Yet Another Value Podcast

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.

Zack Buckley, founder of Buckley Capital Partners and a savvy value investor, dives into the story of Basic-Fit, Europe’s largest gym chain. He discusses the market's pessimism toward the company despite its growth potential. The conversation outlines how COVID impacted unit economics and the shift towards 24/7 gyms in France. Zack also reveals his insights from visiting gyms and highlights the advantages of Basic-Fit’s cluster strategy and low-cost model, positing a path for the stock to potentially triple in value.

In this engaging discussion, investment analyst Dom St. George from Cayucos Capital shares over a decade of insights on Jardine Matheson, a historic conglomerate. He explores its intriguing origins in the opium trade and the complexities of its current holdco structure. Dom highlights the company's recent strategic overhaul under new leadership, the potential value locked in assets like Hong Kong Land, and the implications of private equity hires. Tune in for a deep dive into the nuances of holdco investing and what lies ahead for this unique corporate entity.

Byrne Hobart, a writer and analyst at The Diff, joins to delve into John Malone's memoir, "Born to Be Wired." They explore Malone’s strategic innovations in media and the legacy of his investments in companies like AT&T. The discussion highlights Malone's unique approach to tax efficiency and media regulation, as well as reflections on the challenges facing Liberty Media. They also engage in a spirited debate about the future of CNN and the implications of evolving media landscapes, concluding with thoughts on future reads to inspire listeners.

Steve Gorelik, a portfolio manager at Firebird Management, dives deep into Molina Healthcare, a Medicaid-focused managed care organization. He discusses the recent stock drop, attributing it to rising medical costs and industry challenges. Steve highlights Molina’s unique cost advantages and efficient operations, predicting it can outperform peers despite recent setbacks. They explore the impact of healthcare policy, market dynamics, and Molina’s strategic M&A playbook, underscoring why he believes it remains undervalued in the market.

Explore Trump's proposal to shift SEC reporting to semi-annual, shaking up trading opportunities. Delve into Elon Musk’s remarkable billion-dollar Tesla buy and its historical context. Understand the implications of fewer quarterly filings on market volatility and quant strategies. Discover reflections on improving as an investor while avoiding mindless practices, and tackle the challenges of judging those who invest in meme stocks. Join for an engaging discussion on macro shifts and evolving investment behaviors!

In this engaging discussion, investor Shomik Ghosh delves into Clearwater Analytics (CWAN), highlighting its innovative cloud-native platform that's revolutionizing financial systems. He covers Clearwater's strategic acquisitions and their impact on valuation, as well as the company's robust data architecture. Shomik also discusses market opportunities in insurance and asset management, the influence of private equity, and potential AI applications. With insights on CWAN’s growth trajectory and competitive landscape, this conversation is a must-listen for investment enthusiasts.

In this discussion, Artem Fokin, Head of Caro-Kann Capital and a specialist in research workflows, reveals how AI and expert call libraries are transforming investment strategies. He shares insights on integrating AlphaSense’s latest tools into the research process. The conversation highlights the benefits of expert calls, best practices for sourcing participants, and the challenges of bias. Artem also details how AI enhances efficiency through transcript filtering and data analysis, showcasing the profound impact of technology on modern investing.