Yet Another Value Podcast

Ben Kelleran from Kontrarian Korner dives into the intriguing world of Sable Offshore. He highlights the company's legal battles with California regulators, emphasizing the complexities and risks of oil drilling in the state. Discussions revolve around the potential upside if operations restart, the company's SPAC history, and refinancing strategies. Kelleran also sheds light on valuation dynamics, why Exxon divested, and the hesitancy of major oil funds to invest due to regulatory uncertainties. It’s a deep dive into navigating high-stakes investment waters!

Byrne Hobart, writer of The Diff, joins to reflect on Warren Buffett's biography, 'The Snowball.' They discuss Buffett's complex family dynamics and early financial missteps that almost led to disaster. The conversation touches on his strategic use of leverage and deep value investments, along with his unique approach to global markets. Hobart shares insights on the ethical challenges in finance and examines how Buffett’s personal choices contrast with his public persona, providing a nuanced view of America's most iconic investor.

Darren McLean from Muddy Waters, an expert in hard metals and mining, offers unique insights into a sector often overlooked by general investors. He discusses the power of unconventional data analysis in uncovering inefficiencies and potential goldmines in mining investments. McLean highlights the ramifications of the brain drain in the industry and why supermajors are hesitant to engage in early-stage projects. He emphasizes that with the right expertise, investing in mining can yield significant returns, steering clear of common pitfalls.

Nicolas Bustamante, founder of FinTool, discusses the revolutionary role of AI in investing. He highlights how AI enhances workflows, from creating memos to conducting qualitative analysis. Bustamante shares insights on AI's potential to streamline research and amplify analysts' strengths. He also addresses challenges like bias in management conversations and the importance of adapting tools while preserving financial acumen. Tune in to learn how these innovations shift investor roles and the future of autonomous investment agents.

Doug Garber, founder of the Pitch the PM podcast and a value investor, joins to delve into Mammoth Energy's striking cash reserves compared to its market cap. They discuss TUSK's financial resurgence after a significant settlement and the complexities surrounding its strategic asset sales. Garber emphasizes corporate governance issues, the company's transition towards industrial segments, and investor skepticism tied to its Puerto Rico operations. They analyze the implications of a CEO transition on TUSK’s future and the potential risks and opportunities in this intriguing investment landscape.

Artem Fokin, a leading figure at Caro-Kann Capital, discusses investment 'superpowers,' the unique advantages investors can leverage. He delves into sell discipline, explaining when to exit a position based on broken theses, and the psychological resilience required to navigate market volatility. The conversation also highlights the importance of evaluating management teams and the dynamics between microcap versus large-cap investments, providing practical insights for maintaining focus and composure in uncertain times.

A Columbia MBA team discusses their win in the Pershing Square Challenge with a pitch on Carlisle Companies. They delve into the company's competitive advantages, including strong customer relationships and management alignment. Insights from trade show research reveal the importance of personal connections in the industry. The conversation also tackles valuation strategies, market growth projections, and the impact of labor shortages as potential opportunities. Listeners gain a thorough understanding of the dynamics shaping this leading commercial roofing company.

This month, the host dives into post-'Liberation Day' market dynamics and the uncertainty surrounding CEOs. Using sports analogies, he examines how AI is reshaping investor skills and decision-making. He warns about the disconnect between management's sales skills and actual company performance. Discussions also highlight the impact of personal biases on investment choices, illustrating how investments can thrive despite personal indifference. Finally, he addresses the unique risks in biotech investing and the importance of scrutinizing management incentives.

Cliff Sosin of CAS Investment Partners, known for his focused long-term investment style, returns for a compelling discussion. He delves into Carvana's distinctive lending model and the intricacies of subprime finance, revealing misconceptions and opportunities in this sector. The conversation also highlights the impact of alternative data on investment decisions and explores Carvana's operational resilience amidst market challenges. Additionally, Cliff tackles the future of used cars in the age of self-driving technology, making a case for why the traditional ownership model might endure.

Byrne Hobart, writer of The Diff newsletter, brings his expertise on finance, technology, and economics to discuss U.S. trade policy and the book 'Clashing Over Commerce.' He highlights how tariffs have shaped American politics and examines the complex relationship between protectionism and free trade. The conversation touches on historical insights from the Civil War to modern supply chains, the evolution of tariff authority, and the political dynamics influencing trade decisions today. Hobart's unique perspectives offer a captivating look at how history informs contemporary economic debates.