Yet Another Value Podcast

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?

Chris Colvin returns to the podcast to discuss why he invested in Houghton Mifflin Harcourt (HMHC) and why he thinks the deal to sell HMHC to Veritas is much too cheap.Breach Inlet's letter to HMHC: https://www.businesswire.com/news/home/20220223005845/en/Breach-Inlet-Capital-Sends-Public-Letter-to-Board-of-Houghton-Mifflin-HarcourtMy notes on HMHC: https://twitter.com/AndrewRangeley/status/1503704685861273604?s=20&t=BJwJj9NIUfEf4nip2Hlf4wChapters0:00 Intro1:15 HMHC Overview6:45 Situation Recap9:00 Why does Chris believe this deal is too cheap?13:05 HMHC's strange forecast and massive revision19:35 HMHC's advisors conflict of interest22:55 Why did management and the board chose to sell the company now?28:00 HMHC's roll up potential31:25 Veritas's other edtech plays33:35 How does this play out from here?34:05 What if the tender fails and Veritas walks away?49:00 Did HMHC's projections undersell the stimulus money impact?51:00 Closing thoughts

Louis Camhi provides an update on his thesis for ORGN and then walks through where he's finding opportunities in the SPAC market today.Louis's first podcast appearance: https://twitter.com/AndrewRangeley/status/1428710432848613377?s=20Chapters0:00 Intro1:45 Origin Update5:55 Origin today versus their SPAC projections8:45 When will we start seeing unit economics for ORGN plants?12:55 Talking about the SPAC market today17:30 Opportunities in current SPAC IPOs21:30 What pre-deal SPACs does Louis like currently?23:20 What to make of companies that are flying after the deSPAC27:30 Are pre-deal SPAC warrants attractive right now?36:45 CND / Circle45:40 What to make of deals like FMAC that reward shareholders for not redeeming?49:00 SPACs with rights like BENE and ESSC

Jeremy Raper returns to the podcast to discuss his recent semi-activism at FAR Ltd. FAR recently received a bid that Jeremy thinks dramatically undervalues the company, so Jeremy is pressuring the company to cut costs and aggressively return capital to shareholders.My tweet thread on FAR: https://twitter.com/AndrewRangeley/status/1496863885122539520?s=20&t=UK4pHbZdyRecEFP_I46_UQChapters0:00 Intro1:50 FAR overview7:20 Recapping the valuation case13:10 Acquirer optionality at FAR16:45 FAR's historical mismanagement23:10 What put FAR in play31:00 Jeremy's proposal for FAR36:45 What if management goes scorched earth here?48:40 Closing FAR thoughts50:15 LastMinute (LMN) discussion

Bill Chen, an institutional real estate investor, goes through his thesis for FRPH. FRPH is a conservatively managed real estate company with a great management team and a history of growing NAV and monetizing assets at opportunistic times.You can find all my writings here: https://yetanothervalueblog.substack....My notes on FRPH: https://twitter.com/AndrewRangeley/st...A rough SOTP for FRPH: https://twitter.com/RhizomePartners/s...Chapters0:00 Intro1:20 FRPH overview3:30 Discussing FRPH's management team / majority shareholder8:00 Understanding the royalty business14:15 Valuing the royalty business21:20 FRPH's balance sheet and net cash22:15 FRPH's real estate value32:00 Pulling the SOTP together33:45 Opportunity cost and alpha at FRPH39:25 FRPH's history of selling assets40:30 How is FRPH still acquiring warehouse plays?43:00 Why FRPH versus other REITs under NAV?47:10 FRPH versus SRG52:00 Why isn't FRPH buying shares right now?57:00 What keeps Bill up at night for FRPH?1:02:30 Closing thoughts

Jon Boyar from the Boyar Value Group returns to the podcast to discuss his high conviction thesis for Scotts Miracle-Gro (SMG). SMG was a massive COVID beneficiary, and shares have sold off in kind with other COVID beneficiaries. Jon thinks the market is too pessimistic here, SMG's brands have Coke like market share, and the company has a rapidly growing "picks and shovels" cannabis business that he believes investors are basically getting for free at current pricesYou can find all my writings here: https://yetanothervalueblog.substack.com/My notes on SMG: https://twitter.com/AndrewRangeley/status/1489600380854013952?s=20&t=c24bhjV0UhOWlZWjgULoCwBoyar's interview w/ SMG's CEO: https://www.boyarvaluegroup.com/podcasts/james-hagedorn-scotts-miracle-gro-chief-executive-officer-and-chairman-of-the-board-on-the-tremendous-opportunity-in-the-cannabis-space-potentially-spinning-off-the-fast-growing-hawthorne-division/Boyar's SMG overview: https://www.lp.boyarvaluegroup.com/smg2021 Boyar's Forgotten Forty: https://www.lp.boyarvaluegroup.com/andrewwalkerChapters0:00 Intro1:35 SMG Overview5:50 Why are SMG's brands so dominant?9:50 Customer concentration risk for SMG11:55 What happens to earnings as they lapse the "COVID boom"?17:50 Discussing Hawthorne21:30 What is Hawthorne's moat?24:45 Federal legalization and Hawthorne's sales distribution27:40 Why is Hawthorne's growth slowing right now?29:45 Hawthorne's cannabis investment strategy34:00 How SMG got into Hawthorne and look at it long term36:20 Breaking down SMG's SOTP40:00 The rationale for a potential Hawthorne spin45:40 Closing SMG thoughts48:25 Other interesting forgotten 40 names

Rich Howe, founder of stock spinoff investing, walks through the bull case for NXDT. NXDT is a closed end fund trading at a huge discount to NAV; the fund is planning to transition to a REIT and Rich thinks that makes the stock very catalyst rich. A related company, NXRT, pursued a similar move ~6 years ago and their stock has gone up ~6x since.You can find all my writings here: https://yetanothervalueblog.substack.com/My thread on NXDT: https://twitter.com/AndrewRangeley/status/1488504533709991943?s=20&t=1i5ngJavxgKCHeNtsTWz1ARich's twitter: https://twitter.com/stockspinoffssStock Spinoff Investing: https://stockspinoffinvesting.com/premium/Chapters0:00 Intro1:40 NXDT overview6:55 Insider buying9:45 NXRT parallels12:00 NXDT's discount to NAV13:10 NXDT's level 3 assets and their valuation16:45 Vinebrook homes, one of NXDT's holdings24:30 Why has NXDT's NAV discount widened?27:10 NXDT investing into controlled entities31:30 What is NXDT's post-REIT strategy?34:30 Why is it taking so long to switch to a REIT?37:50 Will NXDT buyback shares?40:00 NXDT's fees43:30 Post-REIT dividend policy47:55 Closing NXDT thoughts50:00 Rich's favorite recent spin: JXN55:00 BHC: the spin Rich is looking forward to the most