Yet Another Value Podcast

Yaron Naymark, Founder of 1 Main Capital, is back for the third time on the Yet Another Value Podcast to discuss Limbach Holdings (NASDAQ: LMB), a mechanical systems solution engineering company that focuses on HVAC systems. Yaron talks about the evolution of the company since it went public via SPAC in 2016, transitioning towards the owner direct business and away from the older general contractor business, growth through acquisition strategy, equity raise in 2021 and why he finds $LMB interesting. For more information about Yaron Naymark and 1 Main Capital, please visit: https://www.1maincapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:57] What is Limbach Holdings $LMB and why is it interesting [10:28] Edge in transitioning towards the owner direct business and away from the older general contractor business [13:58] Growth through acquisition [20:38] Maintenance contracts [23:54] Market share for owners of infrastructure and critical infrastructure markets [25:49] How does macro recession or commercial real estate recession affect $LMB [30:24] $LMB's retention of employees post-acquisition [32:26] $LMB Valuation [37:32] Can $LMB do accretive M&A? [41:29] Recent insider purchases [43:25] Equity raise in 2021 - what happened and why did it receive the response that it did? [54:24] Final thoughts on $LMB: addition to the Russell 2000 and expiring warrants [55:37] Incorporating AI into investing and research process? 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/

Marc Rubinstein, Founder and Editor of the Net Interest Newsletter, is back on the Yet Another Value Podcast to have a wide-ranging discussion digging into Marc's thoughts on the current state of banks, financial sector, as well as dissecting his article on what makes Capital One $COF interesting. For more information about Marc Rubinstein, please visit: https://www.netinterest.co/ Article on Capital One: https://www.netinterest.co/p/capital-one-buffetts-latest-banking Article on Charles Schwab: https://www.netinterest.co/p/vivat-charles-schwab Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:50] Overall thoughts on what's going on in the financial space [5:15] Banks are balance sheets [9:23] Why is tangible book value good? Why can't we go to half of tangible book value for a long time? [13:47] Activism in community banks [16:50] Wave of bank consolidation coming? [19:06] Advantages in small banks [22:32] History of Capital One $COF and what makes them interesting [33:33] Marc's thoughts on the bank failure reports and has the way banking works fundamentally changed? [42:11] Why isn't $COF not interested in buying regional banks anymore? [48:58] Buffet attracted to the online side of or is he actually attracted to the diversified, consumer-focused nature of these banks? [51:39] Does Capital One have a technology / marketing advantage versus other people? [58:06] What does the future look like for Charles Schwab $SCHW? [1:05:39] Current valuation of $SCHW [1:07:36] Earnings issue, not liquidity issue [1:09:27] Are we underestimating how profitable banks will be coming out of this banking crisis? 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 McGough, head of retail at Hedgeye, joins the podcast to discuss the state of the retail sector, hit a wide variety of names, and explain why he's so bearish on the sector currently. You can find Brian on twitter here: https://twitter.com/HedgeyeRetail This podcast is sponsored by Hedgeye. Hedgeye is an investment research firm that delivers high-conviction investment ideas through fundamental, quantitative, and Macro analysis. If you’d like access to Hedgeye’s favorite long and short stock ideas, check out The Call @ Hedgeye, their daily stock investing webcast featuring Brian and the entire stock analyst team. Go to Hedgeye.com/Value and you’ll get a special introductory price of just $6 for the first 6 months. Chapters 0:00 Intro 2:15 What is Brian seeing in the retail sector now? 7:15 What retail companies look undervalued? 13:40 Discussing ASO's growth story 20:50 Is Hibbett cheap enough to consider? 25:20 Being bullish RH and buying their stock when they're not buying back 29:15 Comping WSM to RH 32:00 Brian's bearishness on Pelton 37:00 Can Nike really generate alpha from current prices? 42:10 CPRI's valuation and possible SOTP 45:00 Helen of Troy could be in for tough sledding 47:50 What's Brian's crystal ball telling him about the next six months?

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this May 2023 edition, Chris shares his thoughts on the government suing to block the Horizon Therapeutics sale to Amgen, government's history of antitrust cases, Amazon / iRobot deal, evaluating judges in antitrust cases, banking sector and more! For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:58] What's on Chris' mind for May 2023 starting with government suing to block the Horizon Therapeutics sale to Amgen and government history of antitrust cases [9:22] Amazon / iRobot deal [13:23] What is the government arguing in the Amgen / Horizon case [16:39] Evaluating antitrust cases, judges in particular + Amgen / Horizon case cont'd [29:09] Banking sector: update on regional banks and how Chris thinks about the space right now [39:15] 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/

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/