Episodios
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Chris Waller, Founder and CIO at Plural Investing, joins the podcast for the second time to discuss his thesis on The Watches of Switzerland Group (WOSG.LN), an international retailer of world leading luxury watch brands with a growing complement of luxury jewelry brands.
For more information about Plural Invest, please visit: https://www.pluralinvesting.com/
Plural Investing write up on $WOSG: https://www.pluralinvesting.com/research
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:26] What is The Watches of Switzerland Group and why is it so interesting?
[5:52] What is Chris seeing that the market is missing about $WOSG opportunity?
[8:25] Why is current valuation compelling? Retailer valuations
[12:05] Rolex relationship
[19:54] Margin and Rolex business model / other examples of symbiotic supplier-retailer relations where the retailer makes so much of the profit
[28:29] Multi-brand stores, Rolex dictates where their brand is located in the store
[31:57] Final thoughts on Rolex relationship
[35:06] Why doesn't Rolex sell online
[38:08] Concerns about Rolex brands because of greater production / does Rolex resonate with new generations, brand lasticity
[43:28] How is Rolex advertised these days
[45:28] How does Chris think about the growth algorithm for the company / bridging the gap between $WOSG opening new stores and most Rolex watches bought at mom-and-pops that are shutting down
[50:14] Why shouldn't this be owned by PE
[54:00] Capital allocation
[57:15] Any additional risks / misconception about Chinese tourism with Rolex
Episode sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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Kyle Mowery, Managing Partner and Portfolio Manager at GrizzlyRock Capital, joins the podcast for the third time to discuss his thesis on Driven Brands Holdings Inc. (NASDAQ: DRVN), an automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash
To see the full DRVN deck, see: https://www.grizzlyrockcapital.com/wp-content/uploads/2024/10/GrizzlyRock-Driven-Brands-Write-Up-October-2024.pdfChapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:05] What is Driven Brands Holdings and why is it so interesting?
[3:38] What is Kyle seeing that the market is missing with $DRVN
[7:20] $DRVN trading history and what caused this dislocation that gives the perceived opportunity here
[11:59] What protects $DRVN from oversupply (oil change services) problem?
[16:37] Why is the brand and scale beneficial to Driven/Take 5?
[18:35] $DRVN valuation / why do they not report Take 5 numbers separately?
[24:59] How does Kyle view Roark's ownership of the company
[28:23] Capital allocation
[34:01] EV Risk
[38:03] Glass and Collision segments
[46:45] Path for Car Wash
[51:44] $DRVN bear case
[56:50] Final thoughts
Episode sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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¿Faltan episodios?
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Matt Warder, @mfwarder on Twitter/X, is back on the podcast to discuss all things Coal, including: overall thoughts on coal at this point September 2024, vision for coal with AI, met coal, upcoming election, Peabody $BTU 13D, $CEIX $ARCH merger and more!
You can Follow Matt Warder on Twitter/X @mfwarder: https://twitter.com/mfwarder
Matt Warder's first appearance on YAVP: https://www.youtube.com/watch?v=DF0uGS4swLM
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:31] Where we are in the overall coal market
[4:38] Coal for AI overview
[12:18] Overall supply/demand for Metallurgical "met" coal
[17:35] How does the election affect coal market
[21:31] Vision for Coal and AI, how does coal morph into an AI play
[30:26] AI arms race and building AI data centers, timeline to building this AI / Coal power play and how should folks think about new coal plants in America
[35:21] Final thoughts on AI and Coal
[38:31] Peabody $BTU 13D
[46:40] Peabody and Consol Energy / Arch Resource merger conference calls; why are management communicating this way
[49:16] Insider ownership in Coal stocks
[55:37] Other levers that could be pulled to unlock value in PRB
[59:38] How to think about met coal stocks right now and their performance
[1:03:21] $BTU corporate action ideas
[1:05:45] Comments on $CEIX $ARCH merger
Episode sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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Welcome to the September 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: heavy selection bias, probabilities and waiting and how people value them, and returns on fame.
