Yet Another Value Podcast

Latest Episodes:

Bireme Capital's Evan Tindell on British American Tobacco $BTI and tobacco's inflection point Feb 19, 2024

Show notes

Evan Tindell, CIO of Bireme Capital, joins the podcast for his fourth time to discuss his thesis on British American Tobacco p.l.c. (NYSE: BTI), the company engages in the provision of tobacco and nicotine products to consumers worldwide.

For more information about Bireme Capital, please visit: https://www.biremecapital.com/

Evan's $BTI write-up in Bireme Capital's investor letter: https://www.biremecapital.com/blog/december-2023-investor-letter

Chapters:

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

[2:04] Overview of British American Tobacco Company and why they are interesting to Evan

[6:42] What Evan thinks his edge is with $BTI / comments on stock performance over the last few months

[11:58] Vaping, regulations and how this affects $BTI

[18:38] $BTI annual report

[25:24] Competition from non-regulated folks / legal liabilities for new $BTI products / menthol cigarette ban

[34:00] Doom-looping on cigarette industry

[38:00] $BTI's ownership stake in ITC (formerly known as India Tobacco Company)

[43:43] "Sum of the Parts" stocks[51:07] $BTI capital allocation strategy

Today's episode is sponsored by: Fundamental Edge

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Check out the Academy syllabus and sign up for future free content: https://fundamental-edge.ck.page/academyinfo

The Science of Hitting's Alex Morris dissects "Letting Winners Run" philosophy and strategy Feb 07, 2024

Show notes

Alex Morris, Founder of TSOH Investment Research, returns to Yet Another Value Podcast for the fourth time to discuss his recent article, "Letting Winners Run."

For more information about Alex Morris and subscribe to his research service, TSOH Investment Research Service, please visit: https://thescienceofhitting.com/ You can Follow Alex Morris on Twitter @TSOH_Investing: https://twitter.com/TSOH_Investing

"Letting Winners Run" article: https://thescienceofhitting.com/p/letting-winners-run

Chapters:

[0:00] Introduction + Episode sponsor: Alphasense

[1:47] Letting winners run thesis

[6:23] Hindsight bias

[8:26] Cash flow considerations

[12:07] Selection bias

[14:36] Examples of the "Letting Winners Run" strategy (forever business vs. 5-year/20-year outlooks)

[18:55] How "Forever Business" in media has changed over the years

[21:46] Management

[26:07] Is there something unique about big tech

[29:08] Thesis drift + examples

[38:03] Knowing when to sell "forever business"

[41:56] "Beautiful Sunset" principle

[45:27] Dismissing banks an example of dismissing "letting winners run"

[51:06] Why "Best Ideas Funds" fall short

[53:40] Final thoughts and closing

Today's episode is sponsored by: Alphasense

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Chris DeMuth's State of the Markets January 2024 Feb 01, 2024

Show notes

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this January 2024 edition, Chris discusses anti-trust, Spirit decision, US Steel - Nippon, banks and $LQDA.

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

[0:00] Introduction + Episode sponsor: Alphasense

[1:53] Anti-trust + Spirit decision

[9:00] Judge's decision in Spirit case + how antitrust lawyers reacted before and after the decision

[15:45] Future of anti-trust and mergers

[21:32] US Steel - Nippon

[28:33] Banks

[30:32] $LQDA

Today's episode is sponsored by: Alphasense

Voss Capital's Jon Hook thesis on outsourced revenue cycle management company, R1 RCM $RCM Jan 25, 2024

Show notes

Jon Hook, CFA, Senior Analyst at Voss Capital, joins the podcast to discuss his thesis on R1 RCM Inc. (NASDAQ: RCM), a leading provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers.

