Luis Sanchez, founder of LVS Advisory, discusses his bull case for Endor AG, including why competitors can't recreate their product and how they benefit from the current boom in motor sports like F1 and NASCAR.My notes on Endor: https://twitter.com/AndrewRangeley/status/1526577674801520642?s=20&t=wqYSVMYKfG3kx8M9qhkB9wLuis's MOI pitch: https://twitter.com/LuisVSanchez777/status/1524707206574321666Chapters0:00 Intro2:20 Endor Overview14:40 Where is Luis most divergent from the market on Endor?24:15 How frequently do people upgrade?27:30 Why isn't Endor the typical COVID beneficiary about to fall off a cliff?36:00 How the current motor sport boom helps Endor42:00 Endor's valuation52:00 Endor's long term margin potential56:00 Endor's move into lower end products1:02:40 Luis's closing thoughts

Chris DeMuth returns to the podcast for a new monthly segment talking about the current state of the marketsMy note on event driven situations; https://yetanothervalueblog.substack.com/p/weekend-thoughts-the-rich-set-of?s=wMy note on energy companies: https://yetanothervalueblog.substack.com/p/when-are-the-activists-and-pe-funds?s=wChapters0:00 Intro1:55 Chris's state of the markets11:05 KSS16:40 The regulatory environment and its impact on deals22:15 ATVI / MSFT28:50 TWTR and Elon Musk39:00 Commodity / energy stocks disconnect from strip pricing

Bill Chen makes his second podcast appearance to discuss Clipper Realty (CLPR). Clipper owns a bunch of NYC apartment buildings, and Bill thinks the current boom in apartment rentals will drive strong returns for the company going forward.Bill's first podcast appearance: https://yetanothervaluepodcast.substack.com/p/bill-chen-breaks-down-frphs-sotp?utm_source=url0:00 Intro2:05 CLPR overview4:35 Where is Bill most differentiated on CLPR?8:20 How does the post-COVID NYC apartment boom help CLPR?14:15 CLPR's leverage and balance sheet16:45 Why CLPR over SLG or another similar REIT?20:30 Are the long term trends against NYC?28:00 Rent control in NYC34:50 Why do people have cable companies and their landlords?39:30 CLPR and inflation41:10 "Regulatory inflation" and NYC's moat43:30 CLPR's controlling family47:15 Discussing cap rate environment for NYC apartment49:40 CLPR's development projects and potential value creation53:40 The safety of CLPR1:00:00 Bill makes me feel bad about my shoebox apartment

In this special bonus episode, Randy Baron provides updates on his prior podcast appearances on RNLX and AMRS.Randy's appearance on GDS: https://twitter.com/AndrewRangeley/status/1517512427071545346?s=20&t=UyPsEybQEnbnE9riOPd5yQRandy's appearance on AMRS: https://twitter.com/AndrewRangeley/status/1407669290241777666?s=20Randy's appearance on RNLX: https://twitter.com/AndrewRangeley/status/1448604500009242632?s=20Chapters0:00 Intro0:45 RNLX update4:05 AMRS update9:45 AMRS's November convert raise: good or bad?15:15 Valuing AMRS's consumer brands20:20 Should AMRS just be focusing on consumer brands?25:15 AMRS capital needs going forward28:40 AMRS's management comp and shareholder alignment

One of the people's favorite guests, Randy Baron, returns to the podcast to talk about his thesis for GDS. GDS is a Chinese data center company, and Randy goes in depth into the company, including why their tier 1 footprint gives them a moat, how GDS is trading at a discount to private market values, and why ADR and VIE fears may be overblown.My notes on GDS: https://twitter.com/YetAnotherValue/status/1516805266565644289?s=20&t=_7FcaMp4YYgZ1S4htJXz6gRandy's first podcast on AMRS: https://twitter.com/AndrewRangeley/status/1407669290241777666?s=20Randy's second podcast on RNLX: https://twitter.com/AndrewRangeley/status/1448604500009242632?s=20Tubes (data center book mentioned in the pod): https://amzn.to/3rKUxRqChapters0:00 Intro2:20 Data Center Overview9:10 Chinese Data Center overview11:20 Randy's history with GDS17:45 GDS valuation versus private market comps24:00 What does Randy see in GDS that the market is missing?28:45 GDS's international expansion plans34:00 Why does GDS's tier 1 footprint give them a moat?39:50 GDS's M&A and growth ambitions47:30 GDS's recent raise from Sequoia China and peer VNET's acquisition offer52:15 The China ADR and VIE issues58:55 Wrapping up the GDS thesis