Chapters:
[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Daloopa
[1:36] What are the returns for folks focused on one company, one sector
[7:25] Probabilities and terminal 0's
[12:57] Returns on fame
Today's sponsor: Daloopa
Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Letâs talk about something that could transform your workflowâDaloopa.
Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidanceâall at your fingertips. And hereâs the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style.
Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really mattersâanalysis and research.
Want to learn more? Create a FREE account at Daloopa.com/YAV
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Michael D. Cohen, CEO & Director of Research at MDC Financial Research, LLC, joins the podcast to provide his post-game report on $ACI / $KR case.
For more information about MDC Financial Research, please visit: https://mdcfinancial.com/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:20] Overview: his post-game report on $ACI / $KR case + Michael's comments on the judge
[6:25] Now that the trial is over, how the case went overall in Michael's opinion
[15:14] What were the reactions from those also in the courtroom with Michael
[20:36] Joe the Grocer testimony
[25:50] Due process arguments / price checking
[31:21] Experts, who was most believable
[40:01] What Michael saw and hear regarding CNS as a buyer / confidentiality (close courtroom to the gallery)
[45:11] Closing arguments / anything else jumped out to Michael from the trial
[49:44] Possible outcomes for the case / incentives for why each side wants their side to win
[57:05] Michael's guess on the odds of a preliminary injunction coming down here / is it more fun to listen to a well-reasoned case from both sides or more a Kangaroo-court style case
[1:00:54] Hot docs / final thoughts
Episode sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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Mitchell Scott, Founder and Portfolio Manager at Choice Equities Capital Management, joined the podcast for the second time to provide an update on his Crocs, Inc. (NASDAQ: CROX) thesis and Mitchell's thoughts on Magnite $MGNI.
For more information about Choice Equities Capital Management, please visit: https://choice-equities.com/
First appearance on $CROX: https://www.youtube.com/watch?v=hzYLXDJZIaE
Podcast on $MGNI with Dan Day: https://www.youtube.com/watch?v=we2o8Jw7Hno
Ryan O'Connor's piece on $MGNI: https://www.crossroadscap.io/documents/trust-busting-update
Chapters:
[0:00] Introduction + Episode sponsor: Daloopa
[1:36] Update on $CROX thesis
[4:22] How has Mitchell's views on whether $CROX is a fad changed (or not)
[7:26] Crocs' partnerships driving the brand
[10:05] Macro consumer, consumer weakness, anything of concern for $CROX / margins
[15:05] HeyDude acquisition
[21:00] What does Mitchell see that makes $CROX an alpha opportunity
[22:46] $CROX capital allocation moving forward / final thoughts on $CROX
[26:56] What is Magnite and why are value-oriented event investors on the small-cap side talking about to this company?
[30:45] What does Mitchell see that makes $MGNI an alpha opportunity
[35:06] $MGNI's Netflix and Disney deals
[38:17] Big customer wins squeeze take rates down for $MGNI?
[44:39] Why isn't $MGNI growing faster?
[47:53] Key to unlocking personalized ads on CTV streaming, is $MGNI key to this?
[52:19] $MGNI bear case / insider selling
[54:21] Google DOJ anti-trust case and how it affects $MGNI
Today's sponsor: Daloopa
Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Letâs talk about something that could transform your workflowâDaloopa.
Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidanceâall at your fingertips. And hereâs the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style.
Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really mattersâanalysis and research.
Want to learn more? Create a FREE account at Daloopa.com/YAV
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Conor Maguire, Founder and Editor of the Value Situations Newsletter, joins the podcast for his third appearance to share his thesis on Dowlais Group Plc (DWL), a portfolio of market leading, high-technology engineering businesses that advance the world's transition to sustainable vehicles.
