Yet Another Value Podcast

October 2026 Random Ramblings Oct 14, 2026 00:33:24 Starbucks and Chipotle might be the merger with the fewest synergies two companies in the same industry could possibly have: different supply chains, different kitchens, you can't even put them under one roof. The only synergy is one man. Brian Niccol ran Chipotle and now runs Starbucks, so the deal only makes sense if you think he is uniquely talented enough that both brands are worth more under

$TPB: can Turning Point Brands be the third player in nicotine pouches? | Saberpoint Capital Oct 1, 2026 01:18:42 Nicotine pouches might be the best new consumer category in decades: cheap to make, high margin, and sticky once someone gets hooked, the same traits that made Philip Morris a 16.5% a year compounder for close to a century. George Baxter of Saberpoint Capital has owned Turning Point Brands since his fund's first days, and he thinks the market is missing how well TPB is positioned as the third play

September 2026 Random Ramblings Sep 25, 2026 00:31:29 The 10 year has gone from 4.2% at the start of the year to 4.6% in late August to 5.1% today, and the S&P is still basically touching all time highs. Interest rates are financial gravity, but I wonder if gravity works on a lag. Consumers and allocators are slow to move money from stocks to bonds, and corporates termed out a lot of 3.5% debt in 2021 to 2023 that starts rolling in 2028 to 2031.

$FOUR: Shift4 at 6.5x EBITDA. Is the organic growth real? | Emeth Value Capital Sep 22, 2026 01:06:43 Shift4 trades around six and a half times EBITDA while the company tells you organic growth is 11%. The stock was $120 eighteen months ago and it is $42 today. Andrew Carreon of Emeth Value Capital argues you are paying for zero growth or less, and he points at the piece almost nobody is tracking: the gross equipment under lease line buried in the footnotes, which has gone from a nominal $40 milli

$NTDOY: is Nintendo's flywheel actually there? | Accrued Interest Sep 18, 2026 01:07:25 Nintendo's flywheel is not there. That is Simeon McMillan's call, and it is the one that has media longs emailing me. His case: Switch 2 is the best console launch in history and the attach rate still came in well below Switch 1, the Mario Kart bundle flattered even that number, Nintendo Switch Online accounts have been flat for years and almost nobody has noticed, and Nintendo just took its first

Ian Cassel on Stock Picker, the book that blew me away | MicroCapClub Sep 15, 2026 00:55:00 Ian Cassel has been picking microcaps for twenty years, and his argument in Stock Picker is that the edge everyone assumes has been arbitraged away is actually coming back. Not the spreadsheet edge. The one that comes from getting on a plane, spending a full day with a CEO instead of an hour, and learning to sense when something is wrong before the numbers say so. His line is that with AI write-up

UK stocks are dirt cheap. Why won't the boards act? $ZIG $CRW | Undervalued-Shares Sep 11, 2026 00:56:57 A quarter of the companies on the London Stock Exchange's main board have disappeared in four years. Private equity keeps paying 50 and 60 percent premiums and still walking away with a bargain, because the starting valuations are broken. Swen Lorenz of Undervalued-Shares has spent the last few months writing open letters to UK boards telling them to stop waiting to be rescued and start pulling th

Zack Buckley on $PRTH's take private Sep 10, 2026 00:39:21 In November 2025 Priority Technology's (PRTH, disclosure: long) chairman and CEO offered to take the company private at $6.00 to $6.15 a share, two days after a bad print knocked the stock from seven to five. Zack Buckley wrote a public letter opposing it. His sum of the parts gets to roughly $17 a share, a simpler multiple analysis gets to $19, and the June sale of a comparable payments busin

$TBBB: Tiendas 3B is Mexico's Aldi. Is it too late to buy? | Fruit Tree Capital Sep 7, 2026 00:48:44 Tiendas 3B has more than 3,700 stores in central Mexico, opens roughly 150 more every quarter, and earns its money back on a new store in about two years. It is the Aldi model, built by a founder who saw BIM work in Turkey, moved to a country where he did not speak the language, and has spent 21 years compounding it. Alberto Vadia of Fruit Tree Capital thinks it is a hundred bagger from here.My pr

$LMB: Limbach missed the data center boom. Is that the opportunity? | 1 Main Capital Sep 1, 2026 00:50:53 Limbach spent three years turning itself from a general contractor into an owner direct services business, and the market loved it right up until this summer. Then organic revenue went down mid single digits, EBITDA fell 30%, guidance came down from $90m to $80m, and the stock lost half its value. Yaron Naymark of 1 Main Capital pitched me this name in June 2023, watched it 6.5x, sold most of it,

