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. 1日前

    $STVN: are oral GLP-1s really a death blow? | Aurelian Research's Leo Trudel

    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 into the bull case, the oral-vs-injectable debate, capacity and oversupply risk, capital allocation, regulatory lock-in, and what would change Leo's view. [00:00:00] Podcast intro and guest welcome [00:03:08] Stevanato's business model: vials, syringes, high-value solutions[ 00:03:51] COVID boom and the destocking cycle [00:06:39] Why the stock sold off and what it implies [00:07:34] Market expectations vs. reality [00:11:55] Margin expansion from mix shift [00:14:40] Oral vs. injectable GLP-1s: the real debate [00:17:30] Why oral and injectable aren't interchangeable [00:19:44] Capacity additions and oversupply risk [00:21:00] Biologics demand beyond GLP-1 [00:23:04] Management trust and capital allocation [00:26:52] Regulatory lock-in: the real moat [00:29:42] What could break the bull case [00:30:53] Future capex and where it goes [00:32:41] Industry structure and M&A outlook [00:34:37] AI tools in investment research [00:38:09] Closing thoughts and Leo's stance Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p... Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    39 分鐘

  2. 6日前

    Can Sprout Social Survive the SaaSpocalypse with Pernas Research's Deiya Pernas $SPT

    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 address valuation, stock-based compensation concerns, and possible catalysts including governance changes or acquisition interest. The conversation closes with a wider look at the so-called SaaS apocalypse and where opportunities may exist. ____________________________________________________________ [00:00:00] Introduction and guest overview [00:03:59] Sprout Social business model explained [00:05:38] Market mispricing and SaaS selloff [00:09:53] Fundamentals versus market perception debate [00:12:05] SaaS valuation reset discussion [00:13:45] Platform capabilities and customer usage[00:15:16] API complexity and competitive advantage [00:18:58] Compliance risks and AI concerns [00:21:48] Platform competition from social networks [00:23:50] AI disruption and company adaptation [00:27:07] Systems of record skepticism discussed [00:30:00] Integrations and switching costs impact [00:31:01] Stock-based compensation concerns raised [00:32:01] Dilution risks and sustainability issues [00:33:48] Governance changes as potential catalyst [00:35:49] Management turnover and uncertainty [00:36:46] Acquisition potential discussed [00:38:59] Broader SaaS opportunities and risks [00:42:11] SaaS durability versus AI disruption [00:45:36] Lack of insider buying observations [00:46:55] Criticism of board incentives 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

  3. 4月26日

    Chadd Garcia drills into LandBridge's value

    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 expansion, strategic land acquisitions, and its relationship with WaterBridge. They also examine valuation differences versus peers like TPL, the role of data centers in West Texas, and why the market may be underestimating future cash flow. The episode concludes with an update on Secure Energy’s acquisition and its implications for the waste infrastructure thesis. ____________________________________________________________ [00:00:00] Introduction and Chad Garcia returns [00:04:07] LandBridge overview and investment thesis [00:05:26] History of land royalty businesses [00:08:57] TPL business model breakdown [00:13:21] LandBridge business and revenue streams [00:16:11] Valuation comparison versus TPL [00:17:21] Market skepticism and short thesis [00:20:59] Incremental pore space growth potential [00:24:27] Sponsor ownership and insider alignment [00:26:50] Structure and related party concerns [00:29:12] Acquisition strategy and value creation [00:31:30] Strategic land positioning explained [00:36:01] Competitive advantages in pore space [00:39:37] Data center opportunity in Permian [00:43:38] Challenges to data center deployment [00:46:42] Valuation framework and growth outlook [00:48:36] LandBridge versus WaterBridge comparison [00:49:31] Secure Energy acquisition overview [00:51:06] Waste thesis validation discussion [00:55:35] Reaction to acquisition valuation [00:58:16] Market education still ongoing [01:01:12] Closing thoughts and disclaimer 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 2 分鐘

  4. 4月23日

    Investing in the SaaSpocalypse with Heller House's Marcelo Lima

    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 product development. The discussion covers valuation compression, enterprise software moats, customer behavior shifts, and the role of AI as infrastructure. Andrew also raises concerns about disruption risks, insider signals, and workforce changes, leading to a debate on whether this moment represents risk or opportunity. Marcelo's memos on software Memo 1: https://mailchi.mp/hellerhs/opportunities-in-software Memo 2: https://mailchi.mp/hellerhs/opportunities-in-software-part-ii _________________________________________________________ [00:00:00] Introduction and SaaS apocalypse topic [00:02:24] Disclaimer and setup discussion [00:03:26] SaaS selloff and market reaction [00:07:58] AI disruption concerns raised [00:10:09] Valuation compression and risk pricing [00:14:24] Salesforce adoption timing shifts [00:16:09] Incumbents’ advantage and feedback loops [00:20:57] Headless software and interface changes [00:22:29] Backend value versus frontend control [00:27:02] Historical analogy with Slack usage [00:29:22] Insider buying skepticism discussion [00:34:36] Power law dynamics in SaaS [00:35:53] Company earnings and AI impact [00:36:36] Adobe Lightroom AI example [00:40:11] Bloomberg replacement with AI tools [00:42:25] AI tooling limitations and costs [00:46:02] Bugs and reliability challenges [00:47:24] Preferred SaaS companies discussed [00:51:28] Stock compensation and dilution concerns [00:55:59] AI productivity and hiring dynamics [00:56:27] Opposing view on engineer demand [00:59:16] AI increasing work intensity [01:00:23] Enterprise software reliability moat [01:04:49] AI as infrastructure layer 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 7 分鐘

  5. 4月19日

    Why DraftKings might not be a big gamble with Aganju's Tolu Bukola $DKNG

    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 legal challenges. They examine potential outcomes if regulation changes, how market share could shift, and what that means for DraftKings’ long-term economics. The episode also covers valuation perspectives and the role of government intervention in shaping the industry’s future. You can see Tolu's DKNG write up here ___________________________________________________ [00:00:00] Podcast introduction and guest overview [00:00:33] DraftKings and prediction markets focus [00:03:21] DraftKings business and history explained [00:05:26] Prediction markets model and mechanics [00:07:33] Market reaction and investor behavior [00:09:14] iGaming growth and profitability discussion [00:11:09] iGaming competition and market structure [00:14:55] DraftKings execution and product strengths [00:16:02] Prediction markets as key risk [00:17:34] Product appeal and investor bias [00:18:57] Betfair comparison and market share [00:20:20] Cultural shifts and trading behavior [00:22:12] Early impact on sportsbook data [00:23:12] Market share uncertainty discussion [00:24:38] Government incentives and regulation [00:26:25] Why Betfair remained small [00:29:31] Pricing differences and fee structure [00:31:32] Complexity of sportsbook operations [00:32:38] Regulatory advantages of prediction markets [00:34:43] Insider trading and integrity concerns [00:37:04] Legal paths and regulatory outcomes [00:39:17] CFTC role and enforcement issues [00:41:37] Timing risks and market share shift [00:42:56] Long-term investment thesis [00:44:23] Valuation framework and upside case [00:48:40] DraftKings competing in prediction markets [00:49:55] Parlay economics and profitability [00:51:24] Regulatory risks beyond prediction markets [00:53:30] Government incentives and taxation [00:54:24] Supreme Court outlook and legal stance [00:55:56] Native American tribes involvement 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/

    58 分鐘

  6. 4月16日

    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

  7. 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

  8. 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
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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
    395
  • 分級
    兒童適宜
  • 版權
    © Andrew Walker
  • 節目網站
    Yet Another Value Podcast

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