For more information about Conor Maguire and Value Situations Substack: https://valuesits.substack.com/
DWL write up on Value Situations Newsletter: https://valuesits.substack.com/p/dowlais-spinning-wheels
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:15] What is Dowlais Group Plc (DWL) and why are they interesting to Conor
[9:18] What is Conor seeing about Dowlais that the market is missing
[16:42] Dowlais recent history
[21:45] Trends in the auto industry
[27:43] Bidding war time from 2018
[32:29] Margin expansion
[38:03] Management and incentive structure
[49:08] Capital allocation scenarios
[53:25] Who's the buyer of Powdermet
[58:50] Cyclicality of Powdermet business?
[1:02:16] Final thoughts on Dowlais / one more question about goodwill on the balance sheet
Episode sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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Ross Levin, Director of Research at Arbiter Partners, joins the podcast for the second time to discuss betting on French compounding legend, Vincent Bolloré: Bolloré SE and Compagnie de l'Odet.
For more information about Arbiter Partners, please visit: â https://arbiterpartners.net/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:36] What are Bolloré SE and Compagnie de l'Odet and why are they interesting to Ross
[12:18] Asset value / share count
[16:46] Why (in Ross' opinion) is this an alpha opportunity and why now
[23:03] Betting on compounding legend, Vincent Bolloré
[27:40] Risk of getting "Icahn'd"
[32:20] Share re-purchases / capital allocation
[39:31] French regulatory risk
[41:41] What's the path for l'Odet
[45:42] Vivendi
[50:38] Anything else that investors should be looking out for here? Follow on re: capital allocation scenarios
[54:57] Ross' quick thoughts on CCIs and France overall
Episode sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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Mario Cibelli, Managing Partner at Marathon Partners Equity Management, LLC, joins the podcast for the fourth time to share his thesis on Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders.
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[1:58] What is Remitly Global $RELY and why are they so interesting to Mario
[3:22] What is Mario seeing in $RELY that the market is missing that makes this an alpha opportunity (in Mario's opinion)
[8:08] $RELY service use case / question of fees to transfer money / bear case / crypto
[17:25] How does their customer base trust them / why is it so complex to do digital disbursement the right way?
[27:32] Digital fraud / business environment
[35:34] Bear case cont'd. / valuation
[44:48] Thoughts on Wise
[51:13] Marketing expenses
[58:56] Valuation cont'd
[1:02:33] What keeps Mario up on at night on $RELY thesis
[1:08:10] Final thoughts / additional key points investors should be aware of about $RELY, i.e., direct connections
[1:16:34] Stable coins/crypto - why not a risk? Why Mario thinks it's an accelerant?
Episode sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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Michael D. Cohen, CEO & Director of Research at MDC Financial Research, LLC, joins the podcast to provide his halftime report on the Albertson's / Kroger's merger case.
For more information about MDC Financial Research, please visit: https://mdcfinancial.com/
Chapters:
[0:00] Introduction + Episode sponsor: Ycharts
[2:02] Overview of the $ACI / $KR case thus far (high level halftime report)
[5:35] Anything Michael seeing in the courtroom that you wouldn't be able to pick up unless you're there
[9:00] Market definition
[12:58] Pricing argument
[23:34] Divestiture
[32:00] Eric Winn's testimony
[36:57] C&S lack of data scientists, what does this mean
[42:04] How does the fear this will be "Haggen 2.0" frame this discussion
[45:58] Labor argument
[50:10] Politics entering the case?
[51:50] How this merger not going through could be bad for consumers
[55:15] Final thoughts or anything missed from the trial thus far
[57:36] Odds right now for the merger approved / dismissed
Today's sponsor: Ycharts
This episode is sponsored by our friends at YCharts. A typical day in the life of a financial advisor calls for back-to-back client meetings, juggling portfolio management, and the consistent desire to improve client relationships. YChartsâ report and proposal tools could be the missing piece to help you effectively handle these time-consuming tasks.
Now more than ever, clients want to hear from their advisors. And with user-friendly templates at your disposal, generating impactful client reports can be easily integrated into your everyday routine, helping you free up time and focus on what matters most: enhancing client interactions and growing AUM.
Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value
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It's time to welcome back Chris DeMuth for his monthly state of the markets. For this August 2024 edition, Chris shares his thoughts on: election implications, anti-trust cases, Albertsons / Kroger's case, Robinhood credit card, and high-end credit cards launching travel lounges.
Chapters:
[0:00] Introduction + Episode sponsor: Daloopa
[1:26] Chris' thoughts on markets overall for August 2024: small cap value outperformance, election risk
[3:40] Market start pricing in Trump victory, before Biden dropped out / election risk, implications
[9:51] Overview on Anti-trust cases: Albertsons / Kroger's and Capri / Tapestry
[17:45] Albertsons / Kroger's cont'd
[27:58] Costco
[32:55] Robinhood credit card
[44:06] High-end credit cards launching travel lounges
Today's sponsor: Daloopa
Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Letâs talk about something that could transform your workflowâDaloopa.
Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidanceâall at your fingertips. And hereâs the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style.
Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really mattersâanalysis and research.
Want to learn more? Create a FREE account at Daloopa.com/YAV
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Paul Cerro, CIO of Cedar Grove Capital Management, joins the podcast to discuss his thesis on Red Cat Holdings (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations.
Cedar Grove RCAT thesis: https://www.cedargrovecm.com/p/red-cat-rcat-trade-worth-up-to-200-prcntChapters:
[0:00] Introduction + Episode sponsor: Ycharts
[2:28] What is Red Cat $RCAT and why are they so interesting to Paul
[6:26] Why is $RCAT relevant in the drone market? What is unique about $RCAT drones?
[13:29] Capabilities of $RCAT drones and how much they are selling them for (to the military) / what specifically going on with $RCAT drone that US Government is using them vs. going with commercial drone
[21:21] What is the SRR Contract and why is this a big deal
[25:40] Odds that $RCAT wins this SRR contract
[30:00] Economics if $RCAT wins the contract / what margins would look like
[33:12] Valuation: market already baking in best-case scenario in terms of them winning?
[36:17] What does the company look like if they don't win the contract / how much is Paul's bet on $RCAT winning the SRR contract vs. betting on Red Cat in particular
[40:05] Are the odds in the stock price right now that they win this contract vs. what Paul thinks the odds are that they win this contract / in Paul's opinion, what he thinks the market is missing
[45:22] Is there correlation between the NATO contract and SRR contract?
[50:39] Final thoughts
Today's sponsor: Ycharts
This episode is sponsored by our friends at YCharts. A typical day in the life of a financial advisor calls for back-to-back client meetings, juggling portfolio management, and the consistent desire to improve client relationships. YChartsâ report and proposal tools could be the missing piece to help you effectively handle these time-consuming tasks.
Now more than ever, clients want to hear from their advisors. And with user-friendly templates at your disposal, generating impactful client reports can be easily integrated into your everyday routine, helping you free up time and focus on what matters most: enhancing client interactions and growing AUM.
Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value
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Jason Stankowski (Partner and Co-Portfolio Manager) and Brian Lancaster (Partner and Co-Portfolio Manager) from Clayton Partners join the podcast to discuss their thesis on Mattr Corp. (TSX: MATR), a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification.
For more information about Clayton Partners, please visit: https://www.claytonpartners.com/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:10] What is Mattr Corp. and why are they so interesting to Brian and Jason
[5:23] When Jason and Brian look at Mattr Corp, what they think they're seeing that the market is missing that's going to lead to alpha generation here?
