Yet Another Value Podcast

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Chris DeMuth's State of the Markets June 2024 Jul 03, 2024

Show notes

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this June 2024 edition, Chris shares his thoughts on: election and election trades, $LQDA, Russell Rebalance arbitrage, Burford $BUR / Security National $SNFCA, Presidential Debate and implications for investing.

For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Fundamental Edge

[1:51] What's on Chris' mind for June 2024: election and election trades

[3:24] $LQDA

[12:07] The Russell Rebalance arbitrage

[18:58] Russell Rebalance cont'd: Burford $BUR / Security National $SNFCA

[24:20] Thoughts on Presidential Debate, election and implications for investing

Today's episode is sponsored by: Fundamental Edge

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Maverick Value's Ron Nussbaum on the legal and fundamental cases for $CPRI / $TPR combination Jul 01, 2024

Show notes

Ron Nussbaum from Maverick Value, joins the podcast to discuss the Capri Holdings Limited / Tapestry ($CPRI / $TPR) acquisition agreement.

You can follow Ron Nussbaum @MaverickValue on Twitter/X here: https://x.com/MaverickValue

Chapters:

[0:00] Introduction + Episode sponsor: Ycharts

[2:05] Overview of Capri / Tapestry acquisition and why FTC suing to block the combination

[6:01] Capri fundamental value even if deal doesn't go through

[11:46] FTC's case

[20:06] FTC's raised pricing issue

[25:15] Tapestry's response and defining the market / employee side of the antitrust argument

[33:01] Why were all five Commissioners (3 dems, 2 repubs) voting to sue (and not voting on party lines)

[36:00] Industry uniqueness

[40:09] Thoughts on the case's judge

[44:14] Industry commentary

[46:32] Recut

[48:07] Room for settlement possible?

[49:02] Deal breaks tomorrow, whats the possible downside / market odds for both deal going through and downside (not going through)

[55:39] Biggest discrepancy between Ron's view on the case and the market's view on the case

[58:31] HotDocs

[1:01:15] Final thoughts / timeline on the case

Today's sponsor: Ycharts

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Buckley Capital's Zack Buckley on why he's urging $DNTL.TO to undertake a strategic review process Jun 27, 2024

Show notes

Zachary Buckley, Managing Partner at Buckley Capital Management, joins the podcast for the third time to share his thesis on Dentalcorp Holdings (TSX: DNTL) and why he's urging $DNTL.TO Board and Management to undertake a strategic review process.

Zack's letter to the board: https://finance.yahoo.com/news/buckley-capital-management-urges-dentalcorp-113000826.html

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[1:43] Overview of Dentalcorp $DNTL.TO and his letter to the Board & Management

[7:15] Why'd they call off strategic alternatives in 2023 and why now is the right time

[12:23] Management changes / share restructure / US Listing / CRH comp

[17:43] Differences between Canadian and US dentistry[

20:02] Acquisition process / synergies for mom & pop dentistry practices with $DNTL / why private equity has gone after this industry aggressively

[26:16] Competitive landscape and environment

[28:58] Why hasn't the market warmed up to $DNTL.TO since it's IPO

[32:04] Capital allocation

[38:34] $DNTL.TO final thoughts on the company and his letter

[41:48] Anything else that keeps Zack up at night about $DNTL.TO?

[44:05] How big can Dentalcorp grow (when looking at amount of potential dental acquisitions)

Today's sponsor: Tegus

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BONUS EPISODE: Keynote Q&A with Bob Robotti, Robotti & Co. LIVE in VEGAS Jun 22, 2024

Show notes

BONUS EPISODE: Keynote Q&A with Bob Robotti, Founder and CIO of Robotti & Co. - this interview was recorded live at the Planet MicroCap Showcase: VEGAS 2024. Topics covered: defining MicroCap/Small-Cap, Robotti's strategy, opportunity set for stock pickers, old economy stocks, all followed by Q&A from the audience.

