Yet Another Value Podcast

Latest Episodes:

Asif Suria on the Six Special Situation Strategies to Outperform the Market May 20, 2024

Show notes

Asif Suria, Author of "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market", joins the podcast to discuss the six special situation strategies he outlines in his book to outperform the market. You can buy your copy of Asif's new book, "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market" here: https://www.amazon.com/Event-Driven-Edge-Investing-Strategies-Outperform-ebook/dp/B0CN3PF1SW?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.1zuikMLb5MN1aQVWodj1ww.Nui4P_rilsWES5p1FNmoTnd5v0myqxSeQautyazGgno&qid=1715709920&sr=8-1&linkCode=sl1&tag=andrew613880e-20&linkId=376c305fd243b22988ebba35edf5ecee&language=en_US&ref_=as_li_ss_tl Chapters: [0:00] Introduction + Episode sponsor: YCharts [1:42] Overview of Asif's book, "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market" [3:33] Merger Arbitrages + examples [16:44] Insider Buying + examples [29:23] Buybacks + examples [36:45] Spinoffs + examples [46:18] Management changes + examples [55:32] SPACs + final thoughts This episode is sponsored by our friends at YCharts This episode is sponsored by our friends at YCharts. Every four years, the uncertainty surrounding the next president and their policies sparks concern among investors. And with 2024 shaping up to be a rematch of the last two presidents, this uncertainty is at an all-time high. So what’s your plan to ensure your clients stay informed—and equally important, invested? Enter YCharts’ latest Election Guide—an essential resource designed to arm you with the insights needed to successfully guide clients through election season and tackle commonly asked questions head-on, speaking to themes about: Market performance across various presidencies, The viability of investments based on political affiliations, Market reactions to Trump’s election vs. Biden’s election. Grab your copy with the link in the show notes to unlock exclusive access to downloadable charts and visuals that will elevate your client communication and boost your clients’ confidence in you as their advisor. Promotional Link: https://go.ycharts.com/how-do-presidential-elections-impact-the-market-guide?utm_source=partner&utm_medium=link&utm_campaign=election_guide&utm_id=yet+another+value

HX Research's Enrique Abeyta on importance of power generation, power crisis + $TLNE thesis May 17, 2024

Show notes

Enrique Abeyta, Founder/CEO of HX Research, joins the podcast to share his thesis on Talen Energy Corporation (OTCQX: TLNE), an independent power producer ("IPP") and infrastructure company committed to the energy transition.

For more information about HX Research, please visit: https://daily.hxresearch.net/

Enrique's write-up on $TLNE: https://daily.hxresearch.net/p/an-actual-way-to-make-money-from-climate-change

Chapters:

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

[2:29] What is Talon Energy and why are they interesting to Enrique + quick background of Enrique Abeyta / importance of power generation

[21:46] Quirks with $TLNE thesis (re: OTC, utilities, etc...

[27:25] Coming power crisis

[31:13] $TLNE valuation

[33:04] Evaluating and addressing risks: nuclear accidents, capital allocation

[39:28] AI

[47:18] Post-bankruptcy process

[51:27] Upcoming election (risk of new administration

[56:08] Demand response and final thoughts

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.

The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint.

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

Pershing Square Challenge 2024 winning team shares pitch on Valvoline $VVV May 14, 2024

Show notes

The team that won the Pershing Square Challenge, Garrett Wallis, Jared Duda and Joseph Montgomery Ferguson, joins the podcast to discuss their winning pitch on Valvoline Inc. (NYSE: VVV).

You can find their winning pitch deck here: https://1drv.ms/b/c/b9a8675d1ef0d212/EUgO7sJJKoBBsx151i7xfvkBuTziYI94y8VF02bdym1WmA?e=21DQAc Chapters:

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

[1:49] Backgrounds on team that won the Pershing Square Challenge

[3:13] Valvoline Inc. $VVV pitch

[8:57] Store density / DIY customer share

[13:33] $VVV pitch cont'd

[28:26] AutoZone comparison / Franchise model

[35:35] Shift to EV, risks to $VVV?

[39:13] Consumer behavior / why franchisee wants to work with $VVV

[46:47] $VVV bear case / same store sales growth

[57:10] $VVV - variant view that generates alpha

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

Random Ramblings May 2024: conferences, control shareholders, energy drinks and stock advertising May 08, 2024

Show notes

Welcome to the first 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: investor conferences (since returning from Planet MicroCap Showcase: VEGAS 2024), control shareholders, energy drinks and stock advertising.

