Yet Another Value Podcast

Nitin Sacheti, Founder and Portfolio Manager at Papyrus Capital, is back to update his INNOVATE (NYSE: VATE) thesis. In his first appearance on the podcast, Nitin went into detail on all segments of the INNOVATE business, a highly levered holding company with three operating segments in: Infrastructure, Life Sciences and Spectrum. The stock has been volatile of late, and as Nitin notes in the beginning of the interview, "because there's a lot in here, there's some businesses that have done better than I had originally thought they would do when we first discussed it 20 months ago." Tune in to learn more. Link to Nitin's first appearance on YAVP talking $VATE: https://youtu.be/eVJMeJFNXIY For more information on Papyrus Capital and Nitin Sacheti, please visit: https://papyruscapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:38] Update on INNOVATE $VATE since Nitin's first appearance on Yet Another Value Podcast (link here: https://youtu.be/eVJMeJFNXIY) [7:21] Controlling shareholder, Avi Glazer from Lancer Capital, and how that affects $VATE [16:41] What is going to change the $VATE story? What's tracking better than Nitin's thesis on $VATE? [23:32] Update on the DBM segment [27:24] Other $VATE segments that have worked better than Nitin thought they were going to play out; closer look at R2 segment and Meta Beacon segment update [36:08] What makes the Meta Beacon platform valuable? [40:18] Update on the Spectrum segment and how Nitin thinks about it's value [51:22] What does Nitin think is the most likely piece for $VATE to realize value? 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/

Kevin Mak, CFA, Founder of Creek Drive Capital and Teacher at Stanford University of a course called, Financial Trading Strategy, discusses his thesis on Pagaya Technologies (NASDAQ: PGY), a company that uses big data and AI to look at people's credit scores and look at people's different credit factors to determine whether or not they are more credit-worthy than what would be otherwise seen in this traditional lending system. Link to Kevin's $PGY articles on Seeking Alpha: https://seekingalpha.com/author/kevin-mak-cfa Twitter: https://twitter.com/KevinLMak Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:42] Business overview of Pagaya Therapeutics $PGY and why is it interesting? [7:31] What is unique about $PGY's business model [10:11] $PGY valuation [14:30] Why is the short interest high? [16:21] $PGY capital requirements and addressing red flags [21:16] $PGY business quality [31:38] $PGY bull case scenario and what the company is projecting / Upstart comp [38:08] Making sense of $PGY's recent financial performance [44:00] Does $PGY have a data advantage compared to their peers / Acquisition of Darwin Homes [49:34] Single-family home business [51:26] Oak HC/FT investment in $PGY [54:50] Kevin's background and his Stanford course 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/

Dave Johnson, Managing Partner at Caligan Partners, makes his second appearance to discuss his thesis on MorphoSys AG (FSE: MOR; NASDAQ: MOR), including: history of the company, change in business strategy from a royalty play to traditional biotech, Pelabresib clinical trials for Myelofibrosis indication and more! For more information about Dave Johnson and Caligan Partners, please visit: https://www.caliganpartners.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:47] What is MorphoSys $MOR and why is it so interesting? [9:58] How and why Caligan Partners got involved in $MOR [19:34] What is Pelabresib and why Dave/Caligan are excited about this with regard to $MOR [27:27] Clinical trial enrollment for Pelabresib / Constellation Pharmaceuticals acquisition [33:09] Next steps for Pelabresib [36:04] Dave's thoughts on the timing of Pelabresib being approved (if approved) [38:25] Pressure on biotech management teams from boards to get deals done [40:56] Probability of success of Pelabresib and how do you value $MOR as a result [47:16] Constellation Pharmaceuticals acquisition process [50:25] Buying back convertible bonds and why that was an accretive transaction [52:55] Final thoughts on $MOR 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/

Yaron Naymark, Founder of 1 Main Capital, is back for the third time on the Yet Another Value Podcast to discuss Limbach Holdings (NASDAQ: LMB), a mechanical systems solution engineering company that focuses on HVAC systems. Yaron talks about the evolution of the company since it went public via SPAC in 2016, transitioning towards the owner direct business and away from the older general contractor business, growth through acquisition strategy, equity raise in 2021 and why he finds $LMB interesting. For more information about Yaron Naymark and 1 Main Capital, please visit: https://www.1maincapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:57] What is Limbach Holdings $LMB and why is it interesting [10:28] Edge in transitioning towards the owner direct business and away from the older general contractor business [13:58] Growth through acquisition [20:38] Maintenance contracts [23:54] Market share for owners of infrastructure and critical infrastructure markets [25:49] How does macro recession or commercial real estate recession affect $LMB [30:24] $LMB's retention of employees post-acquisition [32:26] $LMB Valuation [37:32] Can $LMB do accretive M&A? [41:29] Recent insider purchases [43:25] Equity raise in 2021 - what happened and why did it receive the response that it did? [54:24] Final thoughts on $LMB: addition to the Russell 2000 and expiring warrants [55:37] Incorporating AI into investing and research process? 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/

