53 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
    • 4.7 • 31 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.

    Andrew Carreon from Emeth Value on Blackstone Minerals $BSM

    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/

    Chapters
    0:00 Intro
    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

    • 54 min
    Discussing the Cannabis opportunity and Glass House Group with Aaron Edelheit

    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

    Chapters
    0:00 Intro
    2:00 Disclaimer
    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?

    • 49 min
    Bitcoin futures arb and trading the crypto market with David Fauchier

    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...

    Chapters
    0:00 Intro
    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

    • 1 hr 9 min
    Chris McIntyre thinks Garrett Motion could hit turbo mode Post-Reorg $GTX

    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

    Chapters
    0:00 Intro
    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

    • 1 hr 3 min
    A roundtable on Angi $ANGI

    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

    Chapters
    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

    • 1 hr 2 min
    Javier from Blind Squirrel discusses Netflix $NFLX

    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

    Chapters
    0:00 Intro
    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?

    • 58 min

Customer Reviews

4.7 out of 5
31 Ratings

31 Ratings

Raza Z ,

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

Bobby Shea ,

Excellent stuff

Really enjoying this podcast and the deep dives on each name so far. Highly recommend for anyone interested in finance/markets.

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