Yet Another Value Podcast

Andrew Walker
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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

  1. 2日前

    April 2026 Random Ramblings

    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 could reshape investing. He reflects on the balance between experience and laziness in decision-making and closes with a personal discussion on the mental challenges of missing major investment opportunities. Check out fiscal.ai here: fiscal.ai/?via=yav ______________________________________________________________________ [00:00:00] Podcast introduction and monthly ramblings [00:01:02] Call for ratings and subscriptions [00:01:37] Sponsor discussion and product usage [00:02:40] Overview of April discussion topics [00:04:35] SaaS selloff and valuation concerns [00:07:10] AI impact on SaaS demand [00:08:03] Software terminal value concerns [00:08:54] SaaS as difficult investment category [00:10:16] Importance of differentiated investment edge [00:12:09] AI risks to investing careers [00:13:32] Idea of hedging AI exposure [00:14:29] Meta stock option implications [00:15:54] Rationale for big tech hedges [00:17:18] Thoughts on leap options strategy [00:18:33] Pattern recognition in investing [00:20:09] When pattern recognition becomes harmful [00:21:35] Balancing experience versus laziness [00:22:21] AI and pattern recognition limitations [00:23:33] Market adaptation to investor behavior [00:25:08] Potential AI investing weaknesses [00:26:48] Using AI tools in research [00:28:36] Emotional challenges in investing [00:29:18] Missed Avis investment opportunity [00:30:24] Frustration from missed gains [00:31:08] Balancing emotions and discipline [00:32:28] Closing remarks and sign-off Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    33 分鐘

  2. 4月10日

    Guinea Value's Jinshu Zhang on Fiserv $FISV

    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 detailing the impact of leadership changes and operational missteps under prior management. The discussion highlights the ongoing strategic reset, new executive hires from JPMorgan, and extensive on-the-ground research into Clover’s positioning. They also debate capital allocation, insider alignment, activist involvement, and valuation, exploring whether Fiserv represents a turnaround opportunity or a declining legacy asset. See Shu's substack here: https://jingshu.substack.com/ See Trata's FISV transcript here: https://www.trata.com/fisv ___________________________________________________________ [00:00:00] Podcast intro and guest background [00:03:56] Payments sector under broad pressure [00:05:32] Market fears impacting payment companies[00:06:51] AI risks debated in payments [00:11:38] Structural advantages protect payment networks [00:12:49] Capital allocation concerns across peers [00:17:19] Fiserv business segments overview [00:18:59] Leadership change and prior mismanagement [00:24:23] Strategic reset and growth normalization [00:27:49] Variant perception and investment thesis [00:28:50] New executive team and talent inflow [00:34:55] Clover positioning versus competitors [00:36:20] Field research from restaurant interviews [00:42:01] Valuation framework and earnings outlook [00:46:14] Insider alignment and incentives discussion [00:53:34] Organizational culture and employee sentiment [00:58:30] Activist involvement and strategic options Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    1 小時 4 分鐘

  3. 4月2日

    Avory's Sean Emory on Clear Security $YOU

    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 footprint. Sean also outlines a developing enterprise identity segment and its potential role in future growth. The conversation addresses valuation, risks, and whether Clear’s moat can sustain long-term returns. ___________________________________________________________________ [00:00:00] Andrew introduces Clear Security debate [00:03:54] Clear explained: biometric airport platform [00:07:11] Growth limits and line congestion[ 00:10:00] TSA PreCheck economics and strategy [00:14:04] Competition from TSA and airlines [00:18:15] Airport partnerships and revenue sharing [00:23:12] Market missing enterprise identity opportunity [00:28:48] Debate on enterprise business significance [00:34:11] TSA disruption impact on stock [00:39:36] Valuation and growth assumptions [00:43:24] Pricing power and customer behavior [00:49:21] Amex partnership risks and dynamics [00:56:12] Capital allocation and cash usage [01:00:56] Long-term identity and AI implications Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    1 小時 4 分鐘

  4. 3月29日

    Theravance's strategic review with Andy Summers $TBPH

    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 covers the company’s balance sheet strength, cost reductions, and ongoing strategic review process. Andy outlines valuation assumptions, including U.S. royalties, China opportunity, and tax attributes, while also assessing potential buyers and deal dynamics. They also explore downside scenarios if a sale does not occur and why the situation presents an asymmetric risk-reward profile. ___________________________________________________ [00:00:00] Podcast introduction and sponsor mention [00:02:41] Overview of Theravance business model [00:05:02] Phase three failure stock decline [00:06:56] Activist involvement and ownership concentration [00:09:01] Strategic review process and acceleration [00:09:49] Breakdown of balance sheet and cash [00:12:49] Discussion on downside protection and sizing [00:14:11] Yupelri drug positioning and growth [00:15:59] Patent protection timeline through 2039 [00:17:13] Valuation of royalty stream [00:18:08] Sum-of-parts valuation discussion [00:18:49] China opportunity and royalty upside [00:24:22] Strategic buyers and acquisition dynamics [00:28:22] Concerns about limited bidding competition [00:30:57] Potential alternative buyers and synergies [00:35:08] What market may be missing [00:35:57] Ireland tax asset potential value [00:38:03] Scenario if company not sold [00:41:30] Potential management change outcomes [00:43:22] Asymmetric risk reward summary [00:44:24] Timing expectations for potential deal Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    47 分鐘

