Yet Another Value podcast

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추가했습니다 five 년 전

Andrew Walker에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Andrew Walker 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.

This Is Woman's Work with Nicole Kalil

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The Icelandic Art of Intuition with Hrund Gunnsteinsdóttir | 307 40:34

23일 전40:34

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40:34

We’ve turned intuition into a buzzword—flattened it into a slogan, a gut feeling, or a vague whisper we don’t always know how to hear. But what if intuition is so much more? What if it's one of the most powerful tools we have—and we’ve just forgotten how to use it? In this episode, I’m joined by Hrund Gunnsteinsdóttir , Icelandic thought leader, filmmaker, and author of InnSæi: Icelandic Wisdom for Turbulent Times . Hrund has spent over 20 years studying and teaching the science and art of intuition through her TED Talk, Netflix documentary (InnSæi: The Power of Intuition), and global work on leadership, innovation, and inner knowing. Together, we explore what intuition really is (hint: not woo-woo), how to cultivate it in a culture obsessed with logic and overthinking, and why your ability to listen to yourself might be the most essential skill you can develop. In This Episode, We Cover: ✅ Why we’ve misunderstood intuition—and how to reclaim it ✅ Practical ways to strengthen your intuitive muscle ✅ What Icelandic wisdom teaches us about inner knowing ✅ How to use intuition during uncertainty and decision-making ✅ Why trusting yourself is an act of rebellion (and power) Intuition isn’t magic—it’s a deep, internal guidance system that already exists inside you. The question is: are you listening? Connect with Hrund: Website: www.hrundgunnsteinsdottir.com TedTalk: https://www.ted.com/talks/hrund_gunnsteinsdottir_listen_to_your_intuition_it_can_help_you_navigate_the_future?utm_campaign=tedspread&utm_medium=referral&utm_source=tedcomshare Newsletter: https://hrundgunnsteinsdottir.com/blog/ LI: www.linkedin.com/in/hrundgunnsteinsdottir IG: https://www.instagram.com/hrundgunnsteinsdottir/ Book: InnSæi: Icelandic Wisdom for Turbulent Times Related Podcast Episodes: How To Breathe: Breathwork, Intuition and Flow State with Francesca Sipma | 267 VI4P - Know Who You Are (Chapter 4) Gentleness: Cultivating Compassion for Yourself and Others with Courtney Carver | 282 Share the Love: If you found this episode insightful, please share it with a friend, tag us on social media, and leave a review on your favorite podcast platform! 🔗 Subscribe & Review: Apple Podcasts | Spotify | Amazon Music Learn more about your ad choices. Visit megaphone.fm/adchoices…

Yet Another Value Podcast

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Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

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#Andrew Walker #Trading #Business #Value Investing

Yet Another Value Podcast

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시리즈 홈•Feed

322 에피소드

#Andrew Walker #Trading #Business #Value Investing

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Yet Another Value Podcast

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Fintool's Nicolas Bustamante on using AI to improve in investing 1:08:24

