Yet Another Value Podcast

Andrew goes solo, sharing insights on the surprising corporate moves at KROS and the investor skepticism in the biotech sector. He critiques the industry's structural inefficiencies and emphasizes the need for stronger corporate governance. The conversation turns to the pitfalls of stock-based compensation in falling markets. He reflects on maintaining mental discipline in turbulent times and highlights the evolving role of AI in investment research, urging listeners to enhance their analytical toolkit.

Delve into the tumultuous world of Keros Therapeutics, where hope dwindles after halted trials for their drug Cybo. The discussion highlights the risks of becoming a 'zombie biotech' due to misaligned incentives between management and shareholders. A pivotal licensing deal with Takeda emerges as a potential lifeline, while skepticism looms over the future of drugs 065 and O12. Explore strategic options that could enhance shareholder value and the importance of effective governance in navigating these challenging waters.

Marc Chalfin, an investor at Windward Capital, dives into the intricate world of Turtle Beach, a leader in gaming peripherals. He highlights the company's strategic acquisition of PDP and how upcoming game releases like GTA VI could influence its growth. Chalfin discusses Turtle Beach's robust buyback strategy, navigating supply chain hurdles, and the competitive landscape against firms like Logitech. His insights shed light on potential exits, making a compelling case for Turtle Beach's future in the gaming market.

Adam Patinkin of David Capital joins to provide an insights-packed update on Vistry, a British homebuilder. He delves into the challenges Vistry faced this year, including profit warnings, yet argues that the company's fundamentals remain strong. With recent strategic shifts towards a pure-play partnerships model, Patinkin explains why David Capital doubled its position in Vistry. He also highlights the alignment between UK government policies and Vistry’s strategy, sparking optimism for future growth despite current market hurdles.

Mordechai Yavneh, the head of Focus Capital Advisors, dives into what he calls the greatest acquisition of all time involving Valeura Energy. He discusses how Valeura snagged Gulf of Thailand oil assets at a bargain, generating impressive monthly cash flow. The conversation explores the unique geology and long-term economics of these reserves and why the market hasn’t fully recognized their value. Mordechai also sheds light on future high-conviction deals, decommissioning liabilities, and the variance between reported reserves and economic life.

Byrne Hobart, author of The Diff newsletter and finance commentator, joins the discussion on navigating market complexities as seen in 'Diary of a Very Bad Year.' They analyze the psychological challenges faced by hedge fund managers during crises and the critical misallocations that led to financial disasters. The conversation also delves into the current AI boom, comparing it to past market bubbles, and reflects on generational shifts in financial strategy. Taoing intuition versus research in investment decisions rounds out the insightful dialogue.

Adam Patinkin, Managing Partner at David Capital Partners, shares his insights on Lifecore Biomedical, a major player in the CDMO industry. He dives into Lifecore's investment potential, highlighting its stability and profit margins. The conversation also covers the hidden opportunities within its business model and market strategies amid regulatory shifts. Patinkin discusses the management team's pivotal role in driving growth and addresses the challenges the company faces, shedding light on the delicate balance of risk versus reward in this evolving landscape.

Chris Waller, Founder and CIO of Plural Investing, reveals his insights into Seaport Entertainment Group and its unique mix of hospitality and entertainment. He discusses the transformative potential of new management, the impact of high-profile investors like Bill Ackman, and highlights the innovative addition of attractions like Meow Wolf. Waller explores the challenges of cash burn and operational adjustments while identifying the lucrative opportunities for revitalizing the Seaport District. His deep dive into real estate dynamics offers a compelling view on potential returns.

The discussion kicks off with a deep dive into the current market sell-off, spotlighting the unique opportunities it presents. Navigating investor-management relationships poses both challenges and rewards; maintaining objectivity is key. Corporate governance takes center stage, emphasizing its critical role in shaping firm performance. The speaker shares personal anecdotes about relocating from New York while exploring undervalued investments globally. Insights into the benefits of living in Asia for understanding emerging markets round out the lively conversation.

Jordan McNamee, Founder and CIO of Optimist Fund, joins the podcast to share his thesis on ThredUp Inc. (Nasdaq: TDUP, LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories.For more information about Optimist Fund, please visit: https://www.optimistfund.com/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[1:39] What is ThredUp $TDUP and why they are interesting to Jordan[13:45] Why is this going to be a good business in the long-term[18:16] Why are customers choosing $TDUP over eBay or other competitors / why is this enough of an opportunity (from an investment perspective) / comparison to DoorDash[30:50] Growth potential that Jordan sees[35:15] Rhymes of other marketplaces; what's different with $TDUP[41:18] What would break the $TDUP thesis for Jordan[47:17] Insider ownership[53:46] Final thoughts / current stock priceToday's sponsor: DaloopaPost-earnings reports are more than just a data dump—they’re a goldmine of opportunities waiting to be unlocked. And with Daloopa, you can turn those opportunities into actionable insights.Daloopa’s dynamic scenario-building tools integrate updated earnings data, letting you model multiple strategic outcomes, like what happens if a company revises guidance upward. And with automated sensitivity analysis, you can quickly understand the impact of key variables like cost pressures, currency fluctuations, or interest rate changes.This means you’ll deliver more actionable insights for your clients, helping them navigate risks and seize opportunities faster. Ready to enrich your post-earnings narratives? Visit http://daloopa.com/YAV today to get started.