Yet Another Value Podcast

Latest Episodes:

YAVP AMA hosted by Caro-Kann Capital's Artem Fokin Nov 30, 2023

Show notes

Artem Fokin, Portfolio Manager at Caro-Kann Capital LLC, returns to the podcast to do a fun AMA, not as a guest, but putting his hosting skills to the test and interviewing YAVP host, Andrew Walker.

For more information about Caro-Kann Capital, please visit: http://caro-kann-capital.com/

Chapters:

[1:25] Introduction + Episode sponsor: Alphasense

[3:03] Idea/inspiration for launching Yet Another Value Podcast

[5:56] 5% that is not "Podcast Andrew"

[7:10] YAVP format - how Andrew got to this podcast format

[10:56] Sourcing guests

[18:07] Interview preparation process

[26:29] Interviewer inspiration and how Andrew's interview style have evolved

[30:14] Striking a balance between leading guests too much vs. letting guests go on their own paths

[32:07] What makes a stock pitch stand out? Good stock idea vs. good stock pitch

[36:55] How has being a podcast host made Andrew a better investor?

[39:37] Andrew's investment style and philosophy

[42:42] How many ideas did Andrew end up investing in post-publishing a podcast

[45:02] What Andrew has learned about building a network, a community and connecting with people from the podcast

[47:41] Three people in the world Andrew wants to have on the podcast and the funniest moment thus far

[53:28] Three companies that Andrew would like to see discussed on the podcast

[55:59] Where does Andrew want to see the podcast go

Today's episode is sponsored by: Alphasense

This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.

MDC Financial Research's Michael Cohen "halftime" report on the $JBLU / $SAVE merger trial Nov 13, 2023

Show notes

Michael D. Cohen, CEO & Director of Research at MDC Financial Research, LLC, joins the podcast for the first time to share his thoughts on the JetBlue $JBLU / Spirit Airlines $SAVE merger trial that is now underway. Known for their “Event-Driven Legal” investment-research, Michael Cohen and his team follow significant legal disputes and are closely watching the $JBLU / $SAVE case.

For more information about MDC Financial Research, please visit: https://mdcfinancial.com/

For more on the SAVE / JBLU trial, see podcast #197 with Lionel Hutz: https://www.yetanothervalueblog.com/p/lionel-hutz-breaks-down-the-jetblue Chapters:

[0:00] Introduction + Episode sponsor: Alphasense

[1:38] Michael's overview of the $SAVE / $JBLU trial as the trial has commenced

[14:47] How $SAVE / $JBLU case compared to Spectrum Brands trial

[16:20] Judge for the $SAVE / $JBLU trial

[19:52] Divestitures

[22:50] Anti-competitive arguments

[26:27] Spirit "Hot Docs" (Hot Documents)

[29:02] "Flailing Firm" defense

[35:28] Spirit stock performance since the trial started

[39:41] Head of Network

[42:31] Government "Hot Docs"

[45:32] Market Definition

[49:55] Additional takeaways from $SAVE / $JBLU case - government's focus on $SAVE's business model and testimonies on the fluidity of this industry

[51:32] Odds of DOJ winning vs. $JBLU winning

[54:26] What makes Michael think that this case isn't a coin flip in $JBLU's favor

Today's episode is sponsored by: Alphasense

Chris DeMuth's State of the Markets October 2023 Oct 24, 2023

Show notes

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this October 2023 edition, Chris provides his take on problems and opportunities in biotech, tax loss selling, closed-end funds, big spread arbitrage, Albertson's / Kroger merger case and predictions for upcoming Liberty Day.

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

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:22] What is on Chris' mind this month: merger arb, closed-end fund, failed biotech, Liberty Day

[3:42] How Chris is thinking about biotech companies right now

[6:24] Problems in biotech, but is there opportunities?

[10:36] Closed-end funds

[14:04] Big spread arbitrage

[22:10] Albertson's / Kroger merger case

[33:15] Predictions for Liberty Day

Today's episode is sponsored by: Alphasense This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.

Boyar Research's Jonathan Boyar on how $MODG is growing an entire industry Oct 17, 2023

Show notes

Jonathan Boyar, President of Boyar Research, returns to the podcast for the fourth(!!) time to discuss his thesis on Topgolf Callaway Brands (NASDAQ: MODG) and how it is growing an entire industry.