8 hours 전1:08:24

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리스트

1:08:24

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Nic Bustamante, founder of FinTool, an AI-powered platform designed for equity analysts and investors. They probe how AI is transforming investment workflows, from memo creation to screening and qualitative analysis. Nic shares examples of institutional adoption, discusses nuanced challenges like bias in management conversations, and forecasts how AI could evolve investor roles. Whether you're deeply entrenched in AI or just starting out, this episode provides grounded insights into its growing role in finance. ______________________________________________________________________ [00:00:00] Andrew introduces podcast and guest [00:01:50] Nic explains AI task delegation [00:04:10] Home Depot memo AI example [00:06:59] Uploading memos to train AI [00:08:13] Pattern matching with past investments [00:10:39] Small sample size challenges [00:13:10] Buffett’s approach vs. LLM potential [00:16:08] Investing skill shifts with AI [00:18:00] Qualitative work amplified by AI [00:21:19] Gumshoe research vs. AI insights [00:23:21] Amplifying analyst strengths with AI [00:25:59] AI freeing up research time [00:27:37] Future of autonomous investment agents [00:30:10] Training AI with personal track record [00:31:59] Data diversity needed for edge [00:33:38] Qualitative investing with AI portfolios [00:36:02] AI advantages in news trading [00:37:36] Losing insight through automation [00:39:21] Hybrid strategy using AI summaries [00:41:40] Identifying non-standard compensation [00:42:53] Spotting off-cycle stock grants [00:45:36] Edge cases needing human oversight [00:47:48] Tesla and extreme market narratives [00:49:22] Fragility of company valuations [00:51:16] Reliability of company filings [00:53:31] Expanding Fintool’s data sources [00:54:11] When and why to upload documents [00:56:25] Private data and unique uploads [00:58:14] Bias risk from selective inputs [00:59:38] Recording calls for richer context [01:00:23] Generating insightful questions with AI [01:01:35] Framing management conversations for AI [01:02:49] Extracting insight through competitor focus [01:03:46] Using peers to understand companies [01:04:43] Keeping pace with fast AI evolution [01:07:02] AI as necessary but not sufficient Links: Yet Another ValueBlog: https://www.yetanothervalueblog.com See our legaldisclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer FinTool:https://fintool.com/…

Yet Another Value Podcast

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Pitch the PM's Doug Garber on $TUSK's mammoth cash balance 51:56

3일 전51:56

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51:56

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Doug Garber, founder of the Pitch the PM podcast, to dissect Mammoth Energy (TUSK). They explore TUSK's mammoth (pun intended) cash holdings relative to its market cap, past challenges including fracking and Puerto Rico operations, and the implications of recent asset sales. Doug shares insights into TUSK's business segments, corporate governance under Wexford, and potential capital allocation strategies. They also discuss the strategic outlook with the upcoming CEO transition.______________________________________________________________________[00:00:00] Podcast introduction and episode setup[00:02:06] Doug Garber joins the discussion[00:02:51] Overview of Mammoth Energy's business[00:05:14] Settlement cash inflow explained[00:06:59] Market mispricing and cash outlook[00:10:00] Investor skepticism around Puerto Rico[00:14:07] Corporate governance and Wexford's role[00:18:02] Discussion on capital allocation strategy[00:24:32] Business transition from energy to industrial[00:30:24] Aircraft purchase controversy analyzed[00:34:16] Interim CEO and leadership transition[00:36:51] Expectations for new CEO direction[00:42:06] Valuation from appraised asset values[00:45:35] Wexford's investment performance evaluated[00:46:00] Downside protection and risk assessment[00:50:21] Final thoughts and wrap-upLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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Planet Microcap 2025 Q&A with Artem Fokin of Caro-Kann Capital 34:11

8일 전34:11

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34:11

In this episode of Yet Another Value Podcast, host Andrew Walker shares a keynote Q&A from the Showcase Vegas event with returning guest Artem Fokin of Caro-Kann Capital. Artem breaks down his concept of “superpowers” in investing—an individual’s unique edge based on comparative advantage—and how it shapes portfolio decisions. The discussion extends into sell discipline, including identifying when a thesis is broken and handling emotional pitfalls during drawdowns. Artem also touches on evaluating management teams, international microcap investing, and the psychological toll of investing for a living. The conversation is a practical dive into staying grounded and focused amid the volatility of markets. ______________________________________________________________________ [0:00:00] Intro & sponsor message. [0:02:45] Andrew introduces Artem. [0:03:45] Defining investment 'superpower'. [0:05:08] Artem's investing superpower explained. [0:06:30] Identifying others' superpowers. [0:08:15] Matching skills to stock selection. [0:09:30] Using expert calls effectively. [0:10:55] Selling stocks on thesis change. [0:13:46] Holding through macro noise. [0:15:12] Assessing management capability. [0:17:30] Micro vs. large cap dynamics. [0:19:30] International vs. US investing. [0:23:10] Mental resilience in investing. [0:26:00] Avoiding emotional decision-making. [0:30:00] Balancing fund and personal finance. [0:33:00] Final thoughts and close. Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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Pershing Square Challenge 2025 winners on Carlisle $CSL 1:03:49

