Yet Another Value Podcast

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

Brian Finn, CIO of Findell Capital Management, is back on Yet Another Value Podcast in the quickest turnaround in the show's history, and for good reason. Following earnings calls from $CUTR (idea recently discussed with Vince Martin, link below) and $OPRT (idea discussed on Brian's first appearance, link below), there was a ton information to dissect. Link to last podcast on $CUTR: https://youtu.be/LVqVzbAohus Link to last podcast on $OPRT: https://youtu.be/xoxdSl3FwOk Findell Capital Management Letter to the Oportun (3/29/2023): https://static1.squarespace.com/static/5e17f2a118561f6339437f24/t/64240b4f0cf8705352d472b7/1680083791192/Findell+letter+to+OPRT.pdf Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:38] Update on $CUTR following earnings, new board slate [9:27] What happened on the $CUTR earnings call, who's on the new board slate and CEO candidates [15:33] $CUTR cash burn and potential financing needs going forward [19:30] What happens with the $CUTR former CEO and former Chairman [23:39] How do you assign a value to $CUTR when looking at the potential upside with AviClear product [31:22] How $CUTR is dealing with management and board turnover [36:50] Final thoughts on $CUTR [39:00] Quick update on $OPRT following earnings call [43:24] How has regional banking "crisis" affected $OPRT [47:49] Thoughts on Tidewater earnings 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/

Doug O'Laughlin, Founder and Editor of the Fabricated Knowledge and Mule's Musings Newsletter, joins the Yet Another Value Podcast for the 3rd time to discuss AppLovin Corporation (NASDAQ: APP). Doug became excited about the idea and wanted to come on to chat about it because a very aggressive PSU that recently happened at AppLovin, and what these management incentives could mean for the business. For more information about Doug O'Laughlin and his newsletters, please visit: Fabricated Knowledge: https://www.fabricatedknowledge.com/ Mule's Musings: https://mulesmusings.substack.com Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [2:17] Overview of AppLovin $APP [4:50] What does IDFA means and why this is important when looking at $APP, understanding "Mediation" [13:19] $APP's business model and their portfolio of hyper-casual games [20:41] Unity and ironSource deal and how that affected AppLovin $APP [26:22] $APP valuation [29:30] What is the market missing about $APP? [32:52] Share buybacks [36:36] PSU grants and management incentives [39:32] What concerns Doug the most about $APP [40:23] Industry headwinds (ad rates getting crushed throughout 2022) [42:58] $APP corporate governance, acquisition hit rate, incentives [52:37] Strategic optionality of selling the games business and AI lever 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/

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this April 2023 edition, Chris shares his thoughts on the Spectrum Brands antitrust lawsuit, thoughts on Activision Microsoft following the CMA unexpectedly ruled against the deal, and the Wells Notice sent to Coinbase. For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:36] What's on Chris' mind for April 2023: AMC, Coinbase, Spectrum Brands, Greyscale Trust [2:33] Spectrum Brands antitrust lawsuit [15:36] Understanding the value on Spectrum Brands if they win or lose the case [23:27] The politics behind the Spectrum Brands case [28:27] Thoughts on Activision Microsoft following the CMA unexpectedly ruled against the deal [34:40] Does Activision want extend the walk date? [37:09] What is a Wells Notice, the Wells Notice sent to Coinbase, their response to the Wells Notice [42:44] What is the timeline and enforcement process now after sending the Wells Notice to Coinbase [46:33] Politics on both sides of the Coinbase argument 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/

Jay Van Sciver, Head of Industrials and Materials at Hedgeye, shares his thoughts on industrials and materials in 2023. Automobiles, Elon Musk, rails, Norfolk Southern, geopolitical commodities landscape - this podcast runs the gamut; tune in to hear Jay's takes on it all. For more information about Hedgeye, please visit: https://app.hedgeye.com/insights Chapters: [0:00] Introduction + Episode sponsor: Hedgeye [1:07] Industrial Sector overview: quick takes on VW, Porsche and other auto makers [5:31] Additional thoughts on Volkswagen and Lucid [7:53] Corporate governance issues: specifically referring to Jay's take on Elon Musk [13:27] Brand awareness of Tesla vs other EV brands [19:40] Is now the right time to short Tesla? [25:32] Why does the Porsche short trade exist? [30:55] Jay's bearish case for Uber [38:25] Additional thoughts on industrials, specifically, Jay's thoughts on rails [44:20] Understanding Rails' valuations [48:05] Opportunity in Norfolk Southern? [48:59] Materials Jay is looking at [52:52] Closing remarks Today's episode is sponsored by: Hedgeye This podcast is sponsored by Hedgeye. Hedgeye does fantastic work, and I think that shines through in the conversation we have today. If you like the conversation and are interested in learning more, please check out hedgeye at hedgeye.com

Vince Martin, Lead Analyst and Writer at the Overlooked Alpha newsletter, discusses the "Game of Thrones" style proxy fight happening at $CUTR. For more information about the Overlooked Alpha newsletter, please visit: https://www.overlookedalpha.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [2:06] What is Cutera $CUTR - An Overview [3:33] Cutera's acne products [5:44] Sales strategy for acne products and how that panned out [8:35] Understanding to potential stickiness for AviClear and comparables [11:13] Proxy fight [15:21] Dynamics between CEO and Executive Chairman [21:40] Market response to board's decisions; specifically withdrawing 2023 guidance [25:00] Unique gamesmanship [27:44] More on withdrawing guidance; that could've been a tool for the board [30:50] How two biggest shareholders seem to not support the board's decision to fire the CEO and Executive Chairman [34:12] Executive Chairman's background; what's his angle and potential reasons for why he wants to become CEO [37:56] Board of Directors' potential paths to winning [42:50] How odd this proxy fight really is; as Andrew puts it, very "Game of Thrones" [46:27] Most likely outcome of the $CUTR proxy fight [48:03] Does every see a "golden goose" or value destruction? [51:37] Closing thoughts on $CUTR and valuation 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 Finn, CIO of Findell Capital Management, discusses the letter he sent to Oportun Financial's board (NASDAQ: OPRT). Since Oportun's September 2019 IPO, shares have fallen -85%, falling well behind competitor, OneMain Holdings (OMF). In addition, costs have exploded higher and acquisitions have proved disastrous. Findell Capital Management Letter to the Oportun (Nasdaq: OPRT) Board of Directors (3/29/2023): https://static1.squarespace.com/static/5e17f2a118561f6339437f24/t/64240b4f0cf8705352d472b7/1680083791192/Findell+letter+to+OPRT.pdf Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:50] Oportun Financial overview and why Findell Capital sent a letter to OPRT's board of directors [9:20] What is the $OPRT Board of Directors doing? What is the incentive structure? [11:45] Understanding $OPRT's subprime lending business for underbanked folks [15:32] Comparing $OPRT to competitors like OneMain [24:20] Unpacking $OPRT valuation [28:29] How Oportun's corporate strategy is wrong [30:38] $OPRT valuation cont'd - what is the fair value of the loans + cost of financing [34:29] $OPRT Q4 2022 earnings call [38:54] Next steps following Findell's sending of the letter [43:01] Why $OPRT should be private or run by PE [44:51] Closing thoughts on $OPRT 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 revisits Burford's YPF ruling, discussing validation of the business, risks and appeals, estimated proceeds, cash flow, and asset recovery. Insights on Argentina's options, capital plans, monetizing stakes, and shareholder returns are explored. Legal intricacies, financial analysis, and international dynamics surrounding the case are dissected, emphasizing implications for the company's valuation and potential strategies for maximizing returns.