Marc Rubinstein, Founder and Editor of the Net Interest Newsletter, is back on the Yet Another Value Podcast to have a wide-ranging discussion digging into Marc's thoughts on the current state of banks, financial sector, as well as dissecting his article on what makes Capital One $COF interesting. For more information about Marc Rubinstein, please visit: https://www.netinterest.co/ Article on Capital One: https://www.netinterest.co/p/capital-one-buffetts-latest-banking Article on Charles Schwab: https://www.netinterest.co/p/vivat-charles-schwab Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:50] Overall thoughts on what's going on in the financial space [5:15] Banks are balance sheets [9:23] Why is tangible book value good? Why can't we go to half of tangible book value for a long time? [13:47] Activism in community banks [16:50] Wave of bank consolidation coming? [19:06] Advantages in small banks [22:32] History of Capital One $COF and what makes them interesting [33:33] Marc's thoughts on the bank failure reports and has the way banking works fundamentally changed? [42:11] Why isn't $COF not interested in buying regional banks anymore? [48:58] Buffet attracted to the online side of or is he actually attracted to the diversified, consumer-focused nature of these banks? [51:39] Does Capital One have a technology / marketing advantage versus other people? [58:06] What does the future look like for Charles Schwab $SCHW? [1:05:39] Current valuation of $SCHW [1:07:36] Earnings issue, not liquidity issue [1:09:27] Are we underestimating how profitable banks will be coming out of this banking crisis? 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/

Brian McGough, head of retail at Hedgeye, joins the podcast to discuss the state of the retail sector, hit a wide variety of names, and explain why he's so bearish on the sector currently. You can find Brian on twitter here: https://twitter.com/HedgeyeRetail This podcast is sponsored by Hedgeye. Hedgeye is an investment research firm that delivers high-conviction investment ideas through fundamental, quantitative, and Macro analysis. If you’d like access to Hedgeye’s favorite long and short stock ideas, check out The Call @ Hedgeye, their daily stock investing webcast featuring Brian and the entire stock analyst team. Go to Hedgeye.com/Value and you’ll get a special introductory price of just $6 for the first 6 months. Chapters 0:00 Intro 2:15 What is Brian seeing in the retail sector now? 7:15 What retail companies look undervalued? 13:40 Discussing ASO's growth story 20:50 Is Hibbett cheap enough to consider? 25:20 Being bullish RH and buying their stock when they're not buying back 29:15 Comping WSM to RH 32:00 Brian's bearishness on Pelton 37:00 Can Nike really generate alpha from current prices? 42:10 CPRI's valuation and possible SOTP 45:00 Helen of Troy could be in for tough sledding 47:50 What's Brian's crystal ball telling him about the next six months?

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this May 2023 edition, Chris shares his thoughts on the government suing to block the Horizon Therapeutics sale to Amgen, government's history of antitrust cases, Amazon / iRobot deal, evaluating judges in antitrust cases, banking sector and more! For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:58] What's on Chris' mind for May 2023 starting with government suing to block the Horizon Therapeutics sale to Amgen and government history of antitrust cases [9:22] Amazon / iRobot deal [13:23] What is the government arguing in the Amgen / Horizon case [16:39] Evaluating antitrust cases, judges in particular + Amgen / Horizon case cont'd [29:09] Banking sector: update on regional banks and how Chris thinks about the space right now [39:15] Closing thoughts 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/

Joining the Yet Another Value Podcast today is the Editor and Co-Founder of The Chancery Daily to have a stirring conversation about the wild $AMC / Apes Case. To say The Chancery Daily has been covering every detail of this case would be an understatement and the following interview will wholly confirm that. To subscribe and catch up on all aspects of the $AMC / Apes case, as well as to subscribe The Chancery Daily substack, please visit: https://thechancerydaily.substack.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:50] $AMC / Ape Lawsuit overview [10:02] Conversion of Apes and AMC share into one share class with Ontario Capital and what happened at the shareholder meeting [18:53] Why are $AMC shareholders suing to block the Ape/$AMC share consolidation [21:38] Current status on shareholder vote [26:38] What are the objectors mainly objecting to? [36:28] Hedge funds - what are they getting wrong about this case? [38:22] Baseline expectation of the settlement, is it realistic? [47:30] Delaware legislation impact on the $AMC case [51:46] Proposals for what objectors want to see from $AMC [53:39] Is there any liability from $AMC to ape buyers? [58:32] Appeal rights post-settlement [1:05:57] Final thoughts on the whole $AMC / Apes case 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/

BONUS EPISODE with Jonathan Cukierwar, Principal of the General Partner at Sohra Peak Capital Partners - this interview was recorded live at the Planet MicroCap Showcase: VEGAS 2023. Topics covered: investing in global MicroCap stocks, building relationships with management with teams based in another country, Q&A from the audience, plus an overview and Q&A on Duratec $DUR.AX. For more information about Jonathan Cukierwar and Sohra Peak Capital Partners, please visit: https://www.sohrapeakcapital.com/ Chapters: [0:00] Introduction [1:16] Jonathan Cukierwar's background and launch of Sohra Peak Capital Partners [2:57] Discovery process when looking at international MicroCap ideas [6:03] Building relationships with management teams in a different country and traveling to visit the companies [8:47] Q&A with audience: currency risks, international databases for looking at data on global stocks, regulatory risk and more! [19:30] Overview and Q&A on Duratec $DUR.AX

BONUS EPISODE with Michael Liu, Analyst at Intelligent Fanatics Capital Management - this interview was recorded live at the Planet MicroCap Showcase: VEGAS 2023. Topics covered: discovery process for MicroCap stocks, building relationships with management, disagreements with management, groupthink, all followed by Q&A from the audience. For more information about Michael Liu and Intelligent Fanatics Capital Management, please visit: https://if.capital/ You can Follow Michael Liu on Twitter @michael20171 : https://twitter.com/michael2017l Chapters: [0:00] Introduction [1:20] Michael Liu and Intelligent Fanatics Capital Management backgrounds [2:25] Discovery process for MicroCap stocks [5:51] Building relationships with management teams [9:47] How does Michael handle disagreements with management teams [11:56] Avoiding the MicroCap groupthink echo-chamber (or not, if the collective is right) [14:29] Herd mentality in MicroCaps and executing on information arbitrage [19:33] Q&A with audience