Yet Another Value Podcast

Hugo Navarro, an investor and author of the Undervalued and Undercovered newsletter, dives into NCR Atlas (NATL), exploring its unique positioning in the ATM space. He argues that ATMs may be misunderstood, offering significant free cash flow despite a declining cash usage debate. Hugo highlights the company's innovative ATM-as-a-service strategy, discussing its scale advantages and why banks prefer outsourcing. With insights on market competition, valuation risks, and the future of cash, this conversation sheds light on a potential hidden gem in the financial landscape.

Evan Skorpen, an investor at Lead Edge Capital, specializes in concentrated public investments in growth tech. He discusses the challenges and strategies in navigating valuation dislocations, known as 'air pockets,' and the evolving impact of AI on software companies. Skorpen emphasizes the importance of aligning long-term KPIs with executive incentives and the necessity of clear communication during investor days. He also shares insights on managing CEO performance metrics and how quality management can influence investment decisions.

David Thomas, a seasoned business journalist and author of The Fairfax Way, shares insights into the remarkable journey of Fairfax. He delves into the company’s impressive 19.2% annual returns and its evolution in the insurance and investment landscape. David discusses the strategic lessons learned from both successes—like shorting tech—and challenges such as the missteps with BlackBerry. He also reflects on the importance of political contexts in investment decisions and offers a glimpse into the future as Fairfax navigates upcoming leadership changes.

Andrew dives into the pitfalls of early wins in investing, illustrating his point with a Vegas craps story. He questions the mental traps of buying stocks he once passed on, exploring how those choices can haunt investors. The conversation shifts to the AI bubble, debating the risks of shorting AI-exposed companies. Andrew also reflects on the frequent disappointments that come from trusting management projections and NAV estimates. With a personal note about his upcoming baby, he invites listeners to engage in further discussions on these topics.

Host Andrew Walker investigates a controversial deal with Golden Entertainment, claiming it shifts ~$300 million from minority shareholders to insiders. He compares the situation to the infamous Louvre heist, pointing out suspicious changes on the company’s investor relations site. With a deep dive into the deal's structure, he critiques management's buyout offer and explains the implications of a sale-leaseback arrangement. Andrew calls for fairer terms and urges shareholders to oppose the current transaction, emphasizing the need for transparency.

Chadd Garcia, an investor and analyst specializing in oilfield services and waste sectors, shares his insights on WaterBridge, a recent IPO focused on managing produced water from oil drilling. He delves into the company's operational efficiencies, especially its pipeline network, and discusses the potential for growth driven by minimum volume contracts. Chadd also explores the strategic relationship with LandBridge and explains how regulatory dynamics in Texas and New Mexico could impact the future. He highlights valuation comparisons with peers and outlines key risks that could affect the investment landscape.

In this conversation with Andrei Stetsenko, founder of Gymkhana Partners and an expert on Indian investments, listeners explore the intriguing world of Indian holding companies, particularly Maharashtra Scooters. Andrei discusses how he evaluates the value of holdcos beyond just asset discounts, highlighting the growth potential of Bajaj Group's financial services. He also shares insights on the evolution of India's economic landscape, management professionalization, and how regulatory reforms may unlock value in these investments, shedding light on the dynamics of family governance.

Doug O'Loughlin, a semiconductor and AI guru behind SemiAnalysis and Fabricated Knowledge, dives deep into the complexities of AI, capital cycles, and corporate governance. He explores whether AI is in a bubble and what factors will drive its next growth phase. Doug discusses the competitive edge of Google’s TPU over NVIDIA, and he highlights the power bottlenecks affecting industrial scalability. Additionally, he emphasizes the importance of understanding board behaviors and incentive structures in corporate governance.

In October 2025, key investing themes unfold as the host reflects on Warren Buffett's performance and introduces the intriguing notion of 'risk riding.' A critical look at excessive spending on investor relations raises questions about capital discipline. The value of averaging up comes under scrutiny, with exploration into investor psychology. Additionally, the discussion contrasts stock pricing amid changing earnings outlooks, emphasizing the complexities of judging value in a fluctuating market.

Mario Cibelli, an investor at Marathon Partners and a returning guest, dives deep into Remitly's journey. He contrasts Remitly with competitors like Wise and discusses how market fears surrounding stablecoins could affect its growth. The conversation explores risks like fraud and regulatory hurdles, alongside new product introductions like Remitly One. Mario argues that the market might misinterpret Remitly's long-term potential and highlights how narrative shapes its valuation compared to peers.