Yet Another Value Podcast

Latest Episodes:

Luis Sanchez drives home the Endor thesis (Podcast #107) May 19, 2022

Show notes

Luis Sanchez, founder of LVS Advisory, discusses his bull case for Endor AG, including why competitors can't recreate their product and how they benefit from the current boom in motor sports like F1 and NASCAR.
My notes on Endor: https://twitter.com/AndrewRangeley/status/1526577674801520642?s=20&t=wqYSVMYKfG3kx8M9qhkB9w
Luis's MOI pitch: https://twitter.com/LuisVSanchez777/status/1524707206574321666
Chapters
0:00 Intro
2:20 Endor Overview
14:40 Where is Luis most divergent from the market on Endor?
24:15 How frequently do people upgrade?
27:30 Why isn't Endor the typical COVID beneficiary about to fall off a cliff?
36:00 How the current motor sport boom helps Endor
42:00 Endor's valuation
52:00 Endor's long term margin potential
56:00 Endor's move into lower end products
1:02:40 Luis's closing thoughts

Chris DeMuth's state of the markets May 2022 May 12, 2022

Show notes

Chris DeMuth returns to the podcast for a new monthly segment talking about the current state of the markets
My note on event driven situations; https://yetanothervalueblog.substack.com/p/weekend-thoughts-the-rich-set-of?s=w
My note on energy companies: https://yetanothervalueblog.substack.com/p/when-are-the-activists-and-pe-funds?s=w
Chapters
0:00 Intro
1:55 Chris's state of the markets
11:05 KSS
16:40 The regulatory environment and its impact on deals
22:15 ATVI / MSFT
28:50 TWTR and Elon Musk
39:00 Commodity / energy stocks disconnect from strip pricing

Bill Chen on Clipper Realty and the NYC apartment boom May 09, 2022

Show notes

Bill Chen makes his second podcast appearance to discuss Clipper Realty (CLPR). Clipper owns a bunch of NYC apartment buildings, and Bill thinks the current boom in apartment rentals will drive strong returns for the company going forward.
Bill's first podcast appearance: https://yetanothervaluepodcast.substack.com/p/bill-chen-breaks-down-frphs-sotp?utm_source=url
0:00 Intro
2:05 CLPR overview
4:35 Where is Bill most differentiated on CLPR?
8:20 How does the post-COVID NYC apartment boom help CLPR?
14:15 CLPR's leverage and balance sheet
16:45 Why CLPR over SLG or another similar REIT?
20:30 Are the long term trends against NYC?
28:00 Rent control in NYC
34:50 Why do people have cable companies and their landlords?
39:30 CLPR and inflation
41:10 "Regulatory inflation" and NYC's moat
43:30 CLPR's controlling family
47:15 Discussing cap rate environment for NYC apartment
49:40 CLPR's development projects and potential value creation
53:40 The safety of CLPR
1:00:00 Bill makes me feel bad about my shoebox apartment

Bonus episode: Randy Baron updates $AMRS and $RNLX Apr 25, 2022

Show notes

In this special bonus episode, Randy Baron provides updates on his prior podcast appearances on RNLX and AMRS.
Randy's appearance on GDS: https://twitter.com/AndrewRangeley/status/1517512427071545346?s=20&t=UyPsEybQEnbnE9riOPd5yQ
Randy's appearance on AMRS: https://twitter.com/AndrewRangeley/status/1407669290241777666?s=20
Randy's appearance on RNLX: https://twitter.com/AndrewRangeley/status/1448604500009242632?s=20
Chapters
0:00 Intro
0:45 RNLX update
4:05 AMRS update
9:45 AMRS's November convert raise: good or bad?
15:15 Valuing AMRS's consumer brands
20:20 Should AMRS just be focusing on consumer brands?
25:15 AMRS capital needs going forward
28:40 AMRS's management comp and shareholder alignment

Randy Baron's bull case on $GDS Apr 22, 2022

Show notes

One of the people's favorite guests, Randy Baron, returns to the podcast to talk about his thesis for GDS. GDS is a Chinese data center company, and Randy goes in depth into the company, including why their tier 1 footprint gives them a moat, how GDS is trading at a discount to private market values, and why ADR and VIE fears may be overblown.
My notes on GDS: https://twitter.com/YetAnotherValue/status/1516805266565644289?s=20&t=_7FcaMp4YYgZ1S4htJXz6g
Randy's first podcast on AMRS: https://twitter.com/AndrewRangeley/status/1407669290241777666?s=20
Randy's second podcast on RNLX: https://twitter.com/AndrewRangeley/status/1448604500009242632?s=20
Tubes (data center book mentioned in the pod): https://amzn.to/3rKUxRq
Chapters
0:00 Intro
2:20 Data Center Overview
9:10 Chinese Data Center overview
11:20 Randy's history with GDS
17:45 GDS valuation versus private market comps
24:00 What does Randy see in GDS that the market is missing?
28:45 GDS's international expansion plans
34:00 Why does GDS's tier 1 footprint give them a moat?
39:50 GDS's M&A and growth ambitions
47:30 GDS's recent raise from Sequoia China and peer VNET's acquisition offer
52:15 The China ADR and VIE issues
58:55 Wrapping up the GDS thesis

