Yet Another Value Podcast

Latest Episodes:

Chris DeMuth's State of the Markets August 2024 Aug 30, 2024

Show notes

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this August 2024 edition, Chris shares his thoughts on: election implications, anti-trust cases, Albertsons / Kroger's case, Robinhood credit card, and high-end credit cards launching travel lounges.

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:26] Chris' thoughts on markets overall for August 2024: small cap value outperformance, election risk

[3:40] Market start pricing in Trump victory, before Biden dropped out / election risk, implications

[9:51] Overview on Anti-trust cases: Albertsons / Kroger's and Capri / Tapestry

[17:45] Albertsons / Kroger's cont'd

[27:58] Costco

[32:55] Robinhood credit card

[44:06] High-end credit cards launching travel lounges

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Cedar Grove's Paul Cerro on what makes $RCAT drones unique + odds for winning SRR contract Aug 27, 2024

Show notes

Paul Cerro, CIO of Cedar Grove Capital Management, joins the podcast to discuss his thesis on Red Cat Holdings (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations.

Cedar Grove RCAT thesis: https://www.cedargrovecm.com/p/red-cat-rcat-trade-worth-up-to-200-prcnt Chapters:

[0:00] Introduction + Episode sponsor: Ycharts

[2:28] What is Red Cat $RCAT and why are they so interesting to Paul

[6:26] Why is $RCAT relevant in the drone market? What is unique about $RCAT drones?

[13:29] Capabilities of $RCAT drones and how much they are selling them for (to the military) / what specifically going on with $RCAT drone that US Government is using them vs. going with commercial drone

[21:21] What is the SRR Contract and why is this a big deal

[25:40] Odds that $RCAT wins this SRR contract

[30:00] Economics if $RCAT wins the contract / what margins would look like

[33:12] Valuation: market already baking in best-case scenario in terms of them winning?

[36:17] What does the company look like if they don't win the contract / how much is Paul's bet on $RCAT winning the SRR contract vs. betting on Red Cat in particular

[40:05] Are the odds in the stock price right now that they win this contract vs. what Paul thinks the odds are that they win this contract / in Paul's opinion, what he thinks the market is missing

[45:22] Is there correlation between the NATO contract and SRR contract?

[50:39] Final thoughts

Today's sponsor: Ycharts

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Clayton Partners' Jason Stankowski and Brian Lancaster on why Mattr $MATR.TO is misunderstood Aug 23, 2024

Show notes

Jason Stankowski (Partner and Co-Portfolio Manager) and Brian Lancaster (Partner and Co-Portfolio Manager) from Clayton Partners join the podcast to discuss their thesis on Mattr Corp. (TSX: MATR), a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification.

For more information about Clayton Partners, please visit: https://www.claytonpartners.com/

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:10] What is Mattr Corp. and why are they so interesting to Brian and Jason

[5:23] When Jason and Brian look at Mattr Corp, what they think they're seeing that the market is missing that's going to lead to alpha generation here?

[10:57] Switching to US listing and what Jason likes about IFRS better than GAAP

[15:07] $MATR.TO comparison to TerraVest

[19:34] What's the secret sauce that doesn't make $MATR.TO just another commodity business

[26:45] Auto manufacturer vertical

[29:56] Growth runway

[34:05] How much is Mattr a bet on the business vs. management team for Clayton Partners / stealth AI potential here

[43:13] Q2 Earnings and conference call

[51:30] $MATR.TO final thoughts and capital allocation strategy

Today's sponsor: Tegus

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Rhizome Partners' Bill Chen updates his publicly traded real estate thesis+ $AIV pitch Aug 20, 2024

Show notes

Bill Chen, a real estate investor and Managing Director at Rhizome Partners, returns to the podcast to discuss the performance of publicly-traded real estate market and why it's done so well since his last podcast appearance in October 2023 + pitch on Apartment Investment & Management Co. "AIMCO" (NYSE: AIV).

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

AIV pitch deck: https://docsend.com/view/4n5xq5mc58xwhx64

Chapters:

[0:00] Introduction + Episode sponsor: Ycharts

[2:18] Capital cycle for publicly traded real estate vs. privately traded

[8:53] Five cap rate: how does it interplay with the Treasury rate?

[13:02] Publicly traded real estate company performance: have these REITs done well because of management or in spite of management

[20:11] Due diligence trips for REITs

[30:06] AIMCO $AIV - what is it and why so interesting to Bill

[36:26] What is Bill seeing that the market is missing the generates alpha in $AIV

[39:38] $AIV report card / management team

[48:02] Capital allocation / corporate governance

[53:08] Valuation

[57:31] Additional $AIV assets (besides Miami assets

[1:04:15] $AIV final thoughts

Today's sponsor: Ycharts

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Random Ramblings August 2024: crazy start to August, due diligence trips, seeing management teams Aug 14, 2024

Show notes

Welcome to the August 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: crazy start to August in the stock market, due diligence trips, and forming relationships with management teams

Chapters:

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

[3:04] Topics: crazy start to August in the stock market, due diligence trips, forming relationships with management teams

[3:51] Crazy start to August in the stock market

[10:11] Due diligence trips

[17:30] Due diligence-ing people, seeing management teams

Today's sponsor: Tegus

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.