10일 전1:03:49

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1:03:49

In this episode of Yet Another Value Podcast, host Andrew Walker interviews the first-year Columbia MBA team who unanimously won the 18th Annual Pershing Square Challenge with their investment thesis on Carlisle Companies (CSL). The team—Tuan, Dimitry, and Erik—shares their detailed research into the commercial roofing giant, exploring its competitive moats, sticky customer relationships, management alignment, valuation framework, and opportunities for expansion. They discuss their firsthand trade show research, unique insight into labor dynamics, and responses to key concerns like cyclicality and pricing power. The conversation also covers the company's history, recent transformation, and what could keep an investor up at night. You can find the team's CSL pitch deck here: https://www.dropbox.com/scl/fi/mn4ib4897o8gfpgdzs03c/CSL-US-Carlisle-Pershing-Square-Challenge-Presentation_YAVB_Abridged.pdf?rlkey=ck47pu6samrrnctwlfyr536hc&e=1&st=nj9zt415&dl=0_ _____________________________________________________________________ [00:00:00] Intro to podcast and guests [00:02:44] Guest introductions and backgrounds [00:05:35] Overview of Carlisle Companies [00:08:32] Pitch background and idea process [00:13:03] Unique research: trade show visits [00:19:28] Carlisle’s competitive advantages [00:24:58] Sticky customer and contractor base [00:30:00] Valuation and IRR framework [00:35:14] Management's strategy and alignment [00:42:07] Target 2030 growth breakdown [00:46:20] QXO, Beacon, and distribution impact [00:52:22] Risks and margin sustainability [00:54:28] Potential new entrants: Berkshire risk [00:56:33] Labor shortages and benefits [01:00:17] Leverage and capital allocation debate [01:02:56] Final reflections and thank yous Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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Random Ramblings May 2025 35:18

15일 전35:18

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리스트

35:18

In this May 2025 edition of Yet Another Value Podcast, host Andrew Walker shares a range of thoughts in his monthly solo ramble. He opens with macro commentary on market resilience post-"Liberation Day" and ongoing CEO uncertainty. He transitions to the role of AI in investing, using analogies from sports to explore how AI may alter investor success profiles. Andrew dives into how management teams' sales skills can mislead investors and shares his growing skepticism from biotech engagements. The episode closes with reflections on how personal preferences influence investing decisions and a detailed breakdown of how sunk costs and overhead can erode biotech value. ______________________________________________________________________ [0:00:00] Podcast intro and episode preview. [0:02:02] Corporate governance discussion overview. [0:03:22] Host introduction and podcast growth. [0:04:16] Topics: market, AI, management, products. [0:05:09] Market reaction since Liberation Day. [0:07:26] CEO uncertainty and delayed investments. [0:11:44] Complacency, speculative vs. cyclical sectors. [0:12:22] AI as knowledge enhancer for investors. [0:14:01] AI and sports analogies for change. [0:18:46] AI impacting future investor skillsets. [0:22:05] Management interviews and AI impact. [0:25:24] Trusting vs. over-trusting management teams. [0:31:44] Selling skills of management vs. investors [0:34:09] Viral products and parsing endorsements. [0:38:32] Disliking a product but buying stock. [0:42:20] Balancing personal preferences with investing. [0:44:00] Management and sunk costs in biotech. [0:53:44] Overhead expenses distort trial economics. [0:57:27] Wrap-up: biotech, books, and future episodes. Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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Cliff Sosin from CAS on Carvana and a bunch of other stuff $CVNA 1:24:30