  5. 3月27日

    Night Watch's Roderick van Zuylen on Marex $MRX

    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. The discussion covers Marex’s strong returns on equity, acquisition-driven growth strategy, and competitive positioning versus peers like StoneX. They also address risks, including credit exposure, interest rate sensitivity, and a recent short report. The episode highlights why Marex may continue compounding earnings through both organic and inorganic growth. Roderick's twitter: roojoo3 Night Watch's website: NightWatchIM.com ______________________________________________ [00:00:00] Podcast introduction and guest overview [00:03:56] What Marex actually does [00:05:05] Industry consolidation and competitors [00:07:43] Credit risk and downside scenarios [00:10:06] FCM role explained simply [00:11:49] Why ROEs are high [00:13:57] Acquisition-driven growth strategy [00:15:12] Market mispricing and valuation [00:17:24] Private equity overhang concerns [00:19:21] M&A execution and integration [00:22:28] Switching costs and customer stickiness [00:24:24] Why acquisitions are cheap [00:26:31] Industry structure and limited buyers [00:28:19] Volatility and revenue dynamics [00:29:46] Goldilocks volatility discussion [00:32:59] Buybacks and capital allocation [00:34:32] Short report overview [00:35:11] Key allegations addressed [00:38:29] Cash flow concerns explained [00:41:10] Company response to short report [00:42:28] Real-world business validation [00:43:41] Valuation and upside potential [00:45:43] Key risks and interest rates Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    50 分鐘

  6. 3月25日

    March 2026 Random Ramblings

    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 the past decade. He also revisits his three-year rule for evaluating stagnant investments, examining its limitations in cyclical sectors. The episode closes with a discussion on position sizing, emphasizing the need to re-underwrite positions after large price moves and avoid inertia when fundamentals change. ________________________________________________________ [00:00:00] Introduction and volatile market overview [00:00:47] Software investing and track record concerns [00:01:40] Three-year rule and exceptions [00:01:56] Position sizing after major moves [00:05:08] Markets feel inconsistent and strange [00:08:04] SaaS and growth investing tailwinds [00:09:43] Track records shaped by favorable cycles [00:13:49] Revisiting and questioning three-year rule [00:15:58] Cyclical tailwinds impacting outcomes [00:17:00] Value creation versus timing importance [00:19:49] Position sizing mistakes and inertia [00:22:52] Re-underwriting after losses [00:24:15] Risk management and cost limits Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    27 分鐘

  7. 3月23日

    Adam May on investing in biotech $NKTR $ABVX

    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 market is missing something important. The conversation focuses on NKTR and ABVX, including trial design, maintenance data, market skepticism, buyout setups, and how Adam thinks about risk, beta, and asymmetric upside in biotech. __________________________________________________________ [00:00:00] Andrew introduces Adam [00:02:44] Adam’s biotech investing background [00:07:16] Alpha versus biotech beta [00:09:51] Finding edge in biotech [00:17:01] How Adam sources ideas [00:20:49] Handling concentrated biotech positions [00:22:59] Biotech drawdown created opportunities [00:24:49] NKTR thesis and setup [00:27:53] Lilly data analysis mistake [00:29:34] Why drugs miss patients [00:30:34] Eczema need remains large [00:33:55] Trial nuance drove conviction [00:36:11] Reverse split scared investors [00:37:14] NKTR rerating after data [00:41:21] Why maintenance data mattered [00:43:32] Buyout versus commercialization path [00:45:17] Alopecia setup in NKTR [00:52:25] ABVX background and skepticism [00:55:00] Maintenance data built conviction [00:58:54] The killer ABVX slide [01:01:50] Why ABVX looks acquirable [01:08:11] ABVX maintenance data ahead [01:11:27] Andrew closes the episode Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    1 小時 12 分鐘

  8. 3月20日

    Chris Paryse on Ferrellgas's big conversion $FGPR

    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 toward reinstating dividends. They also discuss leverage, preferred securities, and the opportunity for valuation re-rating through relisting and improved liquidity. The episode highlights both the financial engineering aspects and the operational realities of a stable but low-growth propane business. Chris's twitter: https://x.com/CParyse86296 ___________________________________________________________ [00:00:00] Ferrellgas situation overview [00:03:47] Business model explained simply [00:06:31] Class B conversion mechanics [00:08:38] Dilution and free float impact [00:10:49] Capital returns outlook discussed [00:11:26] Free cash flow breakdown [00:15:08] Preferred structure and leverage [00:17:41] Valuation and leverage debate [00:18:59] Relisting catalyst potential [00:20:07] Ownership and alignment concerns [00:23:24] M&A and consolidation strategy [00:30:02] Business segment deep dive [00:35:45] Commodity risk explained [00:37:54] Key catalysts summary [00:42:10] Private equity possibility discussed [00:45:03] Closing thoughts and contact Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    47 分鐘
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關於

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

資料

  • 創作者
    Andrew Walker
  • 活躍年份
    2020年 - 2026年
  • 單集
    390
  • 分級
    兒童適宜
  • 版權
    © Andrew Walker
  • 節目網站
    Yet Another Value Podcast

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