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. 5 DAYS AGO

    December 2025 Random Ramblings

    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 market dynamics. Andrew also walks through several investing beliefs he’s changed his mind on over the past ten years, including valuation metrics, buybacks, real estate, technical analysis, and holding periods. He closes by reflecting on lessons learned from podcast guests, risk-taking, arrogance, and the role of luck versus skill in generating outsized returns. ______________________________________________________ [00:00:00] Episode introduction [00:02:19] Monthly solo rambling format [00:04:14] Ten-year investing reflection [00:04:59] Markets growing increasingly strange [00:05:20] Sports and strategy analogy [00:06:45] Market efficiency reaching extremes [00:07:34] Weird situations driving returns [00:09:38] Changing minds over decade [00:10:31] Pure valuation metrics questioned [00:11:36] Buybacks losing importance [00:13:39] Hidden real estate disappointments [00:15:13] Technical analysis partial acceptance [00:16:19] Rethinking long-term holding [00:18:25] Three-year reevaluation rule [00:19:31] Risk management maturation [00:22:12] Podcast shaping investor thinking [00:24:14] Luck versus skill debate [00:26:31] Media deal commentary critique[ 00:28:45] Looking ahead next decade [00:29:38] Holiday wishes and closing 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/

    30 min

  2. 6 DAYS AGO

    UK Homebuilders with Christian Olesen from Olesen Value Fund

    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 valuation, and downside protection. The conversation also addresses macro concerns around the UK economy, housing affordability, planning regulations, and management incentives. __________________________________________________________ [00:00:00] Episode and guest introduction [00:03:26] UK market deeply discounted [00:05:13] Cyclical demand collapse explained [00:08:20] Bellway valuation framework [00:11:47] UK macro risk debate [00:15:09] Domestic investor pessimism [00:17:37] Quantitative versus qualitative thesis [00:21:15] Land write-down risk discussion [00:26:58] Bellway versus peers [00:30:41] Management incentives concerns [00:32:43] Capital allocation changes [00:38:53] American investor influence [00:41:08] Alternatives within UK market [00:45:23] Planning reform tailwinds [00:46:58] Supply constraints implications [00:49:35] Risk-reward summary 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/

    51 min

  3. 26/12/2025

    $NATL and the sunset of ATMs with Undervalued and Undercovered's Hugo Navarro

    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 outlines the company’s ATM-as-a-service strategy, highlighting scale advantages, incremental margins, and incentives for banks to outsource servicing. See Hugo's NATL write up here: https://smallcaptreasures.substack.com/p/a-127-fcf-yielding-duopoly-growing?utm_source=publication-search ___________________________________________________ [00:00:00] Podcast and guest introduction [00:04:01] NCR Atlas business overview [00:05:27] Why valuation appears cheap [00:07:05] Cash usage decline debate [00:12:55] ATM-as-a-service thesis [00:16:54] ATM replacement cycle explained [00:19:15] Industry scale and servicing [00:20:56] Why banks outsource ATMs [00:24:07] Incremental margin economics [00:26:37] Long-term ATM demand risks [00:35:51] Declining industry outsourcing logic [00:38:34] Free cash flow drivers [00:41:11] Share gains from banks [00:47:36] Accounting and governance concerns [00:53:22] Diebold competitive comparison [00:56:04] Tariffs and guidance outlook [00:57:33] Interest rate sensitivity 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/

    59 min

  4. 22/12/2025

    Investing in growth tech with Lead Edge Capital's Evan Skorpen

    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 markets [00:24:29] Investor days and messaging [00:30:40] Remitly’s capital allocation shift [00:36:09] Importance of long-term KPIs [00:44:07] Aligning shareholder and board goals [00:46:37] Incentives and externalities discussed [00:51:17] M&A risk versus growth [00:57:49] Lead Edge’s unique investing edge [01:01:53] AI risk to software moats Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