21일 전1:24:30

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1:24:30

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Cliff Sosin of CAS Investment Partners for his second appearance. Known for his concentrated, long-term investing approach, Cliff discusses the unique characteristics of Carvana's lending model, the intricacies of subprime finance, and why he believes Carvana's comeback story deserves a closer look. The conversation explores Cliff's investment philosophy, alternative data use, and risk management, while diving deep into market misconceptions around subprime lending, inventory valuation, and self-driving cars. Tune in for a data-rich breakdown of one of the market's most discussed turnarounds. Links: YAVP with Aaron Chan on CVNA: https://www.yetanothervalueblog.com/p/recurve-capitals-aaron-chan-on-the CAS Investment Partners - ⁠https://www.casinvestmentpartners.com/⁠ Yet Another Value Blog - ⁠https://www.yetanothervalueblog.com⁠ See our legal disclaimer here: ⁠https://www.yetanothervalueblog.com/p/legal-and-disclaimer⁠ _______________________________________________________ [00:00] Intro to the podcast and guest, Cliff Sosin [01:38] Cliff on his podcast return [00:02:11] Cliff reflects on past public exposure [00:05:26] Cliff’s focus in subprime and securitizations [00:12:17] Carvana’s lending model and performance vs peers [00:24:29] Alt data, trading signals, and Carvana [00:30:58] Evolution of Carvana’s operational resilience [00:34:03] What keeps Cliff up at night about Carvana [00:38:11] Risks from used car market decline [00:40:08] Potential disruption from low-cost EVs [00:47:00] Threat of autonomous vehicles [01:01:50] Stanford, Google, and Carvana [01:10:10] Tail Risks [01:13:00] Getting better with expert networks [01:18:00] My trite Cliff saying [01:19:00] What is Cliff researching now…

Yet Another Value Podcast

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Clashing Over Commerce (Fintwit Book Club April 2025) 1:00:47

27일 전1:00:47

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1:00:47

In this episode of the Yet Another Value Podcast FinTwit Book Club, Andrew Walker is joined by Byrne Hobart of The Diff to discuss Clashing Over Commerce, a sweeping political and economic history of U.S. trade policy. Against the backdrop of current debates on tariffs, they explore how deeply tariffs shaped American politics, the surprising economic nuance found in 19th-century policy, and the recurring tensions between protectionism and free trade. From supply chain shifts to presidential power dynamics, they unpack what history might tell us about today’s trade decisions—and what it doesn’t. ______________________________________________________________________ Chapters [00:00:00] Introduction to the episode and the featured book, Clashing Over Commerce [00:03:33] Byrne Hobart on why reading the book made him feel better about modern tariffs [00:07:08] The role of modern supply chains in shaping today’s trade complexity [00:10:52] Reflections on historical perspectives: agrarian vs. industrial interests [00:14:41] How lobbying and special interests shaped tariff legislation [00:19:30] The political economy of tariffs from the Civil War to the Gilded Age [00:25:22] Evolution of U.S. revenue sources and tariff enforcement mechanisms [00:30:48] Historical voting patterns and their echoes in recent trade policy [00:35:19] Shift of tariff authority from Congress to the executive branch [00:40:51] Modern-day political identity vs. regional trade interests [00:45:37] How tariffs function as economic handouts or job guarantees [00:50:44] Presidential comparisons and the rhetorical lineage of tariff advocacy [00:55:28] Historical trade-offs in trade deals: from Britain to banana imports [01:00:16] The legacy of statehood as a political tool for tariff influence [01:03:33] Critiques of the book: length, editing, and lack of a strong conclusion [01:08:49] Final thoughts on the enduring impact of tariffs on U.S. political systems Links: Alphasense activism webinar: https://go.alpha-sense.com/wb-imp-genai-fs-yavp-inside-boardroom/?utm_source=pt_YAVP&utm_medium=sponsored&utm_campaign=WB_DG_04-21-25_IMP-GENAI_FS_Yavp-Inside-Boardroom The Diff Newsletter - https://www.thediff.co/ Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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AI in Investing with Daloopa's founder Thomas Li 1:05:59