[10:57] Switching to US listing and what Jason likes about IFRS better than GAAP
[15:07] $MATR.TO comparison to TerraVest
[19:34] What's the secret sauce that doesn't make $MATR.TO just another commodity business
[26:45] Auto manufacturer vertical
[29:56] Growth runway
[34:05] How much is Mattr a bet on the business vs. management team for Clayton Partners / stealth AI potential here
[43:13] Q2 Earnings and conference call
[51:30] $MATR.TO final thoughts and capital allocation strategy
Today's sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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Bill Chen, a real estate investor and Managing Director at Rhizome Partners, returns to the podcast to discuss the performance of publicly-traded real estate market and why it's done so well since his last podcast appearance in October 2023 + pitch on Apartment Investment & Management Co. "AIMCO" (NYSE: AIV).
For more information about Rhizome Partners, please visit: http://rhizomepartners.com/
AIV pitch deck: https://docsend.com/view/4n5xq5mc58xwhx64
Chapters:
[0:00] Introduction + Episode sponsor: Ycharts
[2:18] Capital cycle for publicly traded real estate vs. privately traded
[8:53] Five cap rate: how does it interplay with the Treasury rate?
[13:02] Publicly traded real estate company performance: have these REITs done well because of management or in spite of management
[20:11] Due diligence trips for REITs
[30:06] AIMCO $AIV - what is it and why so interesting to Bill
[36:26] What is Bill seeing that the market is missing the generates alpha in $AIV
[39:38] $AIV report card / management team
[48:02] Capital allocation / corporate governance
[53:08] Valuation
[57:31] Additional $AIV assets (besides Miami assets
[1:04:15] $AIV final thoughts
Today's sponsor: Ycharts
This episode is sponsored by our friends at YCharts, the ultimate platform you need in your toolkit for turning your financial insights into captivating client conversations.
With YCharts, each output is a powerful visual that brings your analyses to life and intuitively explains the âwhyâ behind your strategy. Donât get bogged down in the nitty-gritty of data and report creation â with features like PDF Reports, proposal generation, fundamental charts, and free content resources, YCharts gives you the visual edge you need to make a lasting impression and seal the deal.
Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value
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Welcome to the August 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: crazy start to August in the stock market, due diligence trips, and forming relationships with management teams
Chapters:
[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Tegus
[3:04] Topics: crazy start to August in the stock market, due diligence trips, forming relationships with management teams
[3:51] Crazy start to August in the stock market
[10:11] Due diligence trips
[17:30] Due diligence-ing people, seeing management teams
Today's sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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It's time to welcome back Chris DeMuth for his monthly state of the markets. For this July 2024 edition, Chris shares his thoughts on: a few special situations (RCM, WOW, etc..) and banks.
For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:17] What's on Chris' mind as we head into August
[4:27] RCM special situation
[15:45] WOW special situation
[28:26] Banks + final thoughts
Disclosure: long RCM and WOWToday's sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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Alex Feng and Jason Quan from Rome Capital Limited join the podcast to discuss their thesis on Samsonite International (1910.HK), a leader in the global lifestyle bag industry and the world's best-known and largest travel luggage company.
Alex Feng's write-up on Samsonite: https://alexfeng.substack.com/p/samsonite-1910-hk-another-homecoming
Chapters:
[0:00] Introduction + Episode sponsor: Ycharts
[1:51] Alex Feng, Jason Quan and Rome Capital's backgrounds
[3:15] Overview of Samsonite and why it's interesting to Alex and Jason
[6:00] What is the average market participant missing with Samsonite
[9:25] Why is Samsonite valuation a "cheap" multiple (in Rome Capital's opinion); why Samsonite a "A" business and not a "C" business; pricing power / consumer awareness
[17:02] How important is Samsonite's warranty on their products / supply chain
[21:18] Samsonite's dual listing plan / does Alex and Jason think that simply re-listing to the US can re-rate the shares
[29:00] Instead of dual-listing, why not focus on buybacks
[33:40] What happened to the private equity bid; history with CBC back in 2007
[36:13] Wholesale partners, is that one of their competitive advantages / how much does advertising really drive demand and consumption
[39:47] Barriers to entry - what is the risk here with new luggage brands entering the market
[45:49] Final thoughts on Samsonite
Today's sponsor: Ycharts
This episode is sponsored by our friends at YCharts, the ultimate platform you need in your toolkit for turning your financial insights into captivating client conversations.
