Yet Another Value Podcast

Jim Royal, Author of 'Zen of Thrift Conversions', provides the basics of 'Thrift Conversions' in this podcast. He discusses the safety and management incentives associated with these conversions. Jim also explains how investors can participate in IPOs of thrift conversions and explores the current banking environment. He highlights the characteristics of poor conversions and the importance of investor activism. Additionally, he shares three interesting de-mutualizations to look at. Overall, this podcast offers valuable insights into the world of thrift conversions and their potential benefits for investors.

Adam Patinkin, Managing Partner at David Capital Partners, LLC, discusses his investment thesis on Vistry Group PLC, UK’s leading provider of affordable mixed tenure homes. Topics include Vistry's partnership business model, competitive moat, future growth prospects, and UK housing cycle.

In this episode, Chris DeMuth, an expert in the markets, discusses merger arb, $ROIV, $IMVT, and thoughts on $SAVE. He also shares his views on 2024 and lessons learned from 2023. The conversation covers topics such as litigation, secondary offerings, government cases against industries, LNG contracts, and the lack of skill in corporate transactions.

Adam Wilk, founder and portfolio manager of Greystone Capital Management, discusses the resurgence of Sylogist following a corporate overhaul. Topics include the company's strategic review, transition to the cloud, Microsoft partnership, focus on nonprofit and government verticals, and valuation.

Kevin Mak, Founder of Creek Drive Capital and Teacher at Stanford University, discusses his thesis on Sphere Entertainment. Topics include valuation of Sphere, revenue perspectives, sustainability of movies, customer demand, external revenue streams, corporate governance, and more.

John Huber, the founder and portfolio manager at Saber Capital Management, discusses the concept of "inevitable retail winners" and shares his thesis on Floor & Decor. He talks about characteristics of inevitability, gives examples of retail companies that exemplify this concept, and delves into the moat and valuation of Floor & Decor. The podcast also covers topics like retail management and culture, macro impact on Floor & Decor, and the risks associated with the investment.

Lionel Hutz, editor of Valorem Research Newsletter, provides a breakdown of the Spirit / JetBlue trial. Topics discussed include the DOJ's case, harm in local markets, JetBlue's arguments, expert witnesses, relevant markets, evidence supporting each side, timing of ruling, and the legacy of the outcome.

Brad Hathaway, Managing Partner of Far View Capital Management, joins the podcast today to discuss what he thinks is a compelling setup at Distribution Solutions Group, Inc. (NASDAQ: DSGR), a premier multi-platform specialty distribution company providing high touch, value-added distribution solutions to the maintenance, repair & operations (MRO), the original equipment manufacturer (OEM) and the industrial technologies markets. For more information about Far View Capital Management, please visit: https://www.farviewcapitalmgmt.com/ Chapters: [0:00] Introduction + Episode sponsor: Alphasense [3:11] Quick overview of Distribution Solutions Group $DSGR and why it's interesting to Brad [4:40] Overall $DSGR setup, starting with rights offering [7:07] $DSGR business overview (all three businesses), direct comps, competitive sales advantage, customer retention [19:51] $DSGR transaction (LKCM involvement) and why do all three businesses belong together? [29:23] $DSGR thesis and LKCM's history with specialty distributors [36:20] $DSGR valuation, what type of organic growth would $DSGR show without future acquisition, how much of the industry is still in-house, roll-up strategy multiple [46:00] Scaling $DSGR business, capital allocation and tail risks [57:22] Scaled specialty distributor that has not worked [1:01:11] Path to liquidity, management and LKCM alignment 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.

Valorem Research's Lionel Hutz discusses the Liquidia vs. UTHR hearing at the Federal Circuit. Topics include UTHR's arguments, judge performance, dissemination of abstracts, next steps post-hearing, and odds on outcome. Sponsored by Alphasense.

Brian Albrecht, Chief Economist of ICLE, discusses the $24.6 billion Kroger-Albertsons merger. Topics include: FTC's analytical framework, lack of government suits in grocery industry, updating precedent, market shares, delivery services impact, divestitures, waterbed effect, regional power vs. local power, and labor market impact.