29일 전1:05:59

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1:05:59

In this episode of Yet Another Value Podcast, host Andrew Walker shares a webinar conversation with Thomas Li, CEO and co-founder of Daloopa, diving into how AI is transforming the workflows of fundamental investors. They explore real-world applications across hedge funds and investment banks, highlighting both the promise and current limitations of large language models in financial analysis. From note synthesis to risk modeling and center book evaluations, Thomas outlines the practical realities of AI implementation, discusses adoption across firm sizes, and explains how contextual data—not just algorithm quality—is becoming the differentiator. Whether you're a solo analyst or part of a multi-manager platform, this episode offers a grounded perspective on where AI in finance is heading.____________________________________________________________[00:00:00] Andrew introduces the episode as a repost of a webinar with Daloopa on AI and investing.[00:01:58] Thomas Li outlines AI’s strength in generating language vs. processing structured financial data.[00:06:43] Discussion on practical AI use cases like cross-referencing notes with earnings calls.[00:10:12] Andrew asks how to structure analyst notes for better AI input and efficiency.[00:12:38] Comparing large pod shops and long-only firms in terms of AI adoption and internal tools.[00:17:34] Why foundational models are commoditized and context is key to AI application value.[00:22:18] The crowding factor as a risk vector and how pod shops hedge against it.[00:29:01] Generating alpha today: human edge through timing, perception, and behavioral insight.[00:35:07] Long-term value of internal data and modeling analyst performance over time.[00:41:49] How AI might evolve: foundational models vs. application layer as the value driver.[00:46:22] Adoption outlook—AI use is growing, but nuanced finance problems slow full automation.[00:52:14] Importance of internal champions (agency) to drive meaningful AI integration.[00:57:30] Center books at pod shops use AI to backtest and analyze analyst effectiveness.[01:02:40] Closing thoughts on AI’s trajectory and data as the real moat for firms.Links:Daloopa: https://daloopa.com/yavp See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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Random Ramblings April 2025 28:00

6 weeks 전28:00

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28:00

In this month’s episode of Yet Another Value Podcast, host Andrew Walker goes solo with his April Ramble, recorded just before a whirlwind travel schedule kicks off. He opens with an update on KROS, a position he's long, discussing the company’s surprising move to evaluate strategic alternatives and what it reveals about investor skepticism in the busted biotech space. Andrew continues with a candidcritique of the biotech sector’s structural inefficiencies, urging investors to push harder on corporate governance rather than avoid the "activist" label. From there, he explores how stock-based compensation can become more damaging when share prices fall and reflects on the mental and strategic discipline needed in volatile markets. He closes with thoughts on AI's evolving role in investment research and the importance of continuously improving one’s toolkit. ___________________________________________________________ [00:00:00] Marketvolatility and initial thoughts on KROS [00:02:11] KROSstrategic alternatives announcement and investor response [00:03:25] Marketskepticism despite positive news at KROS [00:04:38]Encouraging shareholder engagement during the KROS review period [00:05:09]Ongoing biotech investments and calls for rationalization [00:06:25]Hesitancy from institutional investors to go activist [00:08:02]Challenges in pursuing activism and protecting future deal access [00:08:54] Thebroken incentives in biotech’s current market environment [00:10:22]Thoughts on stock-based compensation and company dilution [00:12:48] Howdeclining stock prices magnify dilution effects [00:14:06]April's turbulent market dynamics and investor behavior [00:15:13]Importance of maintaining process and staying focused [00:16:39]Evaluating portfolio risk/reward in volatile markets [00:17:23]Spotting opportunities through environmental changes like tariffs [00:20:06] Theimportance of staying in research mode during swings [00:21:17]Shifting focus to long-term projects when markets are too noisy [00:22:49]Leveraging AI for research efficiency and insights [00:24:41] Finalthoughts on adopting AI and its growing importance in investing [00:25:53]Preview of Andrew’s upcoming vacation and travel plans [00:26:27]Closing remarks and looking ahead to next month Links: See our legaldisclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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Avoiding the Zombie Biopharm trap at Keros $KROS 34:47