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

Chapters:

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

[3:29] Investor conferences - just returned from the Planet MicroCap Showcase: VEGAS 2024 / time for a Yet Another Value conference?

[6:28] Control shareholders

[12:24] Energy drinks

[15:24] stock advertising

This episode is sponsored by our friends at YCharts

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Join thousands of users who rely on YCharts by leveraging personalized proposal reports to truly showcase your value add. Click the link in the show notes to start your free YCharts trial and tell them I sent you (new customers only): https://go.ycharts.com/yet-another-value

Chris DeMuth's State of the Markets April 2024 May 05, 2024

Show notes

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this April 2024 edition, Chris shares his thoughts on: the markets as we head into the Summer months, anti-trust, Capri-Tapestry anti-trust case, mergers blocked in greater frequency - has there been another time like this, and more!

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

Chapters:

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

[1:57] Thoughts on markets as we finish up April and head into the Summer months

[3:47] Growth in the largest businesses in the index

[8:27] Anti-trust

[12:36] Capri-Tapestry anti-trust case

[27:38] Capri-Tapestry cont'd - market definition

[38:43] Last 6 months, 3 mergers have been challenged and blocked - ever been another time like this?

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

Best of Breed Growth Stocks' Julian Lin thesis on king of the meme stocks, Reddit $RDDT Apr 29, 2024

Show notes

Julian Lin, Founder of Best of Breed Growth Stocks, an investment newsletter, joins the podcast to discuss his thesis on Reddit, Inc. (NYSE: RDDT).

$RDDT write-up on Seeking Alpha: https://seekingalpha.com/article/4686257-reddit-julian-lins-top-conviction-idea

Chapters:

[0:00] Introduction + Episode sponsor: YCharts

[1:22] What is Reddit $RDDT and why is it interesting to Julian

[2:58] $RDDT bull case

[14:09] Network effects

[20:46] $RDDT bear case: when will they become profitable? What are they spending R&D on?

[30:45] Valuation

[33:48] $RDDT vs. tier 2 social media platforms (Pinterest, Twitter, SnapChat) / mismanagement

[45:27] Valuation cont'd

[56:53] $RDDT Growth strategy

[1:02:23] $RDDT's Biggest misperceptions

This episode is sponsored by our friends at YCharts

Matt Turk on why corporate history matters with Target Hospitality $TH Apr 23, 2024

Show notes

Matt Turk joins the podcast to discuss his thesis on Target Hospitality Corp. (NASDAQ: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services.

Links:

https://www.bamsec.com/filing/114036124014503/4?cik=1859285

https://www.youtube.com/watch?v=31s6todiuM8

Matt's YouTube Channel: https://www.youtube.com/@given2trade4

Chapters:

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

[1:53] What's going on with Target Hospitality $TH and why its interesting to Matt

[8:18] $TH Corporate history and why it's important / 2020 letter compared to 2024 letter from Arrow Group

[31:22] History cont'd of $TH with Arrow Group / why this situations reminds Andrew of $HRT situation

[39:11] Government contract / tail risks

[41:54] Bull case / comparables / rollups

[49:13] Additional risks

[58:50] Likelihood of closing and talking through potential buyout prices[1:04:50] Final thoughts

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

Greenhaven Road's Scott Miller shares his thoughts on point of sale business, PAR Technologies $PAR Apr 17, 2024

Show notes

Scott Miller, CIO of Greenhaven Road, joins the podcast to discuss his thesis on PAR Technologies (NYSE: PAR), where more than 70,000 restaurants in more than 110 countries use PAR’s restaurant point-of-sale, digital ordering, loyalty and back-office software solutions as well as industry-leading hardware and drive-thru offerings (according to the company's website).

Voss Capital write-up: https://vosscapital.substack.com/p/pars-path-to-80-redux

Greenhaven Road Q4 investor letter ($PAR mentioned): https://static1.squarespace.com/static/5498841ce4b0311b8ddc012b/t/65bd570c0ba5792db938f9a6/1706907404785/Greenhaven+Road+-+2023+Q4+FINAL_.pdf

For more information about Greenhaven Road, please visit: https://www.greenhavenroad.com/

Chapters:

[0:00] Introduction + Episode sponsor: YCharts

[1:30] Overview of PAR Technologies $PAR and why Scott is excited about the idea

[4:18] What are the "haters" missing with $PAR

[7:54] Burger King customer win

[9:42] Competitive landscape

[15:20] Why $PAR more than a Point of Sale play; additional verticals

[19:04] How do they win more customers / cloud-based vs. not-cloud based point of sale matter