    1h 12m

  5. 16/12/2025

    The Fairfax Way with David Thomas $FFH.TO

    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 background in business journalism [00:06:25] Fairfax’s long-term investment returns [00:08:16] Evolution of investment and insurance strategy [00:13:01] Fairfax’s stock picking and equity style [00:16:39] Inflation themes in stock selection [00:20:32] BlackBerry investment strategy and challenges [00:24:14] Macro success: shorting housing and tech [00:29:20] 2010–2016 bearish misstep reflection [00:35:12] Politics influence on macro decisions [00:36:56] Prem’s current macro outlook [00:40:55] Discussion of Fairfax valuation [00:41:34] Book value and buyback logic [00:44:28] Overview of the short seller campaign [00:49:04] Perspective on Fairfax's hedge fund lawsuit[00:51:14] Succession planning at Fairfax [00:53:44] Stability of all business segments [00:57:45] 15% target: still realistic? Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

    59 min

  6. 14/11/2025

    November 2025 Random Ramblings

    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 management projections and NAV estimates often ends in disappointment. With a new baby on the way, Andrew signs off with personal updates and an open invitation for listeners to reach out and discuss these topics further. _________________________________________________________ [00:00:00] Podcast intro and disclaimer [00:02:05] Wins lure into false security [00:12:45] Passed stocks drop, then buy [00:20:00] Shorting AI bubble discussed [00:26:20] Trusting management and NAV [00:28:40] Final thoughts and baby update Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

    29 min

  7. 11/11/2025

    Shining a light on Golden Entertainment's "wealth transfer" $GDEN

    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 ___________________________________________________________ [00:00:02] Intro to special episode [00:03:26] Comparison to Louvre heist [00:04:20] Smoking guns and IR site change [00:07:35] Sale leaseback structure details [00:09:15] Valuation analysis and critique [00:13:30] Everbay letter and valuation math [00:16:45] Management buyout vs. fair value [00:19:00] Critique of go-shop process [00:21:10] Regulatory hurdles for go-shop [00:23:40] Call for fair deal structure [00:24:50] 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

    26 min

  8. 09/11/2025

    Chadd Garcia breaks down WaterBridge's post-IPO value creation story $WBI

    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 opportunity for growth and pricing power at WaterBridge. __________________________________________________________ [00:00:00] Podcast intro and Chad returns [00:02:24] WaterBridge’s core operations explained [00:04:41] Pipelines and disposal network details [00:06:03] Missed waste parallels in analysis [00:10:52] Valuation setup and contract pricing [00:13:04] 2025 EBITDA forecast discussed [00:14:45] Scalability from current infrastructure [00:15:37] Infrastructure ROICs and economics [00:17:33] Land ownership and strategic value [00:19:05] WaterBridge vs. LandBridge relationship [00:22:25] Why Devon partners with WaterBridge [00:27:35] Sponsor structure and conflict resolution [00:29:30] Regulatory risk and permitting update [00:33:39] Permian basin long-term outlook [00:35:10] Increasing water cuts impact volumes [00:36:41] Oil price sensitivity and volume trends [00:38:03] Organic growth via MVC contracts [00:39:11] Maintenance capex benchmarking [00:41:40] Capital allocation and future returns [00:42:31] Waste comps and multiple discussion [00:45:49] Terminal value and ROIC comparisons [00:47:57] Key risks: spills and short reports [00:49:12] Environmental downside vs. oil spills [00:51:25] Short reports and perceived conflicts [00:52:21] Why WaterBridge and LandBridge are separate [00:53:08] Investor day importance and growth [00:54:10] Chad’s visibility helps spread thesis [00:56:54] Housing workers for Texas data center boom Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

    56 min
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About

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

Information

  • Creator
    Andrew Walker
  • Years Active
    2020 - 2025
  • Episodes
    363
  • Rating
    Clean
  • Copyright
    © Andrew Walker
  • Show Website
    Yet Another Value Podcast

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