Yet Another Value Podcast

Michael Liu, Analyst at Intelligent Fanatics Capital Management, discusses Cogstate (ASX: CGS) / (OTCQX: COGZF). Cogstate provides computerized cognitive tests for Alzheimer's clinical trials. Michael came on to discuss his thesis on Cogstate and how a failed takeover attempt could create an interesting special situation. 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 + Episode sponsor: Stream by Alphasense [1:51] What is Cogstate and why are they interesting? [6:21] Cogstate Fundamentals [8:01] Why doesn't large pharma, like Biogen, develop these cognitive tests on their own? [10:38] Cogstate value proposition [12:04] Does Cogstate control all the data from the clinical trials? [12:47] Alternative to Cogstate's computerized cognitive tests (pen and paper tests), and understanding competitive landscape [16:08] Current Cogstate market share for their tests vs. pen and paper tests [18:12] Growth in Alzheimer's research and diversifying revenues outside of big Phase II and Phase III clinical trials for Alzheimer's drugs [21:30] Additional R&D post-approval of Alzheimer's drugs (what this means for Cogstate) [25:55] Valuation [29:53] Bookings and revenue recognition (and how that relates to thinking about valuation) [33:44] What caused to the stock to plummet earlier this year February 2023 [35:43] Gaming out why the buyout didn't happen [36:44] Management background [39:16] Recent insider buys and understanding why this happened today vs months ago [43:07] Who the buyers could be for Cogstate [46:18] Closing thoughts on Cogstate - recent buyouts in the Australian space 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 the end of the month, which means its time to welcome back Chris DeMuth for his monthly state of the markets. March 2023 was a doozy, so a lot to breakdown here, including: banking crises, thoughts on Coinbase's wells notice, mergers hanging in the balance (JetBlue/Spirit & Microsoft/Activision Blizzard), and more! For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/ Show notes: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:40] What's on Chris' mind for March 2023: Banks, Energy, Crypto, Government public policy reaction, plus more! [3:05] Volatility in Banking [6:27] First Republic [7:33] Public policy response to 2023 banking crises [11:46] Chris' thoughts on Coinbase's wells notice & policy [12:56] Why SEC paying closer attention to Coinbase now? [15:57] Andrew's three reasons holding him back from rushing into regional/community bank stocks + Chris' concerns [23:26] JetBlue Spirit deal and trend towards government agencies taking a more aggressive stance on blocking mergers [27:32] JetBlue Spirit cont'd: How do they get in a situation where it seems so clear to you and me that this was going to be a regulatory problem? How do they get in a situation where they were in this regulatory issue? [34:00] Microsoft - Activision Blizzard merger deal [37:15] Timeline for merger trial [40:56] 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/

Alex Morris, Founder of TSOH Investment Research, returns to Yet Another Value Podcast for the third time to chat with Andrew about the Media and Cable sectors in 2023. The Media and Cable sectors move at a mile a minute and it was time to have Alex back on to sift through all the noise. This conversation covers everything from: how mobile carriers think about fixed wireless, Charter vs. Cable One & T-Mobile, does Disney have an IP problem, and much more. For more information about Alex Morris and subscribe to his research service, TSOH Investment Research Service, please visit: https://thescienceofhitting.com/ You can Follow Alex Morris on Twitter @TSOH_Investing: https://twitter.com/TSOH_Investing Chapters: [0:00] Introduction + Daloopa [2:22] Media and Cable space - high level thoughts on 2022/beginning of 2023 [4:30] Rewinding to better understand current media/cable infrastructure and how Alex thinks about fixed wireless [8:57] How mobile carriers talking about fixed wireless [12:08] Why Alex has Charter and Comcast in his portfolio? [14:43] How does Alex think about Comcast being potentially being valued with conglomerate discount? [19:05] Charter vs. Cable One and Charter vs. T-Mobile [23:11] A bit more on T-Mobile [27:54] Why Alex thinks you can achieve risk-adjusted alpha investing in Charter? [31:53] Understanding Charter's CAPEX story [33:45] Cable assets, Fiber assets + M&A [37:09] Final thoughts on Cable/Fiber conversation [40:06] What Alex is seeing in the Media business that is so attractive [43:53] Does Disney have an IP problem? [48:28] Taking a look at the state of Netflix - do they need a merger partner or to buy something? [51:37] Making the case that Netflix is a risk-adjusted alpha generator [54:32] Final thoughts This podcast is brought to you by Daloopa. Daloopa was founded by a former hedge fund analyst. He didn’t have a tool that he trusted to be 99.9% accurate that allowed him to pull updates directly into his existing models, and had the granularity in KPIs, Guidance, and non-GAAP adjustments that he needed. So, he built Daloopa. Daloopa is the fastest growing source for public company data, with data available for over 3,000 companies. Hundreds of AI algorithms collect and organize customized company historicals with an accuracy level and depth of data that is higher than anything achievable by other modeling tools. Each datapoint is auditable to the source. Daloopa’s Excel plugin is the first to allow you to update your models in your existing format. It’s simple and non-invasive—Daloopa will never #REF out your models. Daloopa clients are able to cover more opportunities and generate more ideas. No more data errors, no more Excel monkeying, just the fundamentals. See why equity investors are switching to Daloopa by checking them out at Daloopa.com/YAVP.