$SEE.L: Europe just made this duopoly mandatory. Why is it 11x free cash flow? | Hugo Navarro Aug 30, 2026 00:52:02 Every new car sold in Europe now has to watch the driver's face. Two companies in the world can actually do it, Seeing Machines and Smart Eye, and they spent twenty years and hundreds of millions of dollars getting there. Hugo Navarro's argument is that the market has not repriced what happens next: a roughly 55 million dollar fixed cost base, automotive production going from 488,000 vehicles in Q

Late August 2026 Random Ramblings Aug 27, 2026 00:25:39 Rates just screamed to 20 year highs and stocks have barely blinked. That looks to me like the mirror image of the mid-2010s, when Treasuries yielded 2%, the math said stocks should trade for 25x, and they sat in the mid-teens instead because the equity risk premium quietly widened from 4% to 6%. If the premium can widen when rates fall, why would it not widen again when rates rise? That is the do

How to win a stock pitch competition | lessons from an Ira Sohn winner Aug 25, 2026 00:29:26 School is starting, which means a dozen college and MBA teams are about to email me asking how to win their stock pitch competition. So I made the answer. The core of it: a pitch is a game, and most people lose it before they open their mouth by picking an idea that does not fit the contest rules or the judges in the room.From there it is three things. Design the pitch for the timeframe the contes

$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners Aug 20, 2026 00:49:43 El Al ($ELAL), Israel's flag carrier, has spent three years as close to a monopoly on flying in and out of Ben Gurion as an airline ever gets. Turkish and Pegasus left and aren't coming back, Ryanair lost its Terminal 1 slots, Delta and United keep pushing their return, and El Al has used the windfall to go from a levered balance sheet to net cash, buy nine planes off lease, and start returning ca

$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital Aug 17, 2026 00:52:19 Nubank ($NU) has 140 million customers, roughly 60% of Brazil's adult population, an efficiency ratio around 20% versus 40-60% at the legacy banks, and ROEs in the 30s. Evan Vanderveer of Vanshap Capital has owned it for four years and thinks the market is still treating it like a risky EM bank instead of what he thinks it is: a tech company that happens to hold deposits, with a founder (David Vél

$DNOW: the boring distributor that could double on 2029 numbers | Firebird Management Aug 14, 2026 00:47:34 DNOW spun out of National Oilwell Varco at $35 in late 2014. A year later it was $13. Today it is around $16. Steve Gorelik's argument is that ten years of that chart is one long headwind rather than a broken business: 1,800 US rigs at the spin, under 600 now, global oil and gas investment 40% below 2014 in real dollars, and DNOW still grew margins and bought companies at 4 to 5x EBITDA the whole

$HIMS: Paul Cerro wouldn't trust the CEO to walk his dog. He's still long. Why? | Cedar Grove Aug 7, 2026 01:01:28 Paul Cerro was long Hims & Hers in 2024, short it through the compounded GLP-1 unwind, and covered when the stock broke $14 after Q1. He's long again, and his thesis has almost nothing to do with peptides, testosterone, or the international launches everyone else is excited about. Those, he says, are table stakes. Hims has never had a problem acquiring customers. It has a problem keeping them,

August 2026 Random Ramblings Aug 4, 2026 00:22:52 Strategy filed an 8K this morning: they sold $300 million of stock, sold $100 million of bitcoin, and put the proceeds into buying back roughly $80 million of their own preferred at a discount. So you have a company trading over NAV, diluting shareholders, and selling the one asset it exists to hold, and it is still trading at a premium. Management is presenting the move from "one-way capital issu

Management interviews: the most underdeveloped skill in investing | Ross O'Toole Aug 2, 2026 00:49:13 Management interviews might be the most underdeveloped skill in fundamental investing. Ross O'Toole has been investing for 25 years and read over 500 investment books, and he couldn't find a single one on how to actually conduct an investor-management interview.... so he wrote Breaking the Script, a field guide to getting management teams off their rehearsed talking points. We get into why "what"

July 2026 Random Ramblings Jul 27, 2026 00:27:44 Investing is a game of arrogance. The base rate when you buy any stock is that it just does the market return, so every position you hold is a bet that you know something the market doesn't. My July ramble is really one question asked five ways: when do you look in the mirror and admit you were wrong? I walk through my three-year rule on a single name (if it has gone nowhere for three years, the p

