82 episodes

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.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.

Yet Another Value Podcast Andrew Walker

    • Business
    • 5.0 • 2 Ratings

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.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.

    Richard Sosa sees value in DFIN's niche

    Richard Sosa sees value in DFIN's niche

    Richard Sosa, host of the Riches in Niches podcast, discusses his thesis on Donnelly Financial (DFIN). Despite a strong recent run, DFIN trades at a value multiple, and Richard breaks down all the reasons why he thinks the stock is too cheap and why DFIN is a huge beneficiary of the current SPAC / IPO boom.

    My twitter background thread on DFIN: https://twitter.com/AndrewRangeley/status/1460661067395305479?s=20

    Riches in Niches podcast twitter: @RichesNichesPod

    Chapters
    0:00 Intro
    1:40 Some background on Richard
    4:10 Why Richard likes niches
    5:10 DFIN overview
    10:45 DFIN's classic spin dynamics
    14:35 DFIN's public to private headwinds before the SPAC boom
    18:30 Regulatory headwinds in the print business
    21:55 More DFIN background
    29:30 What the capital markets business does and how it benefits from the M&A / SPAC boom
    37:00 Comping DFIN to Workiva
    39:40 How sticky is DFIN?
    43:20 Breaking down DFIN's valuation
    46:30 Is DFIN's shifting segment disclosure concerning?
    50:15 Why is the market trading DFIN at such a low multiple?
    53:25 Is management and the board fully aligned here?
    57:00 DFIN's history of capital returns
    1:02:25 More on DFIN's multiple
    1:04:55 Closing thoughts

    • 1 hr 6 min
    Evan Tindell sees value in $TME

    Evan Tindell sees value in $TME

    Evan Tindell, CIO of Bireme Capital, discusses the value he sees in Tencent Music (TME). Key topics include why he's not worried about TME's controlling shareholder or VIE structure, and why he thinks the stock is significantly undervalued.

    My Twitter thread on TME: https://twitter.com/AndrewRangeley/status/1458813448217935874?s=20

    Bireme Capital's website: https://www.biremecapital.com/disclaimer.html

    Chapters
    0:00 Intro
    1:05 TME Overview
    1:40 History of shorting Chinese reverse merger
    4:30 More background on TME
    7:55 How similar is TME to Spotify?
    20:00 Why is TME the best way to play the current panic in China stocks?
    24:30 Can we trust Tencent as TME's controlling shareholder?
    28:15 The VIE structure risk
    35:30 How did TME come to be so dominant in Chinese music streaming?
    38:10 TME's cash rich balance sheet
    43:00 TME's valuation
    49:00 Discussing Spotify's valuation in relation to TME
    55:50 What risk to TME worries Evan the most?
    57:40 Is Evan attracted to messy ownership / control situations?
    1:03:30 Brief discussion of Cogeco's current situation

    • 1 hr 7 min
    Eric Markowitz worms his way through the Tesla bull thesis... plus a little Spotify $SPOT $TSLA

    Eric Markowitz worms his way through the Tesla bull thesis... plus a little Spotify $SPOT $TSLA

    Eric Markowitz, Director of research at Worm Capital, discusses the bull thesis for Tesla. Key topics include all of Tesla's growth options, the biggest misperceptions of Tesla, and why comparing Tesla's valuation to legacy auto manufacturers doesn't make sense.

    We wrap up with 15 minutes of discussion on Spotify and what's misunderstood with that company as well.

    Reading links:
    Worm's Q3 letter: https://www.wormcapital.com/the-wormhole-source/q3-2021
    My background tweet on Tesla: https://twitter.com/AndrewRangeley/status/1458061963439878145?s=20

    Chapters
    0:00 Intro
    1:15 Tesla overview
    4:15 Tesla's big misperceptions
    5:35 How is Tesla different than other car companies?
    8:45 Tesla's neural nets and R&D efficiency
    13:30 Tesla's recruiting edge
    16:55 Worm's investing philosophy
    19:05 The power of winner take most markets
    23:30 Framing Tesla's valuation
    26:05 How strong is Tesla's manufacturing edge?
    28:30 Does competition actually expand the EV industry?
    31:30 What's the most exciting growth optionality at Tesla?
    35:20 Tesla's battery opportunity
    36:50 Tesla's red flags and the Solar City Potemkin village
    43:05 Tesla's brand strength
    45:35 The myth of the Tesla killer
    49:45 Flipping to Spotify
    49:55 What's the biggest misperception with SPOT?
    52:05 Spotify as Netflix 2.0
    54:20 Spotify's advertising opportunity
    56:15 What worries Eric most about Spotify?
    59:40 Spotify's relationship with labels

    • 1 hr 2 min
    Aaron Edelheit is high on Cannabis stocks

    Aaron Edelheit is high on Cannabis stocks

    Aaron Edelheit returns to the podcast to discuss all of the opportunities he's seeing in the cannabis world and why he's chosen now to launch a Cannabis focused fund.

