116 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
    • 4.6 • 51 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.

    Chris DeMuth's State of the Markets June 2022 (podcast #114)

    Chris DeMuth's State of the Markets June 2022 (podcast #114)

    Chris DeMuth returns to the podcast to discuss the state of the markets in June 2022.

    Chris's May 2022 state of the markets episode: https://twitter.com/AndrewRangeley/st...
    Chris's golden age of arb posts: https://seekingalpha.com/article/4519...

    Chapters
    0:00 Intro
    1:50 What's on Chris's mind
    3:35 Wide spreads and CTXS
    8:15 PLAN's recut
    16:15 Do investors over or underestimate how much PE firms care about their reputation?
    22:45 How strong are bank financing agreements in rocky markets?
    26:40 Other golden age of arb candidates
    29:15 State of the energy market
    32:00 CLR's take private bid
    39:05 Updated TWTR thoughts
    50:40 Closing thoughts and crypto markets

    • 57 min
    Brian Laks from Old West on Tin's Alpha Potential

    Brian Laks from Old West on Tin's Alpha Potential

    Brian Laks, partner at Old West Invest Management, discusses the bull case for Tin and why he thinks the world's largest tin miner, Alphamin, could present an alpha opportunityi.

    Brian's first appearance on Uranium and NXE: https://twitter.com/AndrewRangeley/status/1434879061961019396?s=20
    Tin market bull case video mentioned: https://www.youtube.com/watch?v=4Ro8uCD10-w

    Chapters
    0:00 Intro
    2:20 Tin market overview
    4:00 What drives the structural increase in tin prices?
    7:25 Is there an alternative for tin?
    13:25 Tin supply dynamics
    20:20 What would it take to bring new tin mines on?
    24:40 Marginal cost of tin supply
    30:30 Why is today's tin price right versus 2019's?
    35:15 Alphamin overview
    41:10 Alphamin's expansion project
    44:50 The strategic review process
    52:00 Capital allocation and Alphamin's dividend
    58:45 Tin's terminal value versus coal
    1:01:30 Could China buy Alphamin?
    1:07:00 What happens if Alphamin doesn't sell?
    1:12:40 Why is the strategic review taking so long?
    1:16:15 Closing thoughts

    • 1 hr 19 min
    Doug from Fabricated Knowledge on the Semis industry and his RMBS thesis

    Doug from Fabricated Knowledge on the Semis industry and his RMBS thesis

    Doug Olaughlin, founder of fabricated knowledge, comes on the podcast to talk about the semiconductor space in general and then dive into his thesis on Rambus (RMBS) and why the market might be missing their big growth call option.

    Fabricated knowledge website: https://www.fabricatedknowledge.com
    Doug's RMBS thesis: https://www.fabricatedknowledge.com/p/a-pure-play-on-datacenter-memory?s=w

    Chapters
    0:00 Intro
    3:00 Why semis are so compelling 
    4:10 What's driving the auto / semi shortage
    6:55 What Doug's seeing in the semi world
    11:30 Why generalists struggle with semis
    15:15 Where are we in the semi-cycle right now?
    21:30 Separating semi inventory issues from long term supply coming on
    31:45 How fragile is the semi supply chain
    39:40 Does a crypto winter impact semis?
    44:40 Diving into RMBS
    56:00 What Doug is seeing the market is missing
    58:30 How sustainable is RMBS's FCF?
    1:02:30 Why is insider ownership so awful here?
    1:06:30 RMBS's acquisition program
    1:08:05 Will RMBS really own CXL?
    1:14:30 closing thoughts

    • 1 hr 15 min
    PJ Kurzweil sees smooth sailing ahead for BC

    PJ Kurzweil sees smooth sailing ahead for BC

    PJ Kurzweil, founder of PJ's SMID Cap Ideas, comes on the podcast to discuss his write up on Brunswick (BC). BC is a boat manufacturer, and PJ thinks they are too cheap and the market is missing how much more economically resilient the business is today than it was ~10 years ago.