$LNW: a slot machine oligopoly at half Aristocrat's multiple | Zack Buckley Jul 24, 2026 00:53:40 Light & Wonder ($LNW) is one of three companies in the slot machine oligopoly, with 70%+ recurring revenue, and it trades at 7-8x EBITDA while Aristocrat, its closest peer and arguably its slower-growing twin, trades at roughly double that. Zach Buckley thinks the market is wrong on almost every count: the stock has traded like a SaaS chart on AI fears even though slot content has almost no AI

$PRKS: SeaWorld, an 8% cash yield, and a possible 80% short squeeze | Hawkins Entrekin Jul 20, 2026 01:00:41 United Parks ($PRKS) owns SeaWorld and Busch Gardens, trades around 8x EBITDA with an 8%+ unlevered cash yield, and is plowing basically 100% of free cash flow into buybacks while Hill Path sits on roughly 60% of the stock. Adjust for passive holders and effective short interest lands somewhere near 80% of float; Bloomberg's short squeeze score is 93 out of 100. Hawkins Entrekin (Valyte, and the g

$CBZ: stop the buybacks and restart the M&A flywheel? | Reference Equity Jul 14, 2026 00:58:24 Ryan Bunn (Reference Equity) has a public proposal for CBIZ ($CBZ): stop buying back stock at 9x earnings and restart the M&A flywheel that compounded revenue at 13%/year and took EBIT margins from 9% to 14% over the last decade. For someone like me who has always been a sucker for share buybacks, "stop the buybacks and issue equity" lands like a knife right in the gut, so I make him defend every

Adam Wyden: buying someone else's pain in Stagwell $STGW and Driven Brands $DRVN | ADW Capital Jul 7, 2026 00:59:12 Adam Wyden runs one of the most concentrated books I know, and he came on to make the case for two stocks the market has basically left for dead: Stagwell ($STGW) and Driven Brands ($DRVN). On Stagwell, his pitch is that this is not a dying ad agency but a marketing-services and data business compounding toward $700M of EBITDA by 2028, sitting at a 20%+ free cash flow yield because it came public

$VEON: a busted EM telecom hiding a 4x? | Samit Umatiya, UIG Funds Jul 1, 2026 01:02:40 $VEON trades like a busted emerging-markets telecom, but it owns 84% of Ukraine's Kyivstar and a Pakistani fintech, JazzCash, that already moves 15% of the country's GDP. Samit Umatiya of UIG Funds lays out the sum-of-the-parts case for why the holdco could be worth roughly 4x today's price, and Andrew pushes back hard the whole way: a not-so-storied history of value destruction, a san

Pershing Square Challenge 2026 finalists on MSA Safety: a hidden quality compounder? $MSA Jun 30, 2026 00:45:05 MSA Safety ($MSA) is the "OG pick and shovel" of worker safety: a century-old, pure-play maker of gas detection and firefighter equipment that the Pershing Square Challenge 2026 finalist team argues is a quality compounder the market is underrating. The bull case has three legs. Portable gas detection is shifting to a recurring, higher-margin subscription model, the "canary" th

$FOX dropped 25% buying $ROKU. Is the market wrong? | Accrued Interest Jun 28, 2026 01:00:49 Fox's stock is down about 25% since it agreed to buy Roku for $22 billion, and the market has decided the deal is a blunder. Simeon McMillan of Accrued Interest thinks the market is wrong. His case: Roku controls roughly 44% of how Americans reach streaming on the big screen, about 3x the next platform, so Fox just bought the "front door" to streaming and around 100 million connected

June 2026 Random Ramblings Jun 25, 2026 00:38:06 SpaceX is buying Cursor for ~$60B, and one of the early backers was SBF. So was a convicted fraudster also the greatest VC of all time? That's where June's random ramblings start. From there: why I've flipped from AI doom toward AI as a force multiplier, whether deep subject-matter expertise gets MORE valuable as the world fills with AI slop, why legacy brands (KPMG, CBS, People) might actually ga

$YOU.L: is YouGov really an AI loser? | Jonathan Cohen, Zipperline Capital Jun 21, 2026 01:06:08 The market has decided YouGov ($YOU.L) is an AI loser and cut it ~50% in a year. Jonathan Cohen of Zipperline Capital thinks it's an AI winner trading at 6-7x EBITDA, with a 20-year proprietary dataset AI makes more valuable, not less. We spend the first half on the UK as an "emerging market" (corporate governance discounts, why buybacks are finally happening, and why you can never c

