Yet Another Value Podcast

Dive into the Theory of Weird Markets, where traditional investment strategies face obsolescence. Andrew Walker illustrates how competition in the stock market resembles high-stakes sports and features unique analogies like Rubik's Cube advancements. He makes the case for unconventional strategies in the age of AI, emphasizing opportunities in niche markets. Discover how small investors can find alpha in overlooked events, like the Warner Bros. Discovery case study, and embrace the 'weird' to stay ahead in this rapidly evolving landscape.

Jon Boyar, founder of Boyar Research and creator of the 'Forgotten 40' list, explores undervalued stocks and their potential. He highlights the significance of SMID-cap companies and financials for 2025, while evaluating the future of the Atlanta Braves amidst changing media rights and ownership incentives. Boyar argues that Uber is misunderstood, discussing its cash flow, the evolution of autonomous vehicles, and competitive dynamics with Uber Eats. The conversation delves into corporate activism and the value it could unlock in overlooked investments.

Randy Baron, a seasoned investor known for uncovering unique value opportunities, returns to discuss the troubled Victoria PLC. He dives into the company’s dramatic 95% stock decline and explores the implications of a fragmented UK flooring market. Randy highlights potential paths to recovery, including asset sales and strategic debt resolutions, and debates whether the downturn is cyclical or structural. With his insights on market misjudgments and upside potential, he offers a compelling case for equityholders.

Judd Arnold, founder of Lake Cornelia Capital and a savvy investor focusing on inflection investing, shares insights on $TOI's innovative oncology model. He discusses the nuances of merging liquidity with unique investment opportunities. Judd emphasizes the importance of identifying stories at inflection points and contrasts simplistic valuation approaches with complex, high-potential investments. He also dives into risk management strategies and the role of consulting in shaping his investment decisions, making this a must-listen for finance enthusiasts.

Andrew reflects on a decade in public-market investing, revealing how markets have become increasingly strange. He draws parallels between market evolution and sports strategies, citing factors like retail trading and quant strategies as drivers of this weirdness. Revisiting his investment beliefs, he questions the reliability of traditional valuation metrics and the implications of buybacks. He emphasizes the importance of reevaluating holdings and underscores the balance between luck and skill in achieving success. A thoughtful discourse on the evolving landscape of investing awaits!

Christian Olesen, an investor at Olesen Value Fund, dives into the overlooked realm of UK homebuilders, with a spotlight on Bellway. He explains the intriguing dynamics behind low demand due to economic cycles and why Bellway's valuation stands out. Discussions reveal the balance sheet strength and risk considerations for land investments. Olesen also delves into the macroeconomic landscape, planning regulations, and the importance of management incentives in boosting shareholder strategy. Packed with insights on navigating the UK housing market!

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.