For more information about Voss Capital, please visit: https://www.vosscap.com/

Chapters:

[0:00] Introduction + Episode sponsor: Alphasense

[1:30] What is $RCM and why are they interesting to Jon Hook

[3:47] Why tax is 4-6% (vs. 2% or 20%)

[6:20] Jon Hook's background

[8:50] $RCM elevator pitch

[15:43] $RCM going concerns: addressing short reports, challenging 2022, management change

[22:36] Sutter roll-out

[27:37] Network effects / competitive landscape

[32:32] Addressing add-backs, adjusted EBITDA

[37:10] Addressing stickiness of the business

[40:53] Providence acquisition and capital allocation strategy

[48:22] Final thoughts on $RCM short report

[52:11] Coder shortage

[54:31] Optum ($RCM largest competitor)

[58:33] $RCM final thoughts

Today's episode is sponsored by: Alphasense

Lake Cornelia's Judd Arnold provides his 2024 outlook on offshore drilling + activism Jan 19, 2024

Show notes

Judd Arnold, Lake Cornelia Research Management @CorneliaLake, joins the podcast to discuss the offshore drilling space, $TDW update, activism, $VAL, $RIG, $NE, Petrobas risk, macro risks, reflecting on recent positions with lessons learned and what Judd is focused on for 2024.

For more information for Lake Cornelia Research Management and Judd Arnold, you can can Follow on Twitter/X @CorneliaLake: https://twitter.com/CorneliaLake

Chapters:

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

[2:24] Offshore drilling space and $TDW update

[13:12] Offshore drilling space - market correction? and $VAL $RIG

[22:56] Why $VAL might not exercise options and Judd's newsletter explaining why $VAL should ($VAL ultimately did) + discussion on activism

[35:38] What's it going to take for $VAL to start working

[40:25] New build

[43:48] Petrobas risk?

[45:19] Macro risks: OPEC, Oil prices, geopolitics, US Election

[51:52] Gulf of Mexico

[55:48] What Judd is focused on; activism; reflecting on recent positions and lessons learned

Today's episode is sponsored by: Fundamental Edge

Check out the Academy syllabus and sign up for future free content: https://fundamental-edge.ck.page/academyinfo

Fundamental Edge's Brett Caughran on setting up for success in the pod shop world Jan 16, 2024

Show notes

Brett Caughran, Lead Trainer and Founder of Fundamental Edge, joins the podcast to discuss Fundamental Edge, Brett's background, how pod shows think about earnings season, fundamental stories, liquidity and market efficiency, small caps, pod shops, risk management and pod shop culture.

To sign up for Fundamental Edge's Analyst Academy, use the code "10YAVP" for a 10% discount: https://www.fundamentedge.com/

Chapters:

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

[1:33] Brett's background and overview of Fundamental Edge

[6:34] What do pod shops look at when they're thinking about earnings season

[15:54] Fundamental stories

[20:31] Liquidity and market efficiency, small caps

[24:58] Pod shop strategies, stress tests, blow ups

[33:53] How interest rate environment affects the pod model

[37:45] Revenge of the small caps

[43:27] Going to work at smaller startup pods vs. larger pod shops

[47:49] Risk management

[51:03] Pod shop culture

Today's episode is sponsored by: Fundamental Edge

Check out the Academy syllabus and sign up for future free content: https://fundamental-edge.ck.page/academyinfo

Patrick Wolff shares his thoughts investing in 2024, battleground stocks, MicroCaps + $TACT thesis Jan 12, 2024

Show notes

Patrick Wolff, full-time private investor, joins to have a general discussion a wide range of topics: his background (former US Chess champion in 1992 and 1995), the right to buy stocks, domestic vs. international focus, indexing vs. single stock investing, battleground stocks, advantages investing in MicroCap stocks and closes with his thesis on Transact Technologies $TACT.