Alex Roepers on two deep-value special situations: $DCH and $NOMD Jun 15, 2026 00:53:24 Alex Roepers of Atlantic Investment Management lays out two deeply cheap special situations: Dauch (DCH) and Nomad Foods (NOMD). In both, management is sending "dark arts" signals (an aggressive CEO payout struck well above the current price, heavy insider buying) that point to an inflection the market hasn't paid for yet. We dig into the $300M merger synergies at Dauch, the auto-cyc

Adam May on $ABVX's blowout data and subsequent stock crash Jun 10, 2026 01:13:00 Abivax posted maybe the best ulcerative colitis data anyone's seen, then crashed 60% on a cancer signal Adam May argues is statistical noise. We dig into whether $ABVX is now a mispriced takeout: the maintenance efficacy that beat Rinvoq, how the scary "seven cancer cases" collapse to two, the blackbox question, the Crohn's skew, and the part two safety data due within weeks. The

Pershing Square Challenge 2026 finalists pitch Amadeus $AMS | the toll booth on global travel Jun 4, 2026 00:52:28 Amadeus $AMS is down roughly 25% because the market lumped it in with the SaaS names AI is supposed to gut. Team Amadeus, Pershing Square Challenge finalists, argue it's the opposite: a deterministic, mission-critical monopoly that AI makes more valuable, not less. We dig into the 50-year-old systems that planes literally can't take off without, why the GDS is the wrong job for an LLM, the

May 2026 Random Ramblings May 31, 2026 00:27:35 A market that refuses to go down, AI coming for the investor's job, and MicroStrategy quietly becoming the entire preferred-equity market. Andrew's monthly ramble across five things he can't stop thinking about: stretched memory valuations, a hyper-concentrated tape, mental flexibility, and the cycle nobody believes can break.This episode is sponsored by Fiscal.ai. Modern financial dat

Pershing Square Challenge 2026 third place: Celsius $CELH May 28, 2026 00:44:41 Celsius trades at ~20x earnings while growing ~18% a year, cheaper than Monster (~34x) and even Coke (~25x) despite faster growth. The Pershing Square Challenge third-place team makes the long case for $CELH: the market is sleeping on the Alani Nu acquisition, and their 500-person proprietary survey says the brand loyalty is real. Andrew pushes back hard on the Costco/Kirkland private-label threat

Pershing Square Challenge 2026 runner-ups on Baker Hughes $BKR May 25, 2026 00:46:01 Team Baker Hughes, the second-place finishers in the 2026 Pershing Square Challenge, discuss their Baker Hughes thesis and why they believe the market hasn't fully appreciated the company's evolution from a cyclical oil field services business. They discuss how the long runway for the IET business, and they back their thesis up with 30+ expert calls, a trip to the Western Turbine Users con

Pershing Square Challenge 2026 winners on DoorDash $DASH May 22, 2026 00:57:24 The winners of the Pershing Square Challenge 2026 discuss their Doordash pitch, including why the growth story still has room to run (and the 90 primary research calls they made to back up that call). We get into durable US restaurant growth, why new verticals and international could inflect to profitability earlier than the street models, the underappreciated opex leverage, their proprietary Wolt

Why $PSUS deserves a premium to NAV and $PS deserves a premium multiple | Marlton's James Elbaor May 19, 2026 01:05:05 James Elbaor of Marlton makes the case that $PSUS will trade at a premium to NAV instead of the typical closed-end fund discount and that $PS will ultimately trade at a premium multiple to peers like Blackstone, KKR, Apollo and Carlyle given its lean team and advantaged fee structure. We push on every part of that, including whether Ackman's portfolio is just an expensive S&P hug, why Lond

$DRVN Cruising through the Driven Brands thesis | Kyle Mowery GrizzlyRock Capital May 14, 2026 01:04:17 Driven Brands ($DRVN) puked on a February accounting restatement. Kyle Mowery (GrizzlyRock Capital) walks through why Take 5 remains a crown jewel and could be worth the entire EV of the company (making the franchise and autoglass businesses a free option). We also dig into how the April and May 8-Ks took the scary left-tail risks off the table, why Roark Capital (65% owner) might run a sale proce