John Maxfield, Editor of the Maxfield on Banks Newsletter on Substack, has spent nearly two decades studying America's best and worst banks, the history of banking, and interviewing bank leaders. John joins the Yet Another Value Podcast today to answer your burning questions regarding investing banks, his mindset during this "crisis" and how to think about investing in banks moving forward. For more information and to subscribe to John's new substack, please visit: https://maxfieldonbanks.substack.com/ Show notes: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:43] John Maxfield's background and how he got into investing in banks [4:52] Overall thoughts investing in banks right now in a post-SIVB, UBS buying Credit Suisse world [8:43] Blood in the streets in banks vs. other markets[12:45] Why are customers with $10-100M running uninsured deposits in First Republic? [13:55] Regional banks [21:13] How should folks be weighing the risks with regard to investing in banks? [26:54] Catalysts that caused the 1873 crisis; what can we learn from that crisis [29:06] The "everyone needs to chill" model when thinking about run on the banks [33:20] Bank metrics - how KPIs investors care about have changed/evolved [35:25] Franchise risk for banks [38:48] Does what is happening now have an impact on the community banks? [47:11] Bank stocks that look interesting to John Maxfield in a Post-SIVB world [57:47] How do you make $$ as a bank investor buying a bank for 4x book value? [59:47] Generalist interest in banks: what should folks put more weight on when evaluating various investing opportunities (HINT: how did they perform during the 2008 financial crisis) [1:04:38] How important is speaking with management from bank stocks? [1:06:41] 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/

Julia Laulis, Chair of the Board, President & CEO of Cable One, Inc. (NYSE: CABO), joins Yet Another Value Podcast to discuss how the cable industry is positioned right now in 2023, and Cable One's focus moving forward. Cable One will also be at The Markel Corporation's 2023 shareholders meeting in Richmond, VA on May 17, 2023, where Andrew will also be in attendance. Chapters: 0:00 - Introduction + Episode sponsor: $BYTE 1:44 - Let's talk about the Cable business; why its an exciting and scary time in the space 4:04 - Does fixed wireless pose a risk to Cable One's focus on broadband for small cities, large towns strategy? 6:47 - The fear with fixed wireless 10:13 - Cable One's experience with fixed wireless 12:13 - Data usage 15:16 - What is it that ultimately turns a fixed wireless customer into a parking place for a future cable customer? 17:17 - Reliability of the network 19:07 - MD&O strategy 21:56 - Fiber overbuilding in general 27:49 - Customer ARPU 31:37 - Cable One's pricing 34:44 - Data throughputs 38:14 - Switching to IPTV and how does this improve the economics of the business 42:13 - Julia's thoughts on fiber vs. Docsis 4.0 for Cable One 46:57 - Is Julia starting to the M&A environment picking up? 48:51 - Share buybacks and capital allocation strategy 51:27 - Customer churn and macro perspective on new connects 1:00:16 - Cont'd. on customer low churn Today's episode is sponsored by: Roundhill IO Digital Infrastructure ETF – BYTE Investing in the real assets that underpin our digital world has never been easier. We are pleased to bring you this podcast in partnership with Roundhill Investments, the advisor to the Roundhill IO Digital Infrastructure ETF – BYTE - which trades on the New York Stock Exchange under the ticker symbol - “B” “Y” “T” “E”. The fund tracks the BYTE Index, which measures the performance of 40 leading global digital infrastructure businesses, such as towers and mobile communications, fiber and fixed line connectivity, and data centers. For a prospectus and more information, please visit roundhillinvestments.com/etf/byte - read carefully. Investing involves risk, including possible loss of principal. Investors should consider the investment objectives, risks, charges, and expenses carefully before investing in BYTE. Distributor Foreside Fund Services, LLC: https://www.roundhillinvestments.com/etf/byte/

Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Mutual Funds, joins the Yet Another Value Podcast for the first time to discuss DigitalBridge Group, Inc. (NYSE: DBRG), and why he finds there could be price dislocation in the global digital infrastructure firm. Chapters: 0:00 - Introduction + Episode sponsor: $BYTE 2:23 - Overview of DigitalBridge Group, Inc. (NYSE: DBRG) 8:10 - Chadd's thoughts betting on CEO, Marc Ganzi, + background 12:38 - First part of the valuation argument, Chadd's describes the sum of the parts 18:17 - DigitalBridge investment summary so far + second part of the valuation argument (asset pitch), and what the sell-side is missing when they look at the asset value side of the business 26:30 - Thinking through the income statement and cash flow 29:38 - Updated guidance for 2023 and 2025: how does Chadd think about valuation with respect to this information 32:14 - Operating leverage 33:44 - Two acquisitions on the asset management business and their affect on D/E multiple 37:47 - Opportunity cost: Why choose DigitalBridge over alternatives? 40:02 - Addressing pushback on DigitalBridge 45:45 - Outlook on fundraising & acquisition environments 48:47 - Value catalysts for 2023 49:49 - Thinking the the DBRG's scaling potential 50:59 - Does Chadd Garcia think DBRG eventually branches outside digital infrastructure? 52:36 - DBRG's capital allocation strategy 55:45 - Marc Ganzi's payout incentive and how that affects investor sentiment/thesis on DBRG 1:01:04 - Closing thoughts on DBRG  For more information about Chadd Garcia and Schwartz Investment Counsel Inc. - Ave Maria Mutual Funds, please visit: https://www.schwartzinvest.com/investing-with-us/ave-maria-mutual-funds/ Today's episode is sponsored by: Roundhill IO Digital Infrastructure ETF – BYTE Investing in the real assets that underpin our digital world has never been easier. We are pleased to bring you this podcast in partnership with Roundhill Investments, the advisor to the Roundhill IO Digital Infrastructure ETF – BYTE - which trades on the New York Stock Exchange under the ticker symbol - “B” “Y” “T” “E”. The fund tracks the BYTE Index, which measures the performance of 40 leading global digital infrastructure businesses, such as towers and mobile communications, fiber and fixed line connectivity, and data centers. For a prospectus and more information, please visit roundhillinvestments.com/etf/byte - read carefully. Investing involves risk, including possible loss of principal. Investors should consider the investment objectives, risks, charges, and expenses carefully before investing in BYTE. Distributor Foreside Fund Services, LLC: https://www.roundhillinvestments.com/etf/byte/

Chris McIntyre returns to discuss Sotera Healthcare, highlighting its strong business potential, growth algorithm, and undervalued stock. The conversation also touches on historical legal liabilities, differences between Georgia and Illinois risks, controlling shareholders' plans, and M&A possibilities.

Chris DeMuth returns to the podcast for his monthly state of the markets, with updates on TGNA, ATVI, AMC / APE, and MANU.   Chapters  0:00 Intro  2:30 TGNA  27:00 ATVI / MSFT  42:30 AMC / APE  50:00 MANU

Yaron Naymark returns to the podcast to discuss the value case for IWG (London Listed). IWG is best known for their Regus brand, which competes with WeWork in the flex office space. Yaron thinks the market is discounting the operating leverage IWG will realize as they put COVID behind them and begin to accelerate their managed locations offering.    Chapters  0:00 Intro  2:10 IWG overview  12:05 How does the current high vacancy office space impact flex  17:00 Why COVID and tech layoffs could be a tailwind for flex office demand  20:05 Why office owners can't do flex themselves  28:30 Discussing WeWork's brand versus IWG  39:15 IWG's operating leverage and current valuation 52:35 Why is it taking IWG so long to accelerate their franchise business / refranchise corporate locations  55:50 Is pitching value creation / operating leverage just a Waiting for Godot story?  1:05:00 Looking at a potential Instant sale  1:12:30 The complexities of IWG's financial reporting

Josh Young, CIO of Bison, returns to the podcast to discuss what's going on in the energy markets and his recent investment thesis for Vital Energy (VTLE).   Bison's VTLE thesis: https://bisoninterests.com/content/f/vital-energy-is-deeply-discounted  Chapters  0:00 Intro  3:15 What's happened in energy stocks since Josh's last appearance  5:45 Discussing the outlook for nat gas  15:10 Josh's current outlook for oil  24:30 Is the oil market properly reflecting China's reopening  29:30 Can Russia keep up current production levels?  34:35 VTLE overview  51:00 Breaking down VTLE's assets a little further  57:35 What are the little things that energy companies do to improve operations  1:01:20 Has VTLE earned the right to pursue M&A?  1:07:00 VTLE's base case NAV valuation  1:11:30 Will private equity ever step back into the energy space?