:13:19] Determining expert call relevance

[00:19:23] Comparing customer and sales views

[00:23:52] Bias in former employees

[00:30:31] Weighing extreme expert feedback

[00:34:01] Best expert screening practices

[00:39:40] Switch to AI conversation

[00:43:42] Efficiency gains via AI tools

[00:44:43] Using AlphaSense Grid effectively

[00:51:35] AI for transcript filtering

[00:55:22] Deep Research feature walkthrough

[00:56:21] Keeping up with new features

[00:59:27] Underrated AlphaSense user tip

[01:01:34] Closing and final remarks

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Sophon Capital's Thunderbird Entertainment Thesis $TBRD Sep 12, 2025

Show notes

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Franco Chomonalez from Sophon Capital to analyze Thunderbird Entertainment (TBRD). Franco shares why the microcap Canadian animation and media company—trading at just 1.6x EBITDA—fits Sophon’s investment criteria. They discuss Thunderbird’s three revenue models, its role as a low-cost production partner for Disney, and the competitive advantages stemming from Canadian tax credits. The conversation also explores failed M&A efforts, AI disruption risk, shareholder tensions, and the upcoming TSX uplisting as a potential re-rating catalyst.

Sophon Capital's site: https://sophoninvest.substack.com/

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[00:00:00] Andrew introduces Franco and Thunderbird

[03:23:00] Franco outlines Sophon’s microcap thesis

[06:17:00] Overview of Thunderbird’s business model

[09:54:00] Discussion on Thunderbird’s cheap valuation

[11:39:00] History of Thunderbird and key players

[16:05:00] Studio advantages: tax credits, location

[18:07:00] Is Thunderbird’s work commoditized?

[24:26:00] Disney outsourcing versus in-house strategy

[29:36:00] 80%+ IP pitch success rate explained

[30:21:00] AI risk: upside and private equity fear

[39:32:00] Can AI make animators obsolete?

[42:49:00] Why hasn’t Thunderbird been sold yet?

[47:08:00] Debate: reinvest or return capital

[53:59:00] TSX uplisting as a near-term catalyst

Links:

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See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Yummy Century Egg's Guowei Zhang Echostar follow up $SATS Sep 08, 2025

Show notes

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Wei from Yummy Century Stocks for a follow-up on EchoStar/Sats. They analyze the surprise $23 billion spectrum deal with AT&T, what it means for the rest of the spectrum portfolio, and whether liquidation or a new satellite venture is next. The discussion touches on cable’s strategic options, risks of regulatory interference, and shifting dynamics in fixed wireless and spectrum valuation. They also explore ongoing broadcaster M&A and close with a candid conversation on value investing psychology, bagholding, and lessons from QVC.First SATS podcast (episode 322): https://www.yetanothervalueblog.com/p/yummy-century-eggs-guowei-zhang-on?r=a7n3&utm_campaign=post&utm_medium=web___________________________________________________________

[00:00:00] Intro, guest, EchoStar background[00:03:38] AT&T spectrum deal overview[00:06:36] AT&T overpaying and implications[00:09:11] Fixed wireless reshapes landscape[00:14:07] Cable’s possible DISH spectrum move[00:20:12] Why EchoStar shuts down network[00:23:31] Spectrum value and liquidation path[00:31:27] DOJ vs. FCC spectrum concerns[00:38:53] Broadcaster M&A wave begins[00:48:48] Affiliate value vs. disruption[00:52:38] Bagholding and QVC psychology[00:59:05] Closing thoughts and wrap-upLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Railroader (August 2025 fintwit book club) Sep 02, 2025

Show notes

In this episode of Yet Another Value Podcast Book Club, host Andrew Walker and co-host Byrne Hobart of The Diff discuss Railroader, the biography of Hunter Harrison—one of the most transformative figures in modern railroading. They explore Harrison’s management style, capital discipline, and the precision scheduled railroading model he pioneered. The conversation digs into his alliances with Bill Ackman and Paul Hilal, controversial board dynamics, and the balance between performance and persona. Was Harrison a generational genius or just a man with perfect timing? Tune in for a deep probe into leadership, rail strategy, and long-term industry shifts.