Chris DeMuth's State of the Markets July 2024 Aug 05, 2024

Show notes

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this July 2024 edition, Chris shares his thoughts on: a few special situations (RCM, WOW, etc..) and banks.

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

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:17] What's on Chris' mind as we head into August

[4:27] RCM special situation

[15:45] WOW special situation

[28:26] Banks + final thoughts

Disclosure: long RCM and WOW

Today's sponsor: Tegus

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.

Rome Capital's Alex Feng and Jason Quan making the case for Samsonite $1910.HK Jul 29, 2024

Show notes

Alex Feng and Jason Quan from Rome Capital Limited join the podcast to discuss their thesis on Samsonite International (1910.HK), a leader in the global lifestyle bag industry and the world's best-known and largest travel luggage company.

Alex Feng's write-up on Samsonite: https://alexfeng.substack.com/p/samsonite-1910-hk-another-homecoming

Chapters:

[0:00] Introduction + Episode sponsor: Ycharts

[1:51] Alex Feng, Jason Quan and Rome Capital's backgrounds

[3:15] Overview of Samsonite and why it's interesting to Alex and Jason

[6:00] What is the average market participant missing with Samsonite

[9:25] Why is Samsonite valuation a "cheap" multiple (in Rome Capital's opinion); why Samsonite a "A" business and not a "C" business; pricing power / consumer awareness

[17:02] How important is Samsonite's warranty on their products / supply chain

[21:18] Samsonite's dual listing plan / does Alex and Jason think that simply re-listing to the US can re-rate the shares

[29:00] Instead of dual-listing, why not focus on buybacks

[33:40] What happened to the private equity bid; history with CBC back in 2007

[36:13] Wholesale partners, is that one of their competitive advantages / how much does advertising really drive demand and consumption

[39:47] Barriers to entry - what is the risk here with new luggage brands entering the market

[45:49] Final thoughts on Samsonite

Today's sponsor: Ycharts

This episode is sponsored by our friends at YCharts, the ultimate platform you need in your toolkit for turning your financial insights into captivating client conversations.

Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value

Random Ramblings July 2024: stock price driving narrative + investing in products you don't like Jul 25, 2024

Show notes

Welcome to the July 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: small cap performance, buybacks, stock price drives narrative, CEO changes, due diligence on companies you don't like (i.e. don't like the product or service personally), alternative data and idea dinners.

Posts mentioned during pod:

On the stress of market melt ups: https://www.yetanothervalueblog.com/p/weekend-thoughts-the-stress-of-market

On stock prices driving narrative: https://www.yetanothervalueblog.com/p/weekend-thoughts-bonus-stock-prices Chapters:

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

[2:18] Small cap performance, buybacks

[5:15] Stock price drives narrative

[8:35] CEO changes

[10:42] Due diligence on companies you don't like (i.e. don't like the product or service personally)

[16:28] Alternative data

[18:55] Idea dinners

Today's sponsor: Tegus

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.

Net Interest's Marc Rubinstein on "The Trump Trade" + deep dive on $FNMA Jul 22, 2024

Show notes

Marc Rubinstein, Founder and Editor of the Net Interest Newsletter (link to substack below), is back on the podcast to discuss his article titled, "The Trump Trade" and deep dive on Fannie Mae $FNMA.

For more information about Marc Rubinstein, please visit: https://www.netinterest.co/

Article on Trump Trade: https://www.netinterest.co/p/the-trump-trade

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:40] Background and history of $FNMA

[17:07] Turning point in 2012 (background cont'd.)

[20:19] $FNMA privatization argument from last 10 years

[29:54] "The Trump Trade" and $FNMA

[42:03] Why didn't Trump privatize in first term / if Trump wins 2nd term, what happens if he's going to pursue a privatization plan? / what is the most likely scenario

[53:50] Final thoughts

This episode is sponsored by our friends at Daloopa

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Atla Capital Management's John Haskell on international real estate + ESR Group thesis $1821.HK Jul 15, 2024

Show notes

John Haskell, CIO at Atla Capital Management, joins the podcast to share his thoughts on international real estate investing, emerging markets and ESR Group Limited ($1821.HK).

For more information about Atla Capital Management, please visit: https://www.atlacap.com/

Chapters:

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

[2:22] International public real estate investing

[11:00] Taxation on global REITs / emerging markets

[17:54] John's most interesting market(s) right now / Vietnam overview

[21:58] ESR Group Limited thesis overview and why interesting to John

[27:12] Why has the stock not worked (since it's high in 2021) / how did John get comfortable with owning ESR

[36:06] Starwood investment / potential ESR buyout / how does John think ESR take out plays out

[45:54] ESR valuation

[55:54] Related party transactions and how do you have faith that they are done in fair value / final thoughts

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