    Aaron's Cannabis manifesto: https://mindsetvalue.substack.com/p/the-cannabis-manifesto
    Seth Rogen profile I mention during the pod: https://www.nytimes.com/2021/04/20/magazine/seth-rogen.html

    Chapters:
    0:00 Intro
    2:45 Why is Aaron launching a cannabis fund now?
    12:00 Professional athletes and cannabis
    16:55 How Cannabis today reminds Aaron of single family homes after the GFC
    26:50 Aaron's views on federal legalization
    37:35 Is Aaron more interested in the direct cannabis plays or the "picks and shovel" providers?
    45:50 Using Verano to highlight the growth and valuations Aaron is seeing
    54:00 Will the industry stay vertically integrated, or will we start seeing more focused players?
    58:55 The tax issues with cannabis plays and why EBITDA is so important here

    • 1 hr 5 min
    Jeremy Raper discusses POSaBIT $POSAF

    Jeremy Raper discusses POSaBIT $POSAF

    Jeremy Raper makes his record fifth podcast appearance to discuss his latest high conviction idea: POSaBIT (POSAF). POSaBIT is a microcap company trading on a very small foreign exchange, so risk is certainly elevated here and listeners should remember to do their own work / this is not investing advice. However, Jeremy believes that the company's strong growth and big moat far outweigh the various red flags and risk around it, and that the stock is significantly undervalued based on where much slower growing peers are trading.

    Jeremy's seeking alpha article: https://seekingalpha.com/article/4462310-posabit-systems-3x-upside-potential

    Chapters
    0:00 Intro
    2:00 POSaBIT overview
    14:30 Diving into POSaBIT's moat
    22:10 Why POSaBIT's take rate is sustainable
    28:45 If Cannabis got legalized tomorrow, what would happen to POSaBIT?
    33:30 Is private equity rolling up the industry a risk?
    37:10 Discussing valuation
    46:55 Breaking down the RTO / reverse merger red flag
    53:10 Jeremy's closing thoughts

    • 56 min
    Martin Werner of DD3 Capital on the Codere / DDMX SPAC deal

    Martin Werner of DD3 Capital on the Codere / DDMX SPAC deal

    Martin Werner, co-founding partner of DD3 Capital, discusses DDMX's deal to deSPAC with Codere Online. Key topics include what DDMX was looking for in a deal, how DDMX worked with their partners in structuring their deal, and why DDMX thinks Codere Online's omnichannel presence gives them a leg up in attacking and winning Latam markets. Towards the end, Martin discusses how he's looking at Betterware (BWMX, which was DD3's first SPAC) and what DD3 will be looking at in their SPAC going forward.

    Chapters
    0:00 Intro
    1:45 What DDMX was looking for in a deal
    3:10 DDMX's proxy and the companies they passed on
    8:30 DDMX's forward purchase agreement with Baron Funds
    12:35 What happened between contacting Codere in January and signing the BCA in June?
    15:15 What attracted DDMX to Codere online?
    18:40 Codere's Spanish market share and outlook
    21:55 Discussing Codere's projections and the assumptions behind them
    25:05 Codere's longer term projection and financials
    26:00 How lower redemptions will allow Codere to accelerate growth
    28:00 Codere's phase 3 plans to move into the U.S. market
    31:35 Similarities between Codere Online and Golden Nugget Online
    32:30 Why DDMX isn't subject to the winner's curse
    35:30 Wrapping up the Codere discussion
    36:35 Betterware (BWMX) discussion
    39:55 Breaking down the distributor churn at BWMX
    44:10 Comparing BWMX's post-COVID slowdown to cable
    46:30 BWMX near term headwinds
    48:05 What DD3 looks when deSPACing companies

    • 51 min

Customer Reviews

5.0 out of 5
2 Ratings

2 Ratings

niko__3000 ,

Amazing analysis

Great to listen to. His email newsletter and Twitter are worth following as well!

Hhbbjjbijnjk ,

Quality investing podcast

Quality investing podcast that goes into event driven investments. Super informative content and great topics

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