Andrew Wagner, CIO of Wagner Road Capital Management, discusses his thesis on Copart (CPRT).My Copart (CPRT) notes; https://twitter.com/YetAnotherValue/status/1514627334464323589?s=20&t=yjNrQXKvqPrQdJZ_Z00TdwAndrew's post on Copart: https://www.wagnerroadcm.com/blog/2022/4/8/what-i-like-about-copart-and-how-i-found-itAndrew's Book: The Economics of Online Games: https://amzn.to/3KNkAPnChapters0:00 Intro2:05 How Andrew found CPRT5:30 What is the market missing in CPRT?9:20 What does CPRT do?11:00 What is CPRT's moat?13:25 Does CPRT's network advantages give them an edge in expansion?15:00 Bear case #1: Valuation16:30 Bear case #2: COVID earnings boost18:50 Bear case #3: Why isn't CPRT buying back shares?23:30 Why is CPRT so much better than IAA?25:30 CPRT's management27:45 CPRT's land ownership33:15 CPRT's international operations35:20 Does CPRT's moat travel internationally?38:55 Ancillary services opportunity43:15 CPRT's long term tailwinds from "totaled" cars47:00 Do EVs change CPRT's economics?49:30 Car ownership trends and CPRT

Bob Robotti, founder of Robotti Advisors, discusses his thesis on Westlake Corporation (WLK) and why he thinks "old economy" stocks are poised for a comeback.My notes on WLK: https://twitter.com/AndrewRangeley/status/1513885052974899200?s=20&t=QiY-1L2H5U3GZ-S5YjGFwwChapters0:00 Intro2:50 WLK Overview6:10 Diving into WLK's segments and products10:45 WLK's favorable supply demand dynamics14:40 WLK's valuation18:55 WLK's control shareholders and family ownership22:15 How can WLK acquire so accretively?28:00 WLK's capital allocation31:45 Do WLK's segments make sense together?39:00 Why buy WLK versus peers?41:40 BLDR and the building products distributors44:45 Why "don't buy cyclicals at the top" might be wrong today51:00 What happens if tech stocks stumble / Revenge of the old economy

Conor Maguire, founder of Value Sits, discusses his thesis on Wickes (WIX:LSE). Wickes is a cheap retailer that Conor thinks is both recession resistant and suffering from typical post-spin dynamics.My notes on WIX: https://twitter.com/AndrewRangeley/status/1511702344022609922?s=20&t=2lChWyeIhR6HZWw938bR8QConor's write up: https://valuesits.substack.com/p/wickes-group-plc-wixln?s=wChapters0:00 Intro1:55 Wickes Overview5:25 WIX value proposition and customer base10:25 Amazon risk12:00 WIX valuation15:15 WIX and the death of retail narrative18:10 Opportunity cost of WIX versus other retailers20:45 Spin-off dynamics21:55 Are the spin-off dynamics real?24:55 Does being independent accelerate WIX growth?28:05 The economics of store refits31:25 Management incentives34:05 WIX downside protection35:05 Do you read anything into WIX installer poor reviews?39:35 WIX Trade Pro side42:15 WIX digital sales44:15 Upcoming de-merger costs48:10 Other situations on Conor's radar49:10 Discussing DOLE51:20 Kenmare Resources

Swen Lorenz, founder of https://www.undervalued-shares.com, discusses his thesis on IWG. IWG owns a variety of co-working brands that compete with WeWork, and Swen believes IWG's scale, cheap valuation, and variety of catalysts makes them a terrific value investment.Note: We had some connectivity issues on Swen's side during the podcast; I tried to edit the best I could but ultimately it was either release as is or not at all! Hopefully it's not too much of a bother!My IWG Notes: https://twitter.com/AndrewRangeley/status/1509521982953558024?s=20&t=qUBbtL3_y1G8geiQ4tIFdAChapters0:00 Intro1:15 IWG Overview3:00 IWG versus WeWork6:00 IWG's scale11:00 How valuable is a network for co-work spaces?16:20 Why does IWG's multi-brand model make more sense than WeWork's one brand?18:55 IWG's burgeoning franchise model25:20 The recovery from COVID29:00 IWG's pandemic performance33:00 IWG's growth plans36:00 IWG's tech acquisition and spin off plans41:30 Why has IWG been hit so much harder than office-space peers?

Tim Weber, a private investor, returns to the podcast to provide an update on the $AMPY thesis and then discuss his double dog index, why it's been crushing the market so far this year, and his outlook for the dogs from here.Twebs double dog post: https://twebs.substack.com/p/introducing-the-double-dog-index?r=f389n&utm_campaign=post&utm_medium=web&s=rNote that there was a slight delay on Tim's end with the audio; I don't think it's a huge issue but wanted to assure you you are not going crazy if you hear a slight delay!Chapters0:00 Intro1:55 AMPY Update12:15 AMPY going forward19:15 The potential Eagle Ford sale and what it means of AMPY's PV-1024:05 AMPY's "generalist risk"26:45 Beta's California risk30:30 AMPY closing thoughts33:50 Discussing the double dogs index36:30 The United Steel (X) example42:10 What double dogs does Tim think are most attractive right now?47:20 Does the rush into the commodity space worry Tim?51:00 Should we be looking at broken growth instead of deep value right now?