Yet Another Value Podcast

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.

Dan Day, CFA, Equity Research Analyst at B. Riley Securities, joins the podcast today to discuss the digital advertising business, SSPs and his thesis on Magnite, Inc. (NASDAQ: MGNI), the world’s largest independent sell-side advertising company (according the company's website). To get in touch with Dan Day, you can reach him via email here: dday@brileyfin.com Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:35] What is Magnite, Inc. (NASDAQ: MGNI) and why is it interesting to Dan [8:57] Take rate on SSP's (effectively the bear case on SSPs) [14:53] Adtech trends since early 2021 [19:11] Brand integrity - how much is that important amongst SSPs [20:25] $MGNI valuation upside [23:55] Programmatic recession vs. the stocks were overvalued in 2021 [25:48] CTV - what it means and how it works; why its important to $MGNI [29:24] Who is $MGNI working with on CTV / competitive landscape [32:55] $MGNI bear case on programmatic advertising - why don't publishers build out SSPs themselves? How are publishers thinking about building vs. buying SSPs? [44:25] Anything missed on the Bull or Bear case for $MGNI / stock compensation [50:07] Google antitrust case - what is the bull case for $MGNI [59:24] Odds that Google loses this trial and/or splits out SSP [1:03:58] One thing that market generalists miss regarding $MGNI [1:08:26] Channel checks on media industry 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/

Artem Fokin, Portfolio Manager at Caro-Kann Capital LLC, discusses Burford winning the YPF case and the fundamental thesis post-trial. Topics include enforcement and collection efforts, timing of enforcement and potential settlement payouts, tax implications, $BUR core business, $BUR asset management business model, $BUR valuation without YPF included, and ROE on the core business on a per share basis.

Conor Maguire, founder and editor of the Value Situations Newsletter, shares his thesis on Marlowe plc, discussing the TIC segment catalyst, potential bidders, management incentives, bear case, FCF, risk factors, and how it fits his overall investing framework.

Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Focused Fund, joins the podcast for his second appearance to share his thesis on eDreams ODIEGO (MSE - Madrid Stock Exchange: EDR), travel subscription platform and one of the largest e-commerce businesses in Europe. Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:43] Overview of eDreams ODIGEO $EDR.MC [9:27] eDreams' overall vision and current valuation [13:34] Prime model and its potential growth in European markets [17:30] How eDreams is different from TripAdvisor / why eDreams the one to crack the membership model [23:13] Costco comparison [25:24] Churn rate / U.S. investor perspective on eDreams / changing disclosures [34:07] Competitive landscape, in particular, response from Booking as eDreams grows [38:45] Hotels initiative / breaking into the U.S. market [43:13] Capital allocation strategy [47:20] Final thoughts on eDreams: risks to consider / headwinds / Chadd's personal experience using eDreams platform 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/