Subscribe to the Boyar Research Substack here: https://boyarresearch.substack.com/

You can Follow Boyar Research on Twitter/X here: https://twitter.com/BoyarValue

$MODG write-up: https://boyarresearch.substack.com/p/a-company-thats-growing-its-entire

Chapters: [0:00] Introduction + Episode sponsor: Alphasense

[1:42] Topgolf Callaway Brands $MODG and why its interesting

[3:57] Why $MODG is clearly a "Topgolf" story? And, what is Topgolf

[12:05] Land grab for opening new "Topgolf" or competitive stores

[15:00] What Jon thinks people are so worried about Topgolf

[18:06] Topgolf pushback: financing new stores

[22:17] Would it be better to separate Topgolf and Callaway?

[24:42] Topgolf advertising revenue stream and what is the company referring to when they say they are "maximizing economics" of the business (PEI system)

[29:30] KPIs the company tracks

[33:50] $MODG valuation

[39:04] "Toptracer" part of the business

[41:22] Pressure on $MODG stock; what keeps Jon up at night about the idea and various upside scenarios

[46:36] Final thoughts

Today's episode is sponsored by: Alphasense

Value Punks' Daye Deng on why Warren Buffett $BRK invested in Japanese Trading Companies Oct 12, 2023

Show notes

Daye Deng, Co-Founder and Editor of the Value Punks newsletter on Substack, joins the podcast to discuss his articles that are deep dives on Japanese Trading Companies and why Warren Buffett invested in Japan.

Value Punks article on Japanese Trading Companies: https://valuepunks.substack.com/p/deep-dive-japanese-trading-companies

Chapters:

[0:00] Introduction + Episode sponsor: Alphasense

[1:26] History of the Japanese trading companies and Warren Buffett

[6:59] Why trading so important in Japanese economy

[12:37] Why Buffett made his first investment in Japan

[22:23] Breaking down of Sogo Shosha (Japanese Trading Companies)

[26:38] Why Buffett holding his investment despite run-up

[28:21] Examples of corporate governance and capital allocation changes that Japanese trading companies specifically made to improve them

[37:54] Overview of the basket of 7 Japanese Trading Companies, and what Daye thinks is the most interesting/exciting; difference between tier one, tier two and tier three players, and how would Daye label the 5 companies Buffett invested in (Tier 1-3)

[43:16] Geopolitical reasons folks interested in Japan

[47:13] ESG in Japan

Today's episode is sponsored by: Alphasense

Bill Chen on why the opportunity exists right now in publicly-traded Real Estate Oct 09, 2023

Show notes

Bill Chen, a real estate investor and Managing Director at Rhizome Partners, returns to the podcast to provide his latest insights on what's happening in publicly-traded real estate market, private real estate market and literally everything real estate in between.

For more information about Rhizome Partners, please visit: http://rhizomepartners.com/

Chapters:

[0:00] Introduction + Episode sponsor: Alphasense

[1:38] Discrepancy between publicly-traded real estate and private market value / what's going on in REITs

[4:27] How does current Real Estate environment relate to similar historical periods

[9:26] Bill Chen's current real estate thesis

[13:58] Liquidation premium and where we are in the real estate cycle

[22:43] Public market trades below the private market - why shouldn't public market real estate trade for discount to private market?

[26:45] Real estate diversification, geographic risk and tax breaks

[38:38] Running apartments buildings net debt

[43:25] How to finance a distress cycle and capital allocation strategies during this time

[52:51] Why invest in real estate vs. (for lack of a better term) a lot of other stuff right now

[1:01:21] Why Bill Chen thinks this opportunity exists right now in publicly traded real estate

Today's episode is sponsored by: Alphasense

HSP Capital's Harris Perlman unpacks vegetable canner, Seneca Foods $SENEA Oct 06, 2023

Show notes

Harris Perlman, Principal at HSP Capital, joins the podcast to discuss his thesis on Seneca Foods Corporation (NASDAQ: SENEA), one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. (Note Harris' audio is not the greatest on this, but we did our best to adjust where we could.)

Harris' write-up: https://drive.google.com/file/d/1wAm1w3eEZCHCfY-e1Lzu0gvyGW7uN4KL/view

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:46] Overview of Seneca Foods $SENEA and why its interesting

[6:22] Asset value / LIFO accounting

[14:24] Why $SENEA isn't the ultra-commodity terrible business most people associate with canned vegetables?