$LBTYK: can Liberty Global finally spin to win? | Stock Spin-Off Investing's Rich Howe May 10, 2026 00:53:41 Rich Howe of Stock Spin-Off Investing makes the bull case for Liberty Global ($LBTYK): cheap on a sum-of-the-parts, an upcoming Ziggo spin to crystallize value, and a hidden ventures portfolio. Andrew pushes back hard on Malone, Fries, and Liberty's long history of value that never quite shows up.Chapters:00:00 Introduction and Liberty Global thesis01:44 Sponsor: AlphaSense earnings season04:4

$STVN: are oral GLP-1s really a death blow? | Aurelian Research's Leo Trudel May 5, 2026 00:39:21 Stevanato (STVN) makes the glass vials and pre-filled syringes that GLP-1 drugs ship in. The stock has sold off on fears that oral GLP-1s replace injectables, but Aurelian Research's Leo Trudel argues that's a misread: biologics demand keeps growing, the mix is shifting toward higher-margin "high-value solutions," and switching costs in regulated drug delivery are real. We dig in

Can Sprout Social Survive the SaaSpocalypse with Pernas Research's Deiya Pernas $SPT Apr 30, 2026 00:50:21 In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Deiya Pernas of Pernas Research about Sprout Social (SPT) and the broader SaaS selloff. They examine the company’s platform, competitive positioning, and whether the market is mispricing its long-term potential. The discussion covers API complexity, integrations, AI risks, and shifting perceptions across SaaS. They also a

Chadd Garcia drills into LandBridge's value Apr 26, 2026 01:01:51 In this episode of Yet Another Value Podcast, host Andrew Walker is joined by returning guest Chad Garcia to discuss LandBridge and the broader Permian Basin ecosystem. Chad outlines how land-based royalty models differ from traditional energy investments, highlighting surface rights, produced water, and infrastructure as key drivers. The conversation covers LandBridge’s growth through pore space

Investing in the SaaSpocalypse with Heller House's Marcelo Lima Apr 23, 2026 01:06:59 In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Marcelo Lima of Heller House Capital about the "SaaSpocalypse". Marcelo shares his perspective from years of following software companies, arguing that fears around AI disrupting SaaS are overblown. They examine whether AI tools threaten incumbents like Salesforce or instead strengthen them through faster produc

Why DraftKings might not be a big gamble with Aganju's Tolu Bukola $DKNG Apr 19, 2026 00:57:31 In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Tolu Bukola from Aganju Capital about DraftKings and the growing threat from prediction markets. Tolu explains DraftKings’ business model, highlighting both sports betting and the expanding iGaming segment. The discussion focuses heavily on regulatory risks, including how prediction markets operate and why they may face l

April 2026 Random Ramblings Apr 16, 2026 00:33:26 In this episode of Yet Another Value Podcast, host Andrew Walker shares his April monthly ramblings, covering a range of investing topics top of mind. He examines the recent selloff in SaaS companies and why they may not be as attractive as they appear. Andrew explores the idea of hedging against AI disruption using large-cap tech options, while also questioning how AI and pattern recognition coul

Guinea Value's Jinshu Zhang on Fiserv $FISV Apr 10, 2026 01:04:22 In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Jingshu Zhang from Guinea Value about Fiserv (FISV) and the broader payments sector. They examine the recent drawdown across payment companies, addressing concerns around AI disruption, regulation, and macro pressures. Jingshu outlines Fiserv’s business structure across financial institutions and merchant solutions, while

Avory's Sean Emory on Clear Security $YOU Apr 2, 2026 01:04:13 Sean Emory of Avory & Co analyzes Clear Security, a biometric identity platform operating in airports nationwide. They examine the company’s subscription model, competitive positioning against TSA and airlines, and the impact of recent TSA disruptions on demand. The discussion covers Clear’s pricing power, partnerships with credit card providers like Amex, and the durability of its airport foo

Theravance's strategic review with Andy Summers $TBPH Mar 29, 2026 00:47:02 In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Andy Summers, CIO of Summers Value, to discuss Theravance (TBPH; disclosure: long). Both share their perspectives as shareholders while examining the company’s setup following a failed Phase 3 trial. They break down Theravance’s remaining asset, the COPD drug Yupelri, and its long-term royalty potential. The discussion c

Night Watch's Roderick van Zuylen on Marex $MRX Mar 27, 2026 00:50:01 In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Roderick van Zuylen of Nightwatch to analyze Marex (MRX), a futures commission merchant operating in a consolidated financial infrastructure space. Roderick explains how Marex facilitates derivatives trading for clients like airlines and hedge funds, while benefiting from rising trading volumes and industry consolidation

