Yet Another Value Podcast

The "Koala", a buyside mining and commodity specialist, comes on to discuss the commodity and mining space in general and Ivanhoe Electric (IE) in particular.   The Koala's twitter account: https://twitter.com/YellowLabLife  Chapters  0:00 Intro  2:55 General mining / commodity sector overview  12:40 The "nothing can get built anymore" moat  18:40 Capital discipline imposed by low multiples  22:00 How Peabody talked their own stock down with growth plans  31:00 What is the market missing on coal?  44:00 Why is Whitehaven still the Koala's coal horse?  49:30 Discussing Ivanhoe Mines history  56:55 Ivanhoe Electrics background  1:00:45 Ivanhoe's Typhoon Technology  1:04:30 Discussing Ivanhoe's mines  1:12:00 How did Ivanhoe find these great mines in the U.S.?  1:15:00 Ivanhoe's cash runway

Samir Patel, Portfolio Manager at Askeladden Capital, joins the podcast to discuss Mix Telematics (MIXT) and why he sent a letter to the company pushing for change.   Askeladden's letter to MIXT: https://www.accesswire.com/723191/Askeladden-Capital-Announces-Activist-Position-in-MiX-Telematics-NYSEMIXT  Chapters 0:00 Intro  2:50 MIXT Overview  5:45 MIXT's hardware to subscription switch  9:30 The economics of a MIXT subscription  12:30 What's the moat that prevents competitors entering the market?  18:30 MIXT retention and churn  21:00 MIXT high level valuation  24:20 Precedent comps for MIXT  27:30 Why did Askeladden send a letter to MIXT?  35:45 Digging into MIXT's lack of growth and margin expansion  39:15 MIXT's history of missing long term targets  43:45 Would a PE takeout make sense for MIXT?  46:00 MIXT's sales force  48:30 Tracking MIXT's progress in the near term  56:45 MIXT's recent chairman resignation and insider sales

Bill Chen, a real estate investor, returns to the podcast to discuss HHC's value and why Bill Ackman's current tender for the company might undervalue HHC.   HHC model: https://t.co/q6lQ69TeXZ  Chapters  0:00 Intro 2:50 HHC overview  7:15 How HHC can create value over time  9:15 Valuing HHC's operating assets  11:35 Opportunity cost versus other publicly traded real estate  17:35 Valuing HHC's unstabilized assets  19:30 Valuing HHC's Hawaiian assets (Ward Village)  29:55 Valuing HHC's "other" assets  31:40 Valuing HHC's MPC  45:20 Valuing HHC's Seaport asset  50:55 Why is HHC always trading under NAV?  54:00 Will non-Ackman shareholders ever realize value from HHC?  56:25 HHC's OXY deal  1:05:35 HHC's most recent MPC deal versus share buybacks  1:13:00 Ackman's long term HHC plan

Chris Lee, a MBA student who won the Dorsey Stock Pitch Competition, comes on the podcast to discuss his winning pitch for Delta Apparel (DLA). Chris's winning pitch: https://dorseystockpitchcompetition.substack.com/p/long-delta-apparel-dla?utm_source=substack&utm_campaign=post_embed&utm_medium=web  Chapters  0:00 Intro  2:30 Chris's background  4:45 DLA overview  10:20 DLA's valuation  13:40 Returns on capital and competition  17:35 DLA's Fanatics partnership  23:10 The Salt Life Brand  27:30 Is this the right management team for Salt Life?  32:30 End game for Salt Life  34:50 Lack of disclosure worries  41:20 Why is this company public?  43:40 Closing thoughts

Chris DeMuth joins the podcast to discuss the state of the markets in October 2022 and what’s catching his eye in event driven land, with a large focus on TWTR.My prior podcast on SPB: https://twitter.com/AndrewRangeley/status/1549013912133111808?s=20&t=6iWCDZC_8sPzlIuELTNwdQChapters0:00 Intro2:30 What's on Chris's mind this month (TWTR)4:50 Twitter's security review (or lack thereof)7:30 Jurisdiction for a potential TWTR security review13:30 What would a security review look like?21:40 The politics behind a TWTR security review29:25 Potential repercussions from a TWTR security block35:55 Last chance for financing and insolvency outs!41:45 How big will the cost cuts at TWTR be?45:50 Discussing Spectrum Brands