With YCharts, each output is a powerful visual that brings your analyses to life and intuitively explains the âwhyâ behind your strategy. Donât get bogged down in the nitty-gritty of data and report creation â with features like PDF Reports, proposal generation, fundamental charts, and free content resources, YCharts gives you the visual edge you need to make a lasting impression and seal the deal.
Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value
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Welcome to the July 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: small cap performance, buybacks, stock price drives narrative, CEO changes, due diligence on companies you don't like (i.e. don't like the product or service personally), alternative data and idea dinners.
Posts mentioned during pod:
On the stress of market melt ups: https://www.yetanothervalueblog.com/p/weekend-thoughts-the-stress-of-market
On stock prices driving narrative: https://www.yetanothervalueblog.com/p/weekend-thoughts-bonus-stock-pricesChapters:
[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Tegus
[2:18] Small cap performance, buybacks
[5:15] Stock price drives narrative
[8:35] CEO changes
[10:42] Due diligence on companies you don't like (i.e. don't like the product or service personally)
[16:28] Alternative data
[18:55] Idea dinners
Today's sponsor: Tegus
If youâve been reading my newsletters, you know how often I rely on Tegus for my research. Itâs truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether youâre curious about AI, biotech, or any niche market, Tegus has the insights you need.
What sets Tegus apart is its all-in-one platform. Itâs packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.
The best part? The insights you get are from the very people shaping the industries youâre interested in. Youâll find perspectives from insiders and executives that you simply canât get anywhere else.
To see Tegus in action and understand why itâs my go-to resource, visit Tegus.com/value â thatâs T-E-G-U-S dot com slash value. Trust me, once you try Tegus, youâll never look back.
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Marc Rubinstein, Founder and Editor of the Net Interest Newsletter (link to substack below), is back on the podcast to discuss his article titled, "The Trump Trade" and deep dive on Fannie Mae $FNMA.
For more information about Marc Rubinstein, please visit: https://www.netinterest.co/
Article on Trump Trade: https://www.netinterest.co/p/the-trump-trade
Chapters:
[0:00] Introduction + Episode sponsor: Daloopa
[1:40] Background and history of $FNMA
[17:07] Turning point in 2012 (background cont'd.)
[20:19] $FNMA privatization argument from last 10 years
[29:54] "The Trump Trade" and $FNMA
[42:03] Why didn't Trump privatize in first term / if Trump wins 2nd term, what happens if he's going to pursue a privatization plan? / what is the most likely scenario
[53:50] Final thoughts
This episode is sponsored by our friends at Daloopa
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Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really mattersâanalysis and research.
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John Haskell, CIO at Atla Capital Management, joins the podcast to share his thoughts on international real estate investing, emerging markets and ESR Group Limited ($1821.HK).
For more information about Atla Capital Management, please visit: https://www.atlacap.com/
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[2:22] International public real estate investing
[11:00] Taxation on global REITs / emerging markets
[17:54] John's most interesting market(s) right now / Vietnam overview
[21:58] ESR Group Limited thesis overview and why interesting to John
[27:12] Why has the stock not worked (since it's high in 2021) / how did John get comfortable with owning ESR
[36:06] Starwood investment / potential ESR buyout / how does John think ESR take out plays out
[45:54] ESR valuation
[55:54] Related party transactions and how do you have faith that they are done in fair value / final thoughts
Today's episode is sponsored by: Fundamental Edge
One of a kind, world-class training created for your team, your culture, your way.
Fundamental Edge was founded with a mission to train the next generation of investors and a vision to create a platform that serves the learning and development needs of investment professionals throughout their careers.Through structured lessons and proven frameworks, Fundamental Edge aims to condense years of âlearning via osmosisâ into a masterclass for the equity research process.
Funds looking to strengthen their internal training programs can visit fundamentedge.com/corporate-training to learn more.
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