7 weeks 전34:47

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34:47

In this episode of Yet Another Value Podcast, host Andrew Walker returns for a solo discussion on Keros Therapeutics (KROS), a biotech firm navigating a dramatic fall from grace. Once buoyed by hopes for its leading drug Cybo (KER-012), KROS is now reeling from halted trials and a steep drop in share price. Andrew lays out the case for why this company, despite setbacks, may still hold considerable value. He explores KROS's licensing deal with Takeda, their significant cash reserves, and questions surrounding its future direction. Calling on shareholder alignment and corporate governance, Andrew challenges listeners to consider whether KROS is veering into zombie biotech territory—or poised for a smart pivot.Stat+ article on zombie biotechs and Sutro: https://www.statnews.com/2025/03/19/sutro-bio-biotech-luvelta/Chapters:[00:00:00] Sponsor and Intro[00:03:00] Recap of Sage Pharmaceuticals as a case study in shareholder value.[00:04:48] Introduction to KROS and its recent setbacks, including Cybo’s trial halt.[00:05:05] Defining the “zombie biotech” phenomenon and why it matters.[00:08:21] Misaligned incentives between management and shareholders in troubled biotechs.[00:10:04] Why KROS’s partnership with Takeda could be its most valuable asset.[00:13:14] Review of KROS’s three main drugs: Cybo, 065, and 050 (licensed to Takeda).[00:14:55] Risk-adjusted value potential of KROS’s royalties from Takeda deal.[00:17:01] Mixed data from 065 and skepticism from analysts.[00:18:09] Potential but doubtful value remaining in Cybo post-trial shutdown.[00:18:40] KROS’s massive cash balance vs. market cap and implications for shareholder returns.[00:20:05] Breakdown of 2023 overhead and burn rate concerns.[00:21:53] Call for drastic cost cuts and corporate reevaluation.[00:23:36] Analysis of board alignment and concern over lack of urgency.[00:25:44] Why KROS no longer needs a science-heavy board.[00:28:44] Shareholder engagement as a tool to prevent value destruction.[00:31:33] Encouragement for listeners to contact the board and advocate for value-maximizing outcomes.Links:See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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Windward's Marc Chalfin Turtle Beach Thesis $TBCH 45:45

7 weeks 전45:45

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리스트

45:45

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Marc Chalfin of Windward Capital to discuss Turtle Beach. Known for its gaming headsets and peripherals, Turtle Beach is at the center of a compelling capital allocation story. Marc outlines why the company’s recent PDP acquisition, aggressive buyback strategy, and positioning ahead of the Nintendo Switch refresh and GTA VI release create a rare opportunity. He also breaks down the company’s corporate turnaround, supply chain adjustments, and potential paths to a strategic or private equity exit. If you’re following gaming or capital discipline stories, this one's for you.______________________________________________________________________[00:01:29] Marc Chalfin shares an update on Groupon and transitions to Turtle Beach[00:02:23] Introduction to Turtle Beach’s business model and market share in gaming peripherals[00:03:58] Market size, product dominance, and recent analyst coverage[00:05:46] Chalfin discusses the history of Turtle Beach, Donerail’s involvement, and management changes[00:10:01] Operational struggles from supply chain issues and lack of gaming software[00:11:30] Strategic acquisition of PDP and importance of Nintendo licensing[00:13:03] Financial upside: EBITDA expansion potential, buybacks, and capital structure[00:16:38] Addressing the commoditization concern in gaming hardware[00:18:02] Peer comparisons with Logitech and Corsair[00:20:20] Philosophy on capital allocation and shrinking the share count[00:23:09] Tariff headwinds and Turtle Beach’s supply chain response[00:25:28] Catalysts: Nintendo Switch refresh and GTA VI as revenue drivers[00:27:34] Chalfin explains the buyback slowdown and loan covenants[00:29:53] Long-term guidance and thoughts on sustainable revenue growth[00:31:21] Endgame scenario: strategic sale or private equity exit[00:36:28] Risks: liquidity and execution on buybacks[00:40:11] Timing of potential buybacks and views on tender offer strategy[00:43:27] Closing thoughts on alignment with management and capital return strategyLinks:Windward Capital: https://www.windwardmg.com/See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

