Yet Another Value Podcast

Artem Fokin, Portfolio Manager at Caro-Kann Capital LLC, returns to the podcast to do a fun AMA, not as a guest, but putting his hosting skills to the test and interviewing YAVP host, Andrew Walker. For more information about Caro-Kann Capital, please visit: http://caro-kann-capital.com/ Chapters: [1:25] Introduction + Episode sponsor: Alphasense [3:03] Idea/inspiration for launching Yet Another Value Podcast [5:56] 5% that is not "Podcast Andrew" [7:10] YAVP format - how Andrew got to this podcast format [10:56] Sourcing guests [18:07] Interview preparation process [26:29] Interviewer inspiration and how Andrew's interview style have evolved [30:14] Striking a balance between leading guests too much vs. letting guests go on their own paths [32:07] What makes a stock pitch stand out? Good stock idea vs. good stock pitch [36:55] How has being a podcast host made Andrew a better investor? [39:37] Andrew's investment style and philosophy [42:42] How many ideas did Andrew end up investing in post-publishing a podcast [45:02] What Andrew has learned about building a network, a community and connecting with people from the podcast [47:41] Three people in the world Andrew wants to have on the podcast and the funniest moment thus far [53:28] Three companies that Andrew would like to see discussed on the podcast [55:59] Where does Andrew want to see the podcast go Today's episode is sponsored by: Alphasense This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.

Michael Cohen from MDC Financial Research discusses the ongoing JetBlue/Spirit Airlines merger trial. Topics include the comparison to the Spectrum Brands trial, anti-competitive arguments, Spirit's 'Hot Docs', and the odds of DOJ winning. They also touch on divestitures, government 'Hot Docs', market definition, and the impact on customers.

Chris DeMuth discusses problems and opportunities in biotech, tax loss selling, closed-end funds, big spread arbitrage, Albertson's / Kroger merger case, and predicts upcoming Liberty Day.

Jonathan Boyar, President of Boyar Research, discusses the growth potential and concerns surrounding Topgolf Callaway Brands. Topics include the land grab for new stores, financing, advertising revenue, KPIs, valuation, and the impact of Toptracer. The speakers also touch on stock pressure, potential upside scenarios, and the benefits of the Modern Golf business model.

Daye Deng, Co-Founder of Value Punks, delves into why Warren Buffett invested in Japanese Trading Companies, discussing the history of Japanese trading, the importance of trading in the Japanese economy, Buffett's first investment in Japan, corporate governance changes made by Japanese companies, and the geopolitical reasons for investing in Japan.

Real estate investor and Managing Director at Rhizome Partners, Bill Chen, discusses the discrepancies between publicly-traded and private real estate markets, explores the current real estate environment in relation to historical periods, and shares his real estate thesis. He also talks about liquidation premium, geographic risk, financing during a distress cycle, and why this opportunity exists in publicly-traded real estate.

Harris Perlman, Principal at HSP Capital, discusses Seneca Foods Corp, its background, and their thesis on the company. They explore the asset value and LIFO accounting, debunking the perception of canned vegetables as a terrible business. The podcast also covers the canned vegetables industry, including a competitive analysis and recent financial performance. They address downsides such as insider control and governance, debt, and the private label trend. Additionally, they discuss investing in capital expenditures, the expansion of Del Monte capacity, and Harris' predictions for the company's future.

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this September 2023 edition, Chris provides his take on Amazon FTC case, Scultpor Capital Management bid, monthly antitrust update, and more! For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:49] What's been going on - September 2023: update on antitrust cases and valuing the deals [8:45] Large mergers/acquisitions and how to better understand why firms choose the paths they do [14:09] Sculptor Capital Management bid [17:25] Best case for shareholder activism and natural corporate defense of smallness [20:48] Amazon FTC case [30:22] Amazon iRobot [35:30] FTC being aggressive bringing losing cases [38:58] Final thoughts for September 2023: oil and gas, thoughts on the space overall Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Lionel Hutz, Editor of the Lionel Hutz Newsletter on Substack, joins the podcast to discuss the JetBlue/Spirit merger DOJ case. Topics include the relevance of the Northeast Alliance, DOJ's argument about relevant markets, hurdles for DOJ to show anti-competitive effects, the judge for this case and JetBlue's decision to pay a huge premium for Spirit. They also discuss the role of the Department of Transportation in blocking the merger, possibility of a settlement, and trial logistics.

Kyle Mowery and Mike Holt, CFA, Managing Partner / Portfolio Manager and Senior Analyst, respectively, at Grizzly Rock Capital joins the podcast today to discuss their thesis on Ferroglobe PLC (NASDAQ: GSM), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys. For more information about Grizzly Rock Capital, please visit: https://www.grizzlyrockcapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:47] Who is Ferroglobe PLC (NASDAQ: GSM) and why are they interesting? [3:39] $GSM valuation [7:52] What Grizzly Rock Capital thinks the market is misunderstanding about $GSM [10:51] Global supply / demand curve for silicon metal in China + IRA demand [17:51] How much of $GSM earnings come from solar currently [20:01] Evaluating $GSM on an asset valuation basis [23:53] Management evaluation and semi-controlling shareholder / long term vision [29:40] Capital allocation strategy [32:52] Inflation Reduction Act (IRA) and solar demand [35:49] Plants coming online in North America and how that affects $GSM [38:38] Outlook on European assets [40:56] Licensing off EV patents and maintenance capex [44:57] How Grizzly Rock Capital looking at 2024 earnings [47:15] Bridging the gap of Grizzly Rock Capital's 2024 expectations vs. $GSM historical performance [53:14] $GSM final thoughts Today's episode is sponsored by: Alphasense This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit https://www.alpha-sense.com/solutions/financial-services/ today to beat FOMO and move faster than the market.