Chapters:

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

[2:01] Patrick Wolff's background

[7:10] The right to buy stocks

[12:37] Domestic vs. International focus; European markets

[21:04] Indexing vs. single stock investing; tax efficiency; time efficiency

[32:56] Diversification and circle of competence

[37:53] Battleground stocks

[40:19] MicroCap stocks

[47:13] $TACT Transact Technologies thesis

Today's episode is sponsored by: Fundamental Edge

Check out the Academy syllabus and sign up for future free content: https://fundamental-edge.ck.page/academyinfo

Jim Royal, Author of "Zen of Thrift Conversions", on the basics of Thrift Conversions Jan 09, 2024

Show notes

Jim Royal, Author of "Zen of Thrift Conversions", joins the podcast to provide the basics of "Thrift Conversions", what that means, as well as examples that help illuminate them.

Jim's book, "Zen of Thrift Conversions", available on Amazon: https://www.amazon.com/Zen-Thrift-Conversions-Hidden-Stocks/dp/B08KH3THCR?crid=1RO9I0CVP07JD&keywords=the+zen+of+thrift+conversions&qid=1704737642&sprefix=zen+of+thrift,aps,161&sr=8-1&linkCode=sl1&tag=andrew613880e-20&linkId=aa5821380d1063911549c0014b02427a&language=en_US&ref_=as_li_ss_tl

Chapters:

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

[1:49] The basics of "Thrift Conversions"

[8:51] Safety

[11:25] Management incentives

[15:46] How can investors participate in IPO of thrift conversions

[19:58] Needham

[23:50] Thrift Conversions in current banking environment

[27:26] Return on equities and repurchases

[35:39] Characteristics of poor de-mutualizations and thrift conversions

[39:14] Investor Activism

[45:08] Why thrift conversions sell during a given time frame and why some don't

[47:36] Worthwhile for investors to look at second step conversions (because so complicated)?

[51:00] Lightening round: why more mutuals in the Northeast than elsewhere? How much does geography matter?

[53:59] Three (3) interesting de-mutualizations to look at, according to Jim Royal

Today's episode is sponsored by: Fundamental Edge

Check out the Academy syllabus and sign up for future free content: https://fundamental-edge.ck.page/academyinfo

David Capital Partner's Adam Patinkin thesis on asset light house builder, Vistry Group $VTY.L Jan 07, 2024

Show notes

Adam Patinkin, CFA, Managing Partner at David Capital Partners, LLC, joins the podcast to discuss his thesis on Vistry Group PLC (LSE: VTY), UK’s leading provider of affordable mixed tenure homes.

For more information about David Capital Partners, please visit: https://davidpartners.com/

Chapters:

[0:00] Introduction + Episode sponsor: Alphasense

[1:28] David Capital's background and investing philosophy

[7:07] Overview and history of Vistry Group $VTY.L + David Capital's background with $VTY.L and why Vistry is interesting to Adam

[18:39] Partnerships business - what is it?

[27:04] What is unique about Countryside's business model (Vistry's competitive moat)

[36:25] Why Adam thinks that Vistry's future growth is going to unlock, despite trading flatish for last 15 or so years

[43:10] What "Mixed Tenure Project" means

[48:02] Partner pushback?

[52:40] NPC comparison

[56:17] What breaks the Vistry thesis?[1:00:55] UK housing cycle - where are we at[1:06:02] Vistry valuation + growth prospects

[1:16:25] What is the sell-side missing[1:22:38] CEO comp package and newly appointed board directors[1:25:22] Vistry exposure amongst UK funds

Today's episode is sponsored by: Alphasense

Chris DeMuth's State of the Markets December 2023 Jan 02, 2024

Show notes

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this December 2023 edition, Chris discusses what's on his mind at the end of the year, Merger Arb, $ROIV, $IMVT, thoughts on $SAVE, views on 2024 and lessons learned from 2023.

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

Chapters:

[0:00] Introduction + Episode sponsor: Alphasense

[1:46] Chris' thoughts, high level, for December 2023: merger arb

[2:44] Roivant $ROIV

[8:27] Immunovant, Inc. $IMVT

[13:44] Thoughts on $SAVE, antitrust, merger arb implications when government blocks M&A

[26:18] Views on 2024 and lessons learned from 2023

[36:23] CVRs

[42:55] Final thoughts

Today's episode is sponsored by: Alphasense