Yet Another Value Podcast

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.

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.