March 2026 Random Ramblings Mar 25, 2026 00:27:04 In this episode of Yet Another Value Podcast, host Andrew Walker returns with his monthly solo ramblings covering several themes shaping current markets. He starts by discussing recent volatility and why markets feel inconsistent despite relatively modest index declines. Andrew then explores how long-term tailwinds in software and growth investing may have influenced investor track records over th

Adam May on investing in biotech $NKTR $ABVX Mar 23, 2026 01:12:12 In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Adam May, a physician, dermatologist, and biotech investor, about how he built an edge in small- and mid-cap biotech. Adam walks through his path from medical school investing to launching a small biotech fund during the 2021 peak, then explains how he sources ideas, studies trial data, and looks for situations where the

Chris Paryse on Ferrellgas's big conversion $FGPR Mar 20, 2026 00:46:56 Chris Paryse breaks down Ferrellgas (FGPR), a propane distributor emerging from a complex post-bankruptcy structure. The conversation focuses on the recently completed Class B to Class A unit conversion, which significantly increases free float and simplifies the capital structure. Chris explains how the company generated cash flow to eliminate legacy obligations and outlines a potential path towa

Accrued Interest's Simeon McMillan on $VSNT and the evolving media space Mar 14, 2026 00:58:00 Simeon McMillan of Accrued Interest about the shifting media landscape and recent industry restructurings. Simeon brings experience from inside major media companies, offering a perspective on how traditional networks, streaming platforms, and sports rights are shaping valuations across the sector. The conversation examines Comcast’s Versant spin-off, the positioning of assets like Bravo and other

A tour through the media landscape with TSOH's Alex Morris Mar 10, 2026 01:00:45 Host Andrew Walker speaks with Alex Morris of The Science of Hitting about the rapidly shifting media landscape. They examine the failed Netflix bid for Warner Bros. Discovery and Paramount’s winning acquisition, along with the strategic implications for streaming competition. The conversation analyzes Netflix’s long-term positioning, the importance of intellectual property in a streaming ecosyste

Carriage House's Will Cleary on $FTAI Mar 9, 2026 00:50:53 Host Andrew Walker speaks with Will Cleary of Carriage House Fund about FTAI Aviation and its rapidly expanding jet engine aftermarket platform. Will explains how FTAI transformed from a traditional aircraft leasing company into a vertically integrated provider of engine maintenance, repair, and module swaps for commercial airlines. The discussion examines the economics of engine maintenance, why

Roy Swisa on $DJCO Mar 3, 2026 00:57:52 Roy Swisa talks about Daily Journal (DJCO) and the evolving thesis behind its valuation. Roy shares how independent research into Journal Technologies’ court case management systems led to consulting work with the company. They examine the sum-of-the-parts framework, the sizable equity portfolio, and incentives post-Charlie Munger. The discussion also explores vertical software durability, regulat

Investing in Biotech with Verdad Capital Feb 24, 2026 00:54:49 Dan Rasmussen and Greg Obenshain of Verdad Capital discuss their white paper on quantitative investing in biotech. Topics include why biotech’s complexity makes it attractive for systematic investors, how specialist fund ownership serves as a quality signal, and why insider buying and spending-based valuation metrics can outperform traditional financial analysis. The conversation also examines mom

Flying through the Volaris thesis with Antipodes' Phillip Namara Feb 20, 2026 00:52:19 Phil Namara of Antipodes discusses Volaris (VLRS), a Mexican low-cost airline with significant domestic exposure and cross-border routes into the U.S. Phil outlines the structural growth opportunity in Mexico’s aviation market, where air travel continues taking share from long-distance buses. The discussion examines industry consolidation, competitive dynamics, grounded aircraft from Pratt & W

February 2026 Random Ramblings Feb 17, 2026 00:27:49 In this episode of Yet Another Value Podcast, host Andrew Walker shares his February monthly random ramblings, recorded on February 12, 2026. He examines the growing AI-driven panic spreading across SaaS, insurance, trucking, office, and other sectors, questioning how exponential technological improvement could reshape business models built on intangible assets. Andrew compares the current selloff

How investors can improve at expert calls and AI with AlphaSense's Ryan Fennerty Feb 15, 2026 01:07:09 Host Andrew Walker speaks with Ryan Fennerty of AlphaSense about how investors can improve their use of expert calls and AI tools. Ryan shares practical ways to run better expert interviews, avoid bias, and extract deeper insight from operators. The conversation examines how AI is reshaping research workflows, accelerating earnings analysis, strengthening conviction, and enabling faster synthesis

