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.
Andrew Carreon from Emeth Value on Blackstone Minerals $BSM
Andrew Carreon, founder of Emeth Value, discusses his thesis on Blackstone Minerals (BSM). Key points include how some of the company's undeveloped acreage could be a massive call option, how rising commodity prices impact BSM's value, and how BSM compares to other loose peers.
Side note: I had a puppy emergency for the last ten minutes of this podcast; you might see me glancing to the side a bit as my dog (Penny) tries to get my attention. I still think the conversation was great, but sorry for that!
Emeth Value's website: https://www.emethvaluecapital.com/
1:00 Blackstone Minerals (BSM) overview
4:40 How mineral rights work
7:15 Contrasting BSM versus TPL
11:50 How does BSM's acreage quality compare to TPL
15:10 BSM's LP structure versus traditional C-corps
18:55 Why BSM's NPV reserve calculation understates their value
23:25 What commodity prices are currently baked into BSM's share price?
31:30 Discussing BSM's GP
33:10 How their capex / farm out agreements work
37:45 Management's track record and pandemic performance
43:25 Drilling outlook for BSM's acreage
50:00 Diving into BSM's Austin Chalk acreage
53:15 Puppy emergency driven conclusion
Discussing the Cannabis opportunity and Glass House Group with Aaron Edelheit
Aaron Edelheit, founder of Mindset Capital and author of The Hard Break, comes on to discuss his thesis for investing in cannabis in general and Glass House Group in particular. Key topics include why interstate legalization could come sooner than later, how Glass House's California locations are a huge asset, and why U.S. Cannabis stocks trade don't trade in the U.S.
Aaron's Book, The Hard Break: https://amzn.to/34dKyYL
Aaron's article on Glass House: https://mindsetvalue.substack.com/p/the-most-valuable-greenhouse-in-america
Aaron's article on interstate commerce: https://mindsetvalue.substack.com/p/are-interstate-commerce-restrictions
2:25 Why is investing in cannabis interesting now?
11:00 Why is cannabis not a complete commodity once legalized?
16:10 Why is California so great for growing cannabis?
25:05 How retail can be a moat in cannabis
29:40 Discussing the three way SPAC merger that will form Glass House
38:30 When will cannabis go interstate?
43:15 How to think about valuation of Glass House
47:00 What's the difference between BRND in Canada and MRCQF on OTC?
Bitcoin futures arb and trading the crypto market with David Fauchier
The crypto market currently feels like the wild wild west. It can take only a week or two to run through a full cycle (a bull and a bear market), and coins that are explicitly a joke can be valued at billions of dollars on the back of a tweet from the right celebrity.
David Fauchier, fund manager at Nickel Digital, pops on to discuss how a professional approaches investing in the crypto world. Topics include bitcoin future arb, how to approach the risk of fraud or an exchange blowing up, and why it makes more sense to invest in crypto directly than to invest in mining.
My post on BlockFi and Bitcoin Futures Arb: https://yetanothervalueblog.com/2021/...
David's Twitter: https://twitter.com/dfauchier
David's other podcast covering the crypto market: https://blog.thinknewfound.com/podcas...
1:50 Overview of Nickel Digital and David's background
4:55 Bitcoin futures arb overview
11:05 Risks and negatives to the arb trade.
15:58 Bitcoin : Ethereum :: Unproductive : Productive?
23:10 Digital Horses and other productive uses for blockchain
25:40 Fraud risk in crypto trading
32:00 Could the crypto exchanges blow up?
50:10 Does cryptos 24/7 nature and extreme volatility minimize blow up risk?
53:20 Buying crypto versus buying miners
1:04:30 How David evaluates managers in the crypto space
Chris McIntyre thinks Garrett Motion could hit turbo mode Post-Reorg $GTX
Chris McIntyre, founder of McIntyre partnerships, discusses his investment thesis for Garrett Motion (GTX). GTX just emerged from bankruptcy after filing in 2020, and Chris thinks the stock is significantly too cheap. He walks through how Garrett's near term projections are significantly understated, how minority shareholders are aligned with the new controlling shareholders, and why the company is likely to "melt" at a much slower rate than the market is pricing in.
Chris's GTX website: gtxisacheapstock.com
1:25 Garrett Background
8:40 Why Garrett is better than your average auto-supplier
11:15 Why wasn't the bankruptcy auction more robust?
16:15 Why Garrett filed for bankruptcy
25:55 Risk from Garrett's controlling shareholders
32:30 Garrett's management team
36:00 Garrett's valuation and prefs versus common
43:25 Why Chris thinks Garrett can far exceed their bankruptcy projections
52:10 Medium to longer term capital allocation at Garrett
56:35 Garrett's melting ice cube
1:01:30 Closing Thoughts
A roundtable on Angi $ANGI
Dickson Pau, Tom Moore, and Bill Henry, three first years at Columbia Business School, discuss their investment thesis for Angi. The three pitched ANGI in the Pershing Stock Challenge (placing second!), and they go into the due diligence they did putting their investment thesis together, the potential upside they see at ANGI, and all of the different risk factors they thought about.
The first Yet Another Value Podcast on ANGI: https://youtu.be/J2trsM41DTU
Spring Graham and Doddsville (ANGI pitch on p. 24): https://www8.gsb.columbia.edu/valueinvesting/sites/valueinvesting/files/Graham%20%20Doddsville_Issue%2042_v8.pdf
Tom's Twitter: https://twitter.com/FriarTom15
Dickson's Twitter: https://twitter.com/DicksonPau
0:00 Intro and backgrounds
2:40 Why they chose ANGI for their pitch
7:10 Dickson's DD booking ANGI projects
15:00 Takeaways from ANGI expert calls
22:20 Fixed price: the most exciting piece of ANGI
28:30 How the team views ANGI's new CEO
36:20 Why hasn't ANGI hit their merger targets?
40:40 Is ANGI's near term decline in service requests concerning?
45:50 ANGI's struggles with service providers
52:20 Competition risk
57:00 Laying out the long term case for ANGI
1:00:30 Closing thoughts
Javier from Blind Squirrel discusses Netflix $NFLX
Javier Lovato from the Blind Squirrel comes on the podcast to discuss his post on Netflix, including why Netflix's scale is a massive moat, why the "Netflix doesn't do have quality" debate is wrong, and why Netflix is years ahead of their competition.
Blind Squirrel's Netflix Write Up: https://blindsquirrel.substack.com/p/netflix-focus-and-execution
1:25 Why is Netflix a good investment?
7:25 Netflix's relationship with creators
14:05 Where is Netflix's Game of Thrones
21:50 Does Netflix's weak Q1 indicate competition is gaining on them?
39:30 Why'd Netflix stop disclosing churn?
41:35 Netflix cost of capital and share repurchases
48:15 Opportunity cost of Netflix versus Disney, Spotify, or legacy media
51:30 Does Netflix need to get into video games?
Great podcast from a smart investor
Been reading Andrew’s blog and listening to Andrew’s podcasts since the Rangeley Capital podcast days - another great show full of great investing insights and interesting arguements
Really enjoying this podcast and the deep dives on each name so far. Highly recommend for anyone interested in finance/markets.