[22:36] Canned vegetables industry

[24:46] $SENEA corporate history and background

[31:38] What happened with $SENEA from 2021-2023, specifically with inflation

[36:16] $SENEA understanding downside risks, specifically regarding insider control, governance, debt

[44:12] Investing in capital expenditures - expand Del Monte capacity

[46:48] How Harris thinks $SENEA thesis will play out

[48:41] Private label trend

[53:37] $SENEA competitive analysis

[57:09] Recent $SENEA financial performance

[1:00:40] Final thoughts on $SENEA

Today's episode is sponsored by: Alphasense

Chris DeMuth's State of the Markets September 2023 Oct 04, 2023

Show notes

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this September 2023 edition, Chris provides his take on Amazon FTC case, Scultpor Capital Management bid, monthly antitrust update, and more!

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

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:49] What's been going on - September 2023: update on antitrust cases and valuing the deals

[8:45] Large mergers/acquisitions and how to better understand why firms choose the paths they do

[14:09] Sculptor Capital Management bid

[17:25] Best case for shareholder activism and natural corporate defense of smallness

[20:48] Amazon FTC case

[30:22] Amazon iRobot

[35:30] FTC being aggressive bringing losing cases

[38:58] Final thoughts for September 2023: oil and gas, thoughts on the space overall

Today's episode is sponsored by: Stream by Alphasense

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Lionel Hutz' breakdown and analysis of the JetBlue $JBLU / Spirit $SAVE merger DOJ case Oct 03, 2023

Show notes

Lionel Hutz, Editor of the Lionel Hutz Newsletter on Substack, joins the podcast today to discuss the JetBlue (NASDAQ: JBLU) / Spirit (NYSE: SAVE) merger DOJ case.

Lionel's JetBlue/Spirit write up: https://lionelhutz.substack.com/p/in-the-spirit-of-competition

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:48] What is so interesting about the JetBlue / Spirit DOJ case

[4:18] JetBlue / Spirit merger saga - background

[11:34] Why is the "Northeast Alliance" relevant

[20:26] DOJ case - "Route Pair Analysis" / "Local Market Pairs

[27:06] Airline market / thoughts on divestitures

[32:44] DOJ argument about relevant markets

[44:03] Hurdles for DOJ to show anti-competitive effects

[47:15] Notion of "Hot Docs" and their relevance to the trial

[54:07] Judge for this case, his background and why this matters

[59:08] Consensus around JetBlue's paying a huge premium for Spirit. Why doesn't JetBlue just walk?

[1:06:34] Department of Transportation joined the DOJ to block the merger - what this means?

[1:14:12] Trial scheduled to start October 16, could there be a settlement between now and then?

Today's episode is sponsored by: Alphasense

Grizzly Rock Capital's Kyle Mowery + Mike Holt on secular tailwinds for silicon metal producer $GSM Oct 02, 2023

Show notes

Kyle Mowery and Mike Holt, CFA, Managing Partner / Portfolio Manager and Senior Analyst, respectively, at Grizzly Rock Capital joins the podcast today to discuss their thesis on Ferroglobe PLC (NASDAQ: GSM), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys.

For more information about Grizzly Rock Capital, please visit: https://www.grizzlyrockcapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:47] Who is Ferroglobe PLC (NASDAQ: GSM) and why are they interesting?

[3:39] $GSM valuation

[7:52] What Grizzly Rock Capital thinks the market is misunderstanding about $GSM

[10:51] Global supply / demand curve for silicon metal in China + IRA demand

[17:51] How much of $GSM earnings come from solar currently

[20:01] Evaluating $GSM on an asset valuation basis

[23:53] Management evaluation and semi-controlling shareholder / long term vision

[29:40] Capital allocation strategy

[32:52] Inflation Reduction Act (IRA) and solar demand

[35:49] Plants coming online in North America and how that affects $GSM

[38:38] Outlook on European assets

[40:56] Licensing off EV patents and maintenance capex

[44:57] How Grizzly Rock Capital looking at 2024 earnings

[47:15] Bridging the gap of Grizzly Rock Capital's 2024 expectations vs. $GSM historical performance

[53:14] $GSM final thoughts

Today's episode is sponsored by: Alphasense

This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit https://www.alpha-sense.com/solutions/financial-services/ today to beat FOMO and move faster than the market.

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