Rules based investing with Methodical Investment's David Kaiser Feb 8, 2026 00:55:43 In this episode of Yet Another Value Podcast, host Andrew Walker speaks with David Kaiser, founder of Methodical Investments, a rules-based quantitative investment firm. David shares his journey from qualitative research to systematic value investing, explaining how structure, discipline, and data inform his approach. The conversation explores maintaining consistency amid evolving markets, the lim

Bill Chen's follow up on REITs and $ALX Feb 5, 2026 00:49:34 In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Bill Chen for the fastest return in YAVP history. After running out of time in their last chat, Bill returns to dissect Alexander’s Inc. (ALX), exploring its complex debt restructuring, unique real estate portfolio, and intriguing market valuation. The two dive deep into the Bloomberg HQ lease, the nuances of retail spa

Bill Chen on the current set up for REITs Feb 3, 2026 00:50:33 Host Andrew Walker welcomes back Bill Chen for a wide-ranging discussion centered on the world of REITs. Though the conversation was intended to focus on one stock, the duo instead explores why REITs have underperformed in recent years, capital cycle dynamics, governance issues, and where Bill sees current opportunities. They dive deep into the theoretical and practical aspects of REIT investing,

January 2026 Random Ramblings Jan 28, 2026 00:29:43 Andrew Walker returns solo for his January 2026 ramblings and discusses the current market euphoria, responses to his “weird markets” thesis, the allure and danger of stepping outside one’s investing edge, how power laws are often misunderstood, and an evolution in his views on societal vices. From geopolitical risk to sports betting regulation, Andrew digs into ideas that may shape investor minds

Avation Post-Mortem with Jeremy Raper $AVAP Jan 23, 2026 00:31:12 Jeremy Raper returns for a deep-dive postmortem on his high-conviction investment in aviation leasing company AVAP. From sourcing the deal via Twitter, to acquiring a ~20% block at well below book value, to negotiating with key stakeholders and navigating operational hurdles, Jeremy recounts the challenges and victories of shareholder activism in a niche sector. This case study sheds light on the

General Market Thoughts and the Case for Change at HUMM with Jeremy Raper Jan 21, 2026 00:44:08 YAVP hall of famer Jeremy Raper returns to cover a wide range of topics—from Jeremy’s decision to shut down his investment blog to his perspective on underappreciated international markets like Japan and the UK. The episode culminates with an in-depth discussion on Jeremy’s high-stakes activist campaign at HUM Group, a non-bank Australian lender. Jeremy explains why he's pushing for a board ov

Adam Buckstein's Stride Thesis $LRN Jan 18, 2026 00:58:17 Adam Buckstein from ASB partners explores Stride Inc. (formerly K12), the largest provider of virtual public schools in the U.S. Adam dives deep into the company's business model, regulatory framework, and competitive position, as well as the company's unique funding structure, post-COVID enrollment growth, market misconceptions, and the complex compliance challenges it faces. The conversa

The (Working) Theory of Weird Markets Jan 15, 2026 00:29:04 In this solo episode of Yet Another Value Podcast, host Andrew Walker introduces and unpacks his evolving investment concept: the Theory of Weird Markets. Andrew uses analogies from sports, AI, and Rubik’s Cube competitions to argue that traditional strategies in investing are increasingly obsolete. Instead, he suggests that in an age dominated by quant funds, AI, and machine learning, alpha lies

Boyar Research's Jon Boyar on 2026's Forgotten 40 $UBER $BATRA Jan 13, 2026 00:53:44 Jon Boyar of Boyar Research for an (almost) annual discussion on the “Forgotten 40” — a curated list of 40 overlooked, value-oriented stocks. Jon outlines major 2025 themes including SMID caps and financials, before diving into deep valuations and sale potential for the Atlanta Braves, plus long-term positioning of Uber in an autonomous future. They also touch on media exposure, structural incenti

Randy Baron's "Spicy" Victoria PLC Pitch Jan 11, 2026 00:59:21 After a long hiatus, one of the people's most popular guests returns. Randy Baron ventures across the pond to talk about Victoria PLC. Victoria has run into hard times, driven by a bunch of debt and a vicious cyclical downturn, but Randy sees some light at the end of the tunnel and goes into all the ways the company can survive the downturn and the huge potential upside for the common stock if

Lake Cornelia Capital's Judd Arnold on $TOI and a bunch of other stuff Jan 8, 2026 01:02:51 Judd Arnold from Lake Cornelia Capital joins for a wide ranging discussion of inflection investing, $TOI's unique oncology model, and tons of stuff on risk management and portfolio construction.See Lake Cornelia's Substack here: https://lakecornelia.substack.com/ ___________________________________________[00:00:00] Podcast intro and guest announcement[00:02:41] Judd on becoming a father[0

December 2025 Random Ramblings Dec 30, 2025 00:30:07 Host Andrew Walker delivers his monthly random ramblings for December 2025, reflecting on a decade of "professional public-market investing". Andrew shares a developing thesis on why markets are becoming increasingly strange, drawing parallels to evolution in sports, chess, and technology. He examines how efficiency, quant strategies, leverage, and speculative behavior have reshaped mark

UK Homebuilders with Christian Olesen from Olesen Value Fund Dec 29, 2025 00:50:59 Christian Olesen of Olesen Value Funds discusses the opportunities in UK homebuilders. The discussion centers on why the UK equity market remains deeply out of favor and how this pessimism has created compelling value in residential developers. Christian outlines the cyclical dynamics driving depressed demand, explains why Bellway stands out among peers, and explores balance sheet strength, land v

$NATL and the sunset of ATMs with Undervalued and Undercovered's Hugo Navarro Dec 26, 2025 00:58:47 Hugo Navarro of Undervalued and Undercovered discusses NCR Atlas (NATL), a company operating at the intersection of legacy cash infrastructure and modern outsourcing economics. The conversation centers on whether ATMs represent a declining business or a misunderstood opportunity, unpacking NCR Atlas’s valuation, free cash flow profile, and competitive positioning within a duopoly market. Hugo outl

Investing in growth tech with Lead Edge Capital's Evan Skorpen Dec 22, 2025 01:11:37 A wide-ranging conversation with Lead Edge Capital's Evan Skorpen talking about applying a concentrated, long-term strategy to growth tech investing. Key topics include capital allocation, executive incentives, and investing in "air pockets."[00:00:00] Podcast and guest introduction[00:02:59] Lead Edge strategy overview[00:07:16] AI’s impact on software[00:13:32] How CEOs react to ma

The Fairfax Way with David Thomas $FFH.TO Dec 16, 2025 00:59:05 David Thomas, author of The Fairfax Way (amazon link: https://amzn.to/4adQ7JS), comes on the podcast for a wide-ranging podcast on Fairfax, including the company's origins, macro wins, missteps in insurance, and what the future looks like for Fairfax as Prem approaches his 80s.__________________________________________________________[00:00:00] Andrew returns with David Thomas[00:02:31] David’s ba

November 2025 Random Ramblings Nov 14, 2025 00:29:23 Host Andrew Walker delivers his November ramblings with four key themes. He kicks things off with a story about craps in Vegas to illustrate how early wins in investing can falsely reinforce flawed strategies. Andrew also explores the mental traps of buying stocks he initially passed on, offers cautious commentary on shorting the so-called "AI bubble," and reflects on why trusting manage

Shining a light on Golden Entertainment's "wealth transfer" $GDEN Nov 11, 2025 00:25:34 On the heels of sending an open letter to the Golden Entertainment's (GDEN; disclosure: long) board, host Andrew Walker dives deeper into Golden's take private deal and why he believes it transfers ~$300m of value from minority shareholders to insiders.Open letter to GDEN board: https://www.yetanothervalueblog.com/p/an-open-letter-to-the-golden-entertainment________________________________

Chadd Garcia breaks down WaterBridge's post-IPO value creation story $WBI Nov 9, 2025 00:55:47 Chadd Garcia joins the five timers club and talks about his investment thesis for WaterBridge (WBI). WaterBridge is a recent IPO that manages water from oil drilling, largely in the Permian Basin. Chadd's spent a lot of time on oil services and infrastructure, and he breaks down how this investment relates to prior investments in LandBridge, Texas Pacific, and Secure. He also talks about the o

Gymkhana Partners' Andrei Stetsenko on Maharashtra Scooters and Indian Holdcos Nov 3, 2025 00:55:24 Andrei Stetsenko from Gymkhana Partners explores the investment case for Indian holdcos in general and Maharashtra Scooters in particular. Andrei outlines why he isn't just looking for a discount to NAV; he talks about how he breaks down the underlying NAV and incentives of the key players when assessing an Indian holdco, and how he believes the control of the Bajaj Group can create long term

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