    My BC notes: https://twitter.com/YetAnotherValue/status/1529822951016497153?s=20&t=lAssCowdwRLleeF1c1ZVEw
    PJ's BC write up: https://philippejkurzweil.substack.com/p/brunswick-corporation-1-pager-summary?r=1g9l5j&s=w&utm_campaign=post&utm_medium=web

    Chapters
    0:00 Intro
    3:25 BC overview
    5:15 What is PJ seeing in BC that the market's missing?
    8:50 Is BC about to run into COVID pull forward headwinds?
    13:25 Sizing the boat market
    16:20 BC's recession risk
    20:10 BC's P&A business and recurring revenue
    26:00 Capital allocation and M&A multiples
    30:20 BC's vertically integrated model: advantage or overblown?
    33:50 BC's Freedom Boat Club optionality
    38:45 Share buybacks and insider ownership
    42:30 BC's improving free cash flow
    45:15 Is BC bringing capacity on right as demand falls off?
    47:30 Interest rate, inflation, and financing risks
    51:15 Rising gas prices effect on boat demand
    54:20 Vontier (VNT) and closing thoughts

    • 59 min
    Michael Fritzell from Asian Century Stocks on T. Hasegawa

    Michael Fritzell from Asian Century Stocks on T. Hasegawa

    Michael Fritzell, founder of Asian Century Stocks, goes through his thesis on T. Hasegawa. T. Hasegawa trades at a huge discount to its domestic peers like IFF despite similar or better growth and margins, and Michael thinks some recent changes and shareholder pressure could set the company up to rerate.

    Michael's T. Hasegawa write up: https://www.asiancenturystocks.com/p/deep-dive-2022-8-t-hasegawa?s=w

    Chapters
    0:00 Intro
    2:25 T. Hasegawa overview
    6:45 Why fragrance and flavors are so sticky
    9:35 T. Hasegawa's small cost to large value
    15:25 What is Michael seeing that the market is missing in T. Hasegawa
    17:30 Are continued lockdowns a risk to the business?
    19:00 What do you need to believe for T. Hasegawa to continue to grow?
    20:55 Why will T. Hasegawa realize value from their Chinese investments?
    22:40 Is T. Hasegawa the classic Japanese value trap?
    26:45 Are acquisitions a good capital allocation decision here?
    32:50 T. Hasegawa closing thoughts
    34:30 What countries does Michael think are most attractive currently?

    • 36 min
    Evan Tindell thinks Elon Musk will close the Twitter acquisition

    Evan Tindell thinks Elon Musk will close the Twitter acquisition

    Evan Tindell, CIO of Bireme Capital, discusses the circus that is the Elon Musk and Twitter merger agreement and explains why he thinks Delaware law and precedent suggest Elon would lose in court and be forced to close the merger on terms.

    My piece on Twitter: https://yetanothervalueblog.substack.com/p/twitter-the-circus-will-have-a-happy?s=w

    This podcast was taped afternoon of May 23; things are moving quickly so just time stamping that!

    Chapters
    0:00 Intro
    2:15 Twitter overview
    6:45 Why bot followers do not equal mDAUs
    8:00 Why is Twitter mispriced right now?
    12:40 Specific performance versus the $1 billion break fee
    18:30 Defining a material adverse event (MAE)
    26:25 The LVMH / TIF parallels 
    30:00 Why Elon should avoid going to court in Delaware
    35:45 Could Elon actually get out of this deal on a bot miscount?
    38:25 Does Elon waiving DD hurt him in a potential court case?
    42:35 How risky will discovery be for Twitter?
    46:55 Elon's financing risk / what price does the TSLA margin call happen?
    50:15 Can Elon walk if Tesla stock blows up?
    53:40 Will TWTR's board fold?
    1:01:00 What if Elon losses and still refuses to perform?
    1:03:45 Potential for an activist like Carl Icahn to get involved
    1:06:00 Why a mediation and slight price cut might be the most likely outcome
    1:09:50 What's the downside if Twitter loses?
    1:13:00 Event path odds

    • 1 hr 18 min

Customer Reviews

4.6 out of 5
51 Ratings

51 Ratings

AdamIDGAFWMNI ,

Love this podcast!!

I look forward to each episode, love hearing how his guests analyze companies and learn a ton. This is a great podcast!!

Dunbelieveable ,

Can’t pronounce his way out of a paper bag

Whenever I say to myself “I want to pronounce a word wrong” I pull this podcast up and just listen to the way he butchers peoples names and the names of their funds.

Also it’s great to hear the ideas he likes because it’s great to do otherwise

megan@podcastingyou ,

Amazing Content!

Andrew does such a good job covering a variety of topics. The guests offer valuable insight as well. I would recommend this podcast to anyone looking to be inspired and informed!

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