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[00:00:00] Podcast and guest introduction

[00:01:54] Book focus: 'Railroader' overview

[00:03:20] Hunter’s train schedule philosophy

[00:05:21] Anecdotes of hands-on leadership

[00:07:43] Hunter's capital allocation approach

[00:09:33] Evaluating Hunter's industry impact

[00:12:51] Railroad competition and timing

[00:14:59] Railroads' long-term infrastructure value

[00:17:05] Extreme management and physical risks

[00:19:45] Strategic image and brand building

[00:21:09] Customer complaints and PR responses

[00:25:59] Precision scheduling adoption industrywide

[00:27:36] Ackman and Hillel strategies

[00:30:04] Norfolk Southern bid complications

[00:33:39] Hunter's bold management targets

[00:36:26] CEO succession and board relations

[00:40:58] Hunter’s final campaign at CSX

[00:43:19] Compensation and personal contradictions

[00:47:37] Comparison: Ellison vs. Harrison

[00:56:22] Wall Street expectations pressure

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

How to get a job in investing Aug 28, 2025

Show notes

In this episode of Yet Another Value Podcast, host Andrew Walker steps away from traditional investing talk to offer a focused career guide for young professionals. Aimed at college students, MBA candidates, or early-career professionals seeking entry into public market investing, Andrew shares practical advice on everything from earning credibility to crafting cold emails, writing substack pitches, and giving impactful stock pitches. He explains actionable strategies like starting a pseudonymous Substack, passing CFA Level 1, and approaching investors with genuine ideas—not just resumes. If you're serious about a career in investing, this is a must-listen blueprint.

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[00:00:00] Purpose of today’s non-investing episode

[00:02:16] Episode disclaimer: strictly job advice

[00:05:29] Target audience for this guidance

[00:06:32] Proving interest through clear credentials

[00:07:19] Value of CFA Level 1 for newcomers

[00:09:32] Opening brokerage account and starting early

[00:11:06] Substack writing to build skill and signal

[00:11:31] Sending effective intro emails with a hook

[00:14:06] Why “cold blasts” fail—do tailored outreach

[00:17:03] Constructing a unique, memorable stock pitch

[00:19:08] Real-world scuttlebutt research advantages

[00:22:09] Example: speaking to franchisees or doctors

[00:24:11] Using your current background as an edge

[00:25:50] Marketing insights applied to public equities

[00:27:15] Why and how to start a pseudonymous Substack

[00:29:15] Launching your pitch to a real audience

[00:30:57] What to do if no one responds

[00:32:06] Building credibility and relationships via outreach

[00:33:24] Show effort: compliment the “pink shirt”

[00:35:56] Final encouragement and sign-off

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Guinea Value's Jingshu Zhang on $EDU Aug 24, 2025

Show notes

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Jingshu from Guinea Value to discuss New Oriental Education (ticker: EDU), a Chinese education services firm. They explore the company’s dramatic fall in 2021 following regulatory crackdowns, its surprising rebound, and its resilience in the face of industry headwinds. Jingshu shares rare firsthand insights from his own experience founding a similar business, giving unique context to New Oriental’s position in the market. Topics range from working capital dynamics and regulatory shifts to capital allocation and AI’s impact on education. Tune in for an in-depth look at one of China's most compelling turnaround stories.

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[00:00:00] Andrew introduces podcast and guest

[00:02:16] Jingshu greets and intro begins

[00:02:55] New Oriental company history overview

[00:05:02] Reasons Andrew invited Jingshu

[00:05:32] Jingshu’s personal edu background

[00:09:41] China edu sector decline insights

[00:10:24] Market misunderstanding and tail risks

[00:16:03] Discussion of regulatory risk

[00:22:25] Cash position and asset value

[00:25:43] Livestream business background

[00:27:26] Capital return strategy discussion