Luis Sanchez, founder of LVS Advisory, disses the bull thesis for IBKR, including why the company is a major beneficiary of interest rates rising and how the company's business to business solution can drive major account growth.See Luis's IBKR write up here: https://lvsadvisory.com/wp-content/uploads/2022/09/LVS-Advisory-IBKR-Write-Up-September-2022.pdfChapters0:00 Intro2:45 IBKR overview6:05 What is Luis seeing in IBKR that the market is missing?12:30 IBKR's valuation15:15 Is IBKR more net interest or trading driven?19:00 IBKR's focus on active traders23:30 Does IBKR have one product risk from the bigger asset managers?28:30 Blow up risk38:00 International account risk and opportunity42:45 Business to business growth52:45 Trading account stickiness53:35 IBKR and crypto55:55 IBKR's founder and management team1:00:15 Share buybacks and insider selling

Lionel Hutz, author of the excellent lionelhutz substack, comes on the podcast to talk about the ongoing drama with Twitter and Elon Musk. In this episode, we exclusively discuss the Twitter case as it stands on October 13th, the odds the deal closes at the end of the month, why it might not, and what happens if it doesn’t. If you’re looking for more background on the deal, please see my podcast from May with Evan Tindell or August with Professor Ann Lipton and Compound248.Lionel's Twitter: https://twitter.com/LionelHutz_EsqMay pod with Evan: https://twitter.com/AndrewRangeley/status/1529452942931238914?s=20&t=7yi3kr0wvPY0nduenfVdSAAugust pod with Ann and Compound: https://twitter.com/AndrewRangeley/status/1556987816894255106?s=20&t=LEFlc2kvhXZ_M59UhEj6NQChapters0:00 Intro2:30 Where we are today6:55 Dismissing CFIUS and Bot Outs9:20 Financing and Insolvency risks overview14:10 How could the banks pull out of financing?21:10 How would Elon's efforts over the next three weeks impact financing outs?26:45 Are Elon's hands too dirty at this point to use a financing out?29:10 How would an insolvency out play out?30:55 Does section 5.9 suggest Elon *must* make Twitter solvent at close?33:20 Judicial Estoppel / has Elon already repped TWTR is solvent?39:30 Piercing the veil / getting Elon to pony up all the money45:10 What does the trial process look like if Elon doesn't close now?48:45 What arguments and discovery get made at trial if Elon tries a financing out?52:15 What arguments and discovery get made if Elon tries an insolvency out?56:40 Closing timeline and the Tesla blackout window theory58:15 Would Elon's lawyers have supported the motion to stay if they weren't planning on closing?1:01:50 Why does Elon seem so scared of getting deposed?

Doug O’Laughlin, founder of fabricated knowledge, discusses his thesis on SiTime (SITM). They cover the market size and growth of MEMS versus Quartz, SITM's MEMS market share, Apple's concentration risk, and the potential of MEMS in taking share from Quartz. They also explore SITM's valuation, capital allocation, and customer behavior in the semiconductor industry.

Zack Buckley discusses his investment thesis for Xponential Fitness (XPOF), including why he thinks the company is set for continued rapid growth.Zack's twitter: https://twitter.com/AmarginofsafetyChapters0:00 Intro2:00 Zack's background5:15 XPOF overview8:20 Can XPOF buck the history of publicly traded fitness?12:10 Brand sustainability and the Curves comp15:15 XPOF's valuation and multiples17:50 XPOF management history20:55 How XPOF's partnerships can create value22:55 Does XPOF have too many brands?26:00 Can XPass drive customer acquisition?29:15 What is Zack seeing in XPOF that the market is missing?31:55 Why XPOF over other publicly traded franchises?35:00 Is XPOF riding a post-COVID tailwind?38:30 Franchisee unit economics41:50 Recession risk49:00 Has the competitive environment changed since the last recession?54:45 Insider buying57:00 Capital allocation and acquisitions going forward

Dave Johnson from Caligan Partners discusses his thesis on Evolus (EOLS). Evolus is a one product company. Their product, Jeuveau, is a Botox competitor exclusively focused on the cosmetics market, and Dave thinks the market is underpricing Jeuveau's strong growth potential.Caligan's website: https://www.caliganpartners.com/Chapters0:00 Intro2:15 Caligan background8:15 EOLS Overview13:00 What does Dave see in EOLS that the market is missing?19:30 Why can EOLS take share versus Botox26:00 Why is EOLS focusing only on Cosmetics29:30 Is M&A in EOLS's future?33:15 EOLS acquisition targets and funding one37:30 Getting operating leverage and hitting cash flow breakeven40:15 What happens if we go into a recession?43:25 What does pricing look like?47:45 Does Daxxify's approval impact the market?52:45 Will new entrants impact pricing for tox?57:15 Closing thoughts