[25:28] $PAR recent acquisitions, execution risk / convenience stores

[33:55] Growth runway / what keeps Scott up at night about $PAR

[38:24] Lumpiness of customer wins/announcements

[41:30] Final thoughts on $PAR

This episode is sponsored by our friends at YCharts. Numbers and data are one thing, but how you communicate and scale the delivery of these insights to clients is the real challenge. The reality is, people are more inclined to invest their attention and hard-earned dollars when presented with a captivating story and a skilled storyteller. YCharts empowers you with a fully customizable report and proposal offering, allowing you to expertly guide and control the narrative during client meetings. With over 30 modules for returns, risk, allocations, exposures, and holdings breakdowns, you can effectively showcase your strategies’ strengths and your competitors’ weaknesses. To top it off, YCharts Proposals has built-in sharing capabilities so you can create and share report templates for seamless collaboration among colleagues, enabling your team to gather new assets with ease.

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TeraWulf's $WULF Patrick Fleury on everything you need to know about bitcoin mining Apr 12, 2024

Show notes

Patrick Fleury, CFO of TeraWulf Inc. (NASDAQ: WULF), joins the podcast to discuss everything you need to know about bitcoin mining.

TeraWulf owns and operates vertically integrated, environmentally clean bitcoin mining facilities in the United States.

For more information and to subscribe to TeraWulf, please visit: https://www.terawulf.com/

Chapters:

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

[1:34] Patrick Fleury's background / difference between oil and gas mining to bitcoin mining at TeraWulf

[6:10] Defining hash rate and hash price

[12:48] Halving

[14:10] ROI for every new bitcoin miner they build

[19:04] Cost of capital / power costs

[24:33] Economies of scale and growth for growth's sake

[28:05] ROI on a 20-year investment in bitcoin miner (when considering halvings happen every 4 years) / cooling / low cost mining strategy

[33:41] What happens if bitcoin price drops (from mining operation perspective)

[38:13] Why issuing shares and directing all cash flows to pay down debt the best use of capital?

[40:15] Valuation and where Patrick thinks bitcoin miners should trade / replacement costs on assets in the ground

[45:38] Mining facilities, power, AI plays, turning over to HFC and AI machines / power capacity, source of power

[54:43] Nautilus facility / bitcoin mining tax / expanding internationally

[100:16] Capital allocation

[1:01:36] M&A / value discrepancies / final thoughts

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

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

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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/

Devin LaSarre shares thesis on Haypp Group, Online Distributor of Snus and Nicotine Pouches Apr 08, 2024

Show notes

Devin LaSarre, Founder and Editor of the Invariant Newsletter on Substack, joins the podcast to discuss his write-up and thesis on Haypp Group (HAYPP.ST).

Quick description on Haypp Group (according to their website): The Haypp Group is spearheading the global transformation from smoking to healthier product alternatives. With origins in Scandinavia our extensive experience from pioneering markets in smoke free alternatives, as well as being a leader in the e-commerce sector, we now fully take our vision to a global scale. With eleven e-commerce brands, the Haypp group is present in seven countries where we served more than 950 000 active customers in 2023.

Haypp Group write-up: https://invariant.substack.com/p/haypp-group-nicotine-pouch-trend

For more information and to subscribe to Devin LaSarre's newsletter, Invariant, please visit: https://invariant.substack.com/

You can Follow Devin LaSarre on Twitter/X @DevinLaSarre: https://twitter.com/DevinLaSarre

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

[1:36] What is the Haypp Group and why it's interesting to Devin and overview of the smoking alternatives industry

[6:52] Demand for nicotine and oral products (pouches, snus, dips)

[13:44] Haypp Group - investing thesis, why attractive idea to Devin

[17:44] What is differentiated about Haypp Group; why is this not the most competitive, lowest margin business

[23:21] What's a "Zyn-fluencer" and marketing challenges

[26:24] Customer acquisition costs / focus on SEO

[33:06] Haypp Group's pricing and cost structure

[41:01] Alternative smoking product consumer trends, switching up brands

[48:30] Addressing risk factors / Haypp's moat

[57:07] Insights business

[59:47] Regulation risk with selling alternative smoking products online

[1:07:23] Valuation

[1:12:32] Where alpha potentially comes from since Haypp stock's double in last 6 months

[1:18:06] Low capex

[1:21:30] Switching costs from cigarettes to alternative smoking products

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/

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