1
David Capital's Adam Patinkin Updates the Vistry Thesis $VTY 1:00:55

8 weeks 전1:00:55

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리스트

1:00:55

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Adam Patinkin of David Capital for his third appearance—this time for a much-requested update on British homebuilder and regeneration specialist Vistry (RY). Adam originally laid out a bold thesis in early 2024 that Vistry’s transition to a pure-play partnerships business could mirror the NVR success story. But after a string of profit warnings and a collapsing share price, listeners wanted answers. Adam walks through what went wrong, why the company’s current valuation doesn’t match its fundamentals, and why David Capital doubled its position. The discussion probes management credibility, capital allocation, and how UK government policy is now aligning with Vistry’s strategy.______________________________________________________________________[00:00:00] Intro and sponsor message for upcoming AI & finance webinar [00:00:40] Andrew welcomes Adam Patinkin for a follow-up discussion on Vistry [00:01:29] Context and disclaimer before discussing UK-listed stock Vistry [00:02:18] Adam gives a quick overview and update on Vistry's journey in 2024 [00:02:58] Explanation of David Capital doubling their position in Vistry [00:03:59] The original investment thesis in Vistry: value plus catalyst approach [00:04:51] Breakdown of Vistry’s two segments: partnerships vs. housebuilding [00:06:58] Thesis: Transition to a pure-play partnerships business [00:08:34] Discussion on profit warnings and their impact on investor sentiment [00:10:13] Details of Vistry’s missteps and housebuilding write-downs [00:12:29] Analysis of the market's reaction to one-time losses [00:15:29] Third warning due to delayed land sales and management's response [00:16:34] Clarification of misunderstandings around ongoing losses [00:17:57] Adam frames the four-part thesis and which parts still hold [00:19:09] Reaffirmation of medium-term targets for partnerships [00:20:54] Discussion on pace of housebuilding exit and management's actions [00:23:34] Ongoing share buybacks and potential for expansion [00:24:37] Breakdown of customer segments in the partnerships business [00:26:19] UK government's budget and policy impact on affordable housing [00:31:14] Overview of supportive labor government housing initiatives [00:35:05] Cash flow expectations from capital employed reduction [00:36:29] Valuation commentary and mispricing opportunities [00:37:54] Assessment of credibility and investment upside [00:41:51] Discussion on net debt figures and transparency [00:43:40] Capital structure comparisons with other builders [00:46:21] Considerations around lower buybacks vs. future flexibility [00:49:10] Why Vistry still represents compelling value despite concerns [00:52:08] Differentiating Vistry from UK housebuilder peers [00:55:05] Clarification of the NAV not falling due to deferred land sales [00:57:21] Framing margin of safety by cash flows rather than asset base [00:59:54] Summary of company positioning, tailwinds, and outlook Links:Daloopa Webinar: daloopa.com/yavwebinarDavid Capital: https://davidpartners.com/See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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Focus Capital Advisers' Mordechai Yavneh on the greatest acquisition of all time (Valeura Energy) 1:01:25

8 weeks 전1:01:25

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리스트

1:01:25

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Mordechai, head of Focus Capital Advisers, for his third appearance. They unpack what Mordechai calls the greatest acquisition of all time—Valeura Energy's buyout of Gulf of Thailand oil assets. The two deals, acquired at rock-bottom prices, now generate more than their cost in monthly free cash flow. Mordechai explains theasset's unusual geology, the long-tail economics of its reserves, and why the market still doesn't get it. They also cover decommissioning liabilities, NAV versus market cap, and how management might pull off more high-conviction deals in the future. ______________________________________________________________________ [00:01:14]Introduction to Mordechai and his advisory work [00:03:18]Overview of Valeura Energy and its asset transformation [00:04:38]Initial acquisition of the Wassana oil field from bankruptcy [00:07:06]Financials and economics of the Wassana deal [00:08:37]Comparison of Thailand offshore to domestic offshore assets [00:12:15] Uniquereserve dynamics in the Gulf of Thailand [00:17:08] Secondacquisition: Mubadala's Gulf assets and deal terms [00:20:00] Whythe Mubadala acquisition defies logic [00:24:14]Background on how Valeura got such a favorable deal [00:27:02] Whydeals done during peak 2022 oil prices still look brilliant [00:30:50] Whythe market hasn’t fully caught on to Valeura’s upside [00:33:49]Variance between reported reserves and economic field life [00:39:13] Datashowing reserve replacement outpaces depletion [00:42:56]Concession expiration and risks around renewal [00:46:56] NAVanalysis and investor skepticism [00:50:26]Updates on decommissioning costs and projections [00:51:50]Operational improvements and field efficiencies [00:53:04]Organic growth through field development and platform expansion [00:57:32]Upcoming catalysts and appraisal-based expansion opportunities Links: Focus CapitalAdvisors : https://focuscapitaladvisers.com/home See our legaldisclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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March 2025 Fintwit Book Club: Diary of a Very Bad Year with Byne Hobart from The Diff 1:05:54