For more information about Bob Robotti and Robotti & Co., please visit: https://www.robotti.com/

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[2:12] How Bob defines MicroCap, Small-cap / Robotti's strategy

[6:49] Opportunity set for stock pickers

[13:04] Magnificent 7 / AI; stock pickers will win the next decade

[19:00] Old economy stocks (industrial businesses)

[24:43] Q&A from the audience

This episode is sponsored by our friends at Daloopa

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Want to learn more? Create a FREE account at Daloopa.com/YAV

All information presented in all forms at the Planet MicroCap Showcase or in press releases, videos, emails, or otherwise posted on its website, stocknewsnow.com or YouTube channel (the “Outlets”) is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Stock News Now, SNN Inc., and the Planet MicroCap Showcase, and their representatives are not licensed brokers, broker/dealers, market makers, investment bankers, investment advisers, analysts, or underwriters.

Random Ramblings June 2024: franchisees, blaming IR, competitors, interest vs. stats, thesis drift Jun 18, 2024

Show notes

Welcome to the June 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: investing into franchisees, blaming IR for stock price, competitors, interest in a stock and thesis drift.

For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/

Chapters:

[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Daloopa

[1:33] Investing into franchisees

[10:43] Blaming IR for stock price

[13:37] Killing competitors

[16:25] Interest in a stock

[18:12] Thesis drift

This episode is sponsored by our friends at Daloopa

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Want to learn more? Create a FREE account at Daloopa.com/YAV

Firebird's Steven Gorelik on why Akamai's security business makes $AKAM interesting Jun 13, 2024

Show notes

Steven Gorelik, Lead Portfolio Manager at Firebird U.S. Value Fund, joins the podcast to share his thesis on Akamai Technologies, Inc. (NASDAQ: AKAM), the cloud company that powers and protects life online.

Chapters:

[0:00] Introduction + Episode sponsor: YCharts

[1:54] Overview of Akamai Technologies and why its so interesting to Steven

[13:09] $AKAM valuation

[15:39] Cloud computing and delivery segments

[29:10] Why $AKAM now and is $AKAM being run for stockholders or being run for the employees?

[34:12] CEO insider transactions

[36:44] As a generalist investor, who isn't solely focused on cloud/security companies, why isn't $AKAM just some growthy business competing with major players? What does Steven know that specialists aren't seeing with $AKAM

[44:52] Ways $AKAM could benefit from AI, or as an AI play

[51:32] Does cloud computing, delivery and security businesses belong together?

Today's sponsor: YCharts

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1 Main Capital's Yaron Naymark returns to share update on International Workplace Group $IWG.L Jun 10, 2024

Show notes

Yaron Naymark, Founder of 1 Main Capital, is back for the fourth time on the podcast to provide an update on his thesis for International Workplace Group plc (LSE: IWG).

For more information about Yaron Naymark and 1 Main Capital, please visit: https://www.1maincapital.com/

Yaron's original YAVP appearance talking $IWG.L: https://www.youtube.com/watch?v=QmVjVOoG6Sc

Chapters:

[0:00] Introduction + Episode sponsor: Fundamental Edge

[1:47] Quick $IWG.L pitch[6:45] CEO recently sells block of shares, putting into perspective CEO's ownership

[11:43] $IWG.L inflection - ramping of management franchise

[18:11] December 2023 investor day

[21:00] $IWG.L bear case

[28:45] Franchise revenue margins / understanding IWG market

[33:11] Discrepancy between informed IWG analysts vs. speaking with building owners / impact from WeWork

[38:23] Competitive environment (post-WeWork emerging from bankruptcy)

[42:56] Why didn't IWG take out WeWork and why IWG should own WeWork

[52:10] What worries Yaron about IWG thesis (if management franchise business hits a wall)

[56:36] Enterprise and final thoughts / US Listing / Buybacks and Dividend / Catalysts for 2024-25

Today's sponsor: Fundamental Edge

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But what is the Academy NOT?