Andrew Wagner on Copart (CPRT) Apr 18, 2022

Show notes

Andrew Wagner, CIO of Wagner Road Capital Management, discusses his thesis on Copart (CPRT).
My Copart (CPRT) notes; https://twitter.com/YetAnotherValue/status/1514627334464323589?s=20&t=yjNrQXKvqPrQdJZ_Z00Tdw
Andrew's post on Copart: https://www.wagnerroadcm.com/blog/2022/4/8/what-i-like-about-copart-and-how-i-found-it
Andrew's Book: The Economics of Online Games: https://amzn.to/3KNkAPn
Chapters
0:00 Intro
2:05 How Andrew found CPRT
5:30 What is the market missing in CPRT?
9:20 What does CPRT do?
11:00 What is CPRT's moat?
13:25 Does CPRT's network advantages give them an edge in expansion?
15:00 Bear case #1: Valuation
16:30 Bear case #2: COVID earnings boost
18:50 Bear case #3: Why isn't CPRT buying back shares?
23:30 Why is CPRT so much better than IAA?
25:30 CPRT's management
27:45 CPRT's land ownership
33:15 CPRT's international operations
35:20 Does CPRT's moat travel internationally?
38:55 Ancillary services opportunity
43:15 CPRT's long term tailwinds from "totaled" cars
47:00 Do EVs change CPRT's economics?
49:30 Car ownership trends and CPRT

Bob Robotti on WLK and the revenge of the old economy Apr 14, 2022

Show notes

Bob Robotti, founder of Robotti Advisors, discusses his thesis on Westlake Corporation (WLK) and why he thinks "old economy" stocks are poised for a comeback.
My notes on WLK: https://twitter.com/AndrewRangeley/status/1513885052974899200?s=20&t=QiY-1L2H5U3GZ-S5YjGFww
Chapters
0:00 Intro
2:50 WLK Overview
6:10 Diving into WLK's segments and products
10:45 WLK's favorable supply demand dynamics
14:40 WLK's valuation
18:55 WLK's control shareholders and family ownership
22:15 How can WLK acquire so accretively?
28:00 WLK's capital allocation
31:45 Do WLK's segments make sense together?
39:00 Why buy WLK versus peers?
41:40 BLDR and the building products distributors
44:45 Why "don't buy cyclicals at the top" might be wrong today
51:00 What happens if tech stocks stumble / Revenge of the old economy

Conor Maguire sees value in Wickes Apr 08, 2022

Show notes

Conor Maguire, founder of Value Sits, discusses his thesis on Wickes (WIX:LSE). Wickes is a cheap retailer that Conor thinks is both recession resistant and suffering from typical post-spin dynamics.
My notes on WIX: https://twitter.com/AndrewRangeley/status/1511702344022609922?s=20&t=2lChWyeIhR6HZWw938bR8Q
Conor's write up: https://valuesits.substack.com/p/wickes-group-plc-wixln?s=w
Chapters
0:00 Intro
1:55 Wickes Overview
5:25 WIX value proposition and customer base
10:25 Amazon risk
12:00 WIX valuation
15:15 WIX and the death of retail narrative
18:10 Opportunity cost of WIX versus other retailers
20:45 Spin-off dynamics
21:55 Are the spin-off dynamics real?
24:55 Does being independent accelerate WIX growth?
28:05 The economics of store refits
31:25 Management incentives
34:05 WIX downside protection
35:05 Do you read anything into WIX installer poor reviews?
39:35 WIX Trade Pro side
42:15 WIX digital sales
44:15 Upcoming de-merger costs
48:10 Other situations on Conor's radar
49:10 Discussing DOLE
51:20 Kenmare Resources

Swen Lorenz from Undervalued-Shares on $IWG Apr 04, 2022

Show notes

Swen Lorenz, founder of https://www.undervalued-shares.com, discusses his thesis on IWG. IWG owns a variety of co-working brands that compete with WeWork, and Swen believes IWG's scale, cheap valuation, and variety of catalysts makes them a terrific value investment.
Note: We had some connectivity issues on Swen's side during the podcast; I tried to edit the best I could but ultimately it was either release as is or not at all! Hopefully it's not too much of a bother!
My IWG Notes: https://twitter.com/AndrewRangeley/status/1509521982953558024?s=20&t=qUBbtL3_y1G8geiQ4tIFdA
Chapters
0:00 Intro
1:15 IWG Overview
3:00 IWG versus WeWork
6:00 IWG's scale
11:00 How valuable is a network for co-work spaces?
16:20 Why does IWG's multi-brand model make more sense than WeWork's one brand?
18:55 IWG's burgeoning franchise model
25:20 The recovery from COVID
29:00 IWG's pandemic performance
33:00 IWG's growth plans
36:00 IWG's tech acquisition and spin off plans
41:30 Why has IWG been hit so much harder than office-space peers?

Tim Weber updates $AMPY and talks the double dogs Mar 21, 2022

Show notes

Tim Weber, a private investor, returns to the podcast to provide an update on the $AMPY thesis and then discuss his double dog index, why it's been crushing the market so far this year, and his outlook for the dogs from here.
Twebs double dog post: https://twebs.substack.com/p/introducing-the-double-dog-index?r=f389n&utm_campaign=post&utm_medium=web&s=r
Note that there was a slight delay on Tim's end with the audio; I don't think it's a huge issue but wanted to assure you you are not going crazy if you hear a slight delay!
Chapters
0:00 Intro
1:55 AMPY Update
12:15 AMPY going forward
19:15 The potential Eagle Ford sale and what it means of AMPY's PV-10
24:05 AMPY's "generalist risk"
26:45 Beta's California risk
30:30 AMPY closing thoughts
33:50 Discussing the double dogs index
36:30 The United Steel (X) example
42:10 What double dogs does Tim think are most attractive right now?
47:20 Does the rush into the commodity space worry Tim?
51:00 Should we be looking at broken growth instead of deep value right now?

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