8 weeks 전1:05:54

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리스트

1:05:54

In this episode of the Yet Another Value Podcast Monthly Book Club, host Andrew Walker is joined by Byrne Hobart, author of The Diff newsletter, to discuss Diary of a Very Bad Year: Confessions of an Anonymous Hedge Fund Manager. The conversation explores the book’s candid insights from a hedge fund manager navigating the 2008 financial crisis. Andrew and Byrne dig into the accuracy of predictions made in real time, the psychology of uncertainty, and the relevance of past financial mistakes to today’s AI boom and private credit landscape. This is a thoughtful discussion on expertise, misallocation, and financial memory—both personal and systemic.This month's book on amazon: https://amzn.to/4hUNk8s Chapters:[ 0:00 ] Introduction + Episode sponsor: AlphaSense[ 2:00 ] Overview of Diary of a Very Bad Year: Confessions of an Anonymous Hedge Fund Manager[ 12:00 ] Bubbles through a misallocation of resources lens[ 22:35 ] History rhymes / Predictions in the book[ 35:45 ] Tariffs today versus housing in 2005[ 45:00 ] Misallocation of resources if AI is a bubble[ 56:00 ] Druckenmiller's Argentinean betToday's sponsor: AlphaSense; Try it free today at alpha-sense.com/YAVPThis episode is brought to you by AlphaSense—the market intelligence platform I rely on for faster, deeper insight.If you’ve used platforms like Tegus, you’ll feel right at home—but AlphaSense takes it further. With over 150,000 expert call transcripts and 450 million+ premium documents, it’s become my go-to resource for both qualitative and competitive research.And now, with Generative AI tools like Gen Search and Gen Grid, AlphaSense makes it easier than ever to accelerate your workflow. Gen Search lets you ask natural-language questions—like “What’s driving margin pressure in semis?”—and instantly surfaces answers pulled from expert calls, earnings transcripts, filings, and more.Gen Grid takes it a step further—automating repeatable workflows by applying multiple prompts across dozens of documents at once. It delivers clean, table-format answers like sales trends, macro commentary, or pricing signals—all with clickable citations so you can trace insights directly to the source.Whether you’re digging into a company, comparing peers, or parsing 10-Ks at scale, AlphaSense gives you a speed and depth advantage. Try it free today at alpha-sense.com/YAVP and experience the future of research.See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…

Yet Another Value Podcast

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David Capital Partners' Adam Patinkin on Lifecore's CDMO business $LFCR 1:11:52

8 weeks 전1:11:52

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리스트

1:11:52

Adam Patinkin, CFA, Managing Partner at David Capital Partners, LLC, joins the podcast to discuss his thesis on Lifecore Biomedical, Inc. (NASDAQ: LFCR), a fully integrated contract development and manufacturing organization (“CDMO”). For more information about David Capital Partners, please visit: https://davidpartners.com/ Chapters: [0:00] Introduction + Episode sponsor: Fintool [2:23] Who is David Capital and why $LFCR is interesting to Adam [6:16] $LFCR history [12:55] What is a CDMO (Contract Development and Manufacturing Organization) and how ingrained into the regulatory approval process they are; why these businesses are attractive [21:47] What is Adam seeing with $LFCR that the market is missing [24:00] $LFCR business [30:16] Why this management team will change the trajectory of the company [38:10] Capacity / concern about the speed to fill capacity [46:45] Trump regulatory tailwinds / RFK headwind [53:03] What has kept this company from achieving greatness / risk vs. reward with $LFCR [1:02:33] Management team incentives [1:04:41] Conversation about the math (valuation) [1:10:08] Final thoughts Today's sponsor: Fintool Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document. Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280 See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer…