Yet Another Value Podcast

Latest Episodes:

More Than a Numbers Game: A Brief History of Accounting (Fintwit Book Club January 2025) Jan 15, 2025

Show notes

In this bonus episode, Andrew and Byrne Hobart from The Diff discuss the 2008 book More Than a Numbers Game See Byrne's writing at: https://www.thediff.co/ More Than a Numbers Game on amazon: https://amzn.to/4ajREfe

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Yet Another Value's 2025 Idea of the Year: Full House Resorts $FLL Jan 02, 2025

Show notes

In today's episode of the Yet Another Value Podcast, Host, Andrew Walker, shares his thesis and presentation on the YAVB 2025 Idea of the Year: Full House Resorts $FLL, owns, leases, develops and operates gaming facilities throughout the country.

For more information and to subscribe to the Yet Another Value Substack, please visit: https://www.yetanothervalueblog.com/

Disclosure: long FLL

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:35] Introduction to the Idea of the Year of 2025

[3:07] Quick overview of YAVB Idea of the Year: Full House Resorts $FLL and how to win at regional gaming case study

[18:11] Why $FLL interesting/unique opportunity to Andrew

[23:38] Why did $FLL invest in Chamonix

[25:52] $FLL portfolio casino: American Place

[28:22] Upside / what are we playing for

[30:39] Why does the $FLL opportunity exist

[36:06] The new markets already ramping: American Place and Chamonix

[40:53] Risks: Chamonix Ramp, American Place Lawsuit

[50:50] Unlocking Value in $FLL: sale leasebacks

[56:47] Unlocking Value in $FLL: M&A

[1:01:11] Synergies (if a strategic were to buy $FLL)

[1:02:57] Final thoughts

Today's sponsor: Daloopa

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Random Ramblings December 2024: YAV Empire, Parallels between Athletics and Investing + Incentives Dec 27, 2024

Show notes

Welcome to the December 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: Yet Another Value Empire, reflecting on investing focus for 2025, Parallels between Athletics and Investing and Incentives.

Chapters:

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

[2:34] Yet Another Value empire and reflecting on investing focus for 2025

[11:32] Parallels between athletics and investing

[18:16] Incentives

Today's sponsor: Fintool

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Inside Arbitrage's Asif Suria shares his thesis on insider purchases at Pebblebrook $PEB Dec 20, 2024

Show notes

Asif Suria, Author of "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market" and Founder and CEO at Inside Arbitrage, joins the podcast for the second time to discuss his thesis on Pebblebrook Hotel Trust $PEB, as well as his thoughts on insider activity post-election.

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: Fintool

[2:13] What is Pebblebrook Hotel Trust and why are they interesting to Asif

[6:18] Insider purchases at Pebblebrook Hotel Trust

[9:44] What Asif is seeing with Pebblebrook Hotel Trust that the market is missing

[13:56] $PEB portfolio

[18:56] Management claim on 11-14% ROI growth investment / NAV numbers from their November 2024 investor presentation

[23:20] Competitive landscape - why $PEB over other hotel companies / Share buybacks

[28:07] What keeps Asif up at night about his $PEB thesis and investment

[29:50] Management incentives

[36:12] AirBnB risk?

[37:59] Special Situations in general: What have insiders been looking at post-election / sectors Asif is seeing a lot of insider buying currently and elevated insider selling

[44:28] Spin-offs

Today's sponsor: Fintool

Asheville Capital Management's Jake Barfield on InPost's scaling moat Dec 05, 2024

Show notes

Jake Barfield, Founder & Portfolio Manager at Asheville Capital Management, joins the podcast to share his thesis on InPost Group, Europe’s leading e-commerce logistics enabler.

Jake Barfield's write-up on InPost: https://jakebarfield.substack.com/p/inpost-inpst-investment-thesis

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:23] What is InPost and why are they interesting to Jake

[4:24] What Jake is seeing with InPost that the market is missing

[5:46] Push back on Jake's thesis + European parcel delivery differences to US

[14:48] Relationship with Allegro

[20:27] Why aren't landlords sticking it to InPost

[23:55] Competitive analysis

[34:32] Market penetration; Polish market and how they are trying to gain market share in UK and France

[45:06] Valuation

[55:26] Call options and gamification of customer experience

[1:00:56] Advent involvement; how does Jake think about empire building risk

[1:05:45] What would have to happen for InPost thesis to not work and final thoughts

Today's sponsor: Fintool

First Foundation's Eric Speron on the Lagardere SA situation: spin out, publishing, travel retail Nov 23, 2024

Show notes

Eric Speron, Managing Director of Equities, PM of First Foundation Total Return (FBBYX) at First Foundation, Inc., joins the podcast to share his thesis on Lagardere SA (MMB.PA), an international group with operations in more than 40 countries worldwide. The Group focuses on three divisions: Lagardère Publishing (Books, E-Books, Partworks, Stationery, Board Games and Mobile Games), Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion and Dining) and Lagardère News (Le Journal du Dimanche, JDNews and the Elle brand licence). The Group’s operating assets also include Lagardère Live Entertainment and Lagardère Paris Racing.

Eric Speron's Linkedin: https://www.linkedin.com/in/eric-speron-cfa-09925a3/

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[2:31] What is Lagardere SA (MMB.PA) and why is it so interesting to Eric

[6:12] What is Eric seeing with Lagardere SA (MMB.PA) that the market is missing

[8:54] Vivendi's spin off of ownership stake in Lagardere in December

[13:21] Publishing business and growth catalysts

[28:25] Travel retail business and the opportunity here

[36:28] What does the sum of the parts look like; valuation question

[41:07] How does Eric think the spin off will play out

[47:44] Final thoughts

Today's sponsor: Daloopa

Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research.

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

Random Ramblings NOV 2024: Post-Election, how top investors stay on their game, existential risks Nov 20, 2024

Show notes

Welcome to the November 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: Quick thoughts on the election, polymarket, what investors do to stay on top of their game, Investing blind spots: financial engineering and existential risks.

Chapters:

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

[1:57] Quick thoughts on the election, market reactions

[6:35] Polymarket

[9:48] What do top investors do that mirrors NBA players that spend millions on their body management to stay at the top of their games

[13:20] Investing blind spots: financial engineering, existential risks

Today's sponsor: Daloopa

Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research.

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

Ave Maria Focused Fund's Chadd Garcia on misreading waste-focused $SES.TO as energy services Nov 15, 2024

Show notes

Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Focused Fund, joins the podcast for his third appearance to share his thesis on SECURE Energy Services Inc. (TSX: SES), a leading waste management and energy infrastructure company.

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:48] What is Secure Energy Services $SES.TO and why is it interesting to Chadd

[4:56] What is Chadd seeing with $SES.TO that the market is missing

[6:46] $SES.TO's recent run-up, catalysts, acquisitions

[15:53] Risk that Western Canada is drilling a lot less oil in the future

[19:15] Capital allocation / changing the corporate name

[24:58] Continue aggressive buy-backs or focus on tuck-in acquisitions

[29:30] Customer insourcing potential

[31:40] Waste processing facilities, waste businesses; why haven't people picked up on this aspect of the story thus far

[36:00] Bought a lot of assets in distress; what has happened that drives those assets in distress that's not a risk here?

[37:46] Separation of businesses argument

[40:55] Scenarios for why $SES.TO thesis doesn't work out / final thoughts

Today's sponsor: Daloopa

Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research.

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

KNA Capital Management's Todd Wenning on making sense of the upside with Ecolab $ECL Nov 08, 2024

Show notes

Todd Wenning, CFA, President and CIO at KNA Capital Management, joins the podcast to discuss his thesis on Ecolab Inc. (NYSE: ECL), a global sustainability leader offering water, hygiene and infection prevention solutions and services.

For more information about KNA Capital Management, please visit: https://www.kna-capital.com/

To subscribe to Todd's newsletter, Flyover Stocks, on Substack, please visit: https://www.flyoverstocks.com/

You can Follow Todd Wenning on Twitter/X @ToddWenning: https://x.com/ToddWenning

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:24] What is Ecolab $ECL and why is it interesting to Todd

[3:38] What is Todd seeing that the market is missing with $ECL

[6:30] $ECL achilles heel and how they are addressing that / understanding the upside

[12:33] $ECL business and major drivers for growth

[20:11] Water vertical / why Ecolab's products and services are critical to data centers, hospitals

[26:29] Does it make sense for $ECL to have all these businesses under one roof?

[29:22] Cintas comparison: market penetration / has $ECL ever lost a QSR?

[36:18] Insider ownership and incentives / Bill Gates investment, starting to sell through Cascade

[45:47] Debate on AI and automation with Ecolab

[51:37] Difference between Ecolab and Cintas or Costco

[57:16] What would cause $ECL to regress to the mean

[1:00:57] $ECL Final thoughts

Today's sponsor: Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa.

Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research.

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

Random Ramblings October 2024: networking with good investors, geopolitical risks, energy, probabilities Oct 25, 2024

Show notes

Welcome to the October 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: being in the room with good investors, geopolitical risks, oil & energy shortages and follow up to September 2024 ramblings on probabilities.

Chapters:

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

[2:29] Being in the room with good investors

[6:35] Geopolitical risks

[11:16] Oil/energy shortage

[15:06] Follow up to September 2024 ramblings on probabilities

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

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