It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process.

It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM.

It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst.

To learn more and access a 10% discount code, go to fundamentedge.com/YAVP

Philosophy Capital's Jacob Rubin on legacy brand names: Caesars $CZR and Gannett $GCI Jun 07, 2024

Show notes

Jacob Rubin, Portfolio Manager at Philosophy Capital, joins the podcast for the third time to share two theses: the first - Caesars Entertainment (NASDAQ: CZR), the second - Gannett Co., Inc. (NYSE: GCI).

For more information about Philosophy Capital, please visit: https://www.philosophycap.com/

Chapters:

[0:00] Introduction + Episode sponsor: Santangel's Review

[4:20] Overview of Caesars and why its so interesting to Jacob + why focus on $CZR and not all the other gaming-type companies

[12:28] In gaming, how much does scale matter

[16:26] Fear of the consumer vs. results of the cashflow

[23:06] $CZR what happened in Q1 2024 / catalysts on the upside / capital allocation

[34:30] Digital (online gaming) ramp

[39:20] Sum of the parts / $CZR valuation

[45:07] Carl Icahn investment in $CZR

[49:01] Overview of Gannett $GCI and why it's so interesting to Jacob

[54:44] Two legs to the thesis: AI and lawsuit against Google / undervalued - what's more of the play for Jacob with $GCI?

[1:02:05] $GCI valuation / Apollo involvement

Today's episode is sponsored by: Santangel's Review

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If you’re a manager or allocator who is serious about maximizing your time, you'll want to be a part of the Santangel's Roundtable. Click here: https://santangelsreview.com/

Chris DeMuth's State of the Markets May 2024 Jun 03, 2024

Show notes

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this May 2024 edition, Chris shares his thoughts on: Tapestry / Capri merger, Enhabit $EHAB, ECIP banks, $INBX deal.

For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Santangel's Review

[2:05] What's on Chris' mind as we head into the summer: M&A, Capri / Tapestry merger

[14:33] Enhabit $EHAB

[24:29] ECIP Banks

[35:44] $INBX deal

Today's episode is sponsored by: Santangel's Review

The secret sauce: Santangel’s spotlights undiscovered talent. Managers you don't necessarily see at other industry conferences.

Attendees take part in eight one-on-one meetings, intermixed with ample networking opportunities. In an industry built on relationships, Santangel's fosters some of the most valuable connections.

Just go to Santangels.com— S-A-N-T-A-N-G-E-L-S dot com to learn more and request an invitation.

If you’re a manager or allocator who is serious about maximizing your time, you'll want to be a part of the Santangel's Roundtable. Click here: https://santangelsreview.com/

Marathon Partners' Mario Cibelli on how $XMTR is creating a marketplace for industrial manufacturing Jun 03, 2024

Show notes

Mario Cibelli, Managing Partner at Marathon Partners Equity Management, LLC, joins the podcast for the third time to share his thesis on Xometry, Inc. (NASDAQ: XMTR), the global AI-powered marketplace that connects buyers with suppliers of custom manufacturing services.

Chapters:

[0:00] Introduction + Episode sponsor: Fundamental Edge

[2:23] What is Xometry and why is it so interesting to Mario Cibelli

[5:42] $XMTR creating marketplace for industrial manufacturing / problem the company is solving

[19:48] Value proposition of the $XMTR network/marketplace

[24:20] Mechanics of the marketplace, customer experience, how it works

[26:26] Cutting out the middleman ($XMTR in this case) risk / are they more like Uber or Angie's List?

[35:05] "Instant Quote" / what can $XMTR evolve into

[41:15] Cyclicality

[46:47] Valuation / headwinds (and addressing them)

[58:01] Short interest and what keeps Mario up at night about $XMTR

[1:08:54] Execution risk

Today's sponsor: Fundamental Edge

You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not.

But what is the Academy NOT?

It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process.

To learn more and access a 10% discount code, go to fundamentedge.com/YAVP

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