Aaron Edelheit returns to the podcast to discuss all of the opportunities he's seeing in the cannabis world and why he's chosen now to launch a Cannabis focused fund.Aaron's Cannabis manifesto: https://mindsetvalue.substack.com/p/the-cannabis-manifestoSeth Rogen profile I mention during the pod: https://www.nytimes.com/2021/04/20/magazine/seth-rogen.htmlChapters:0:00 Intro2:45 Why is Aaron launching a cannabis fund now?12:00 Professional athletes and cannabis16:55 How Cannabis today reminds Aaron of single family homes after the GFC26:50 Aaron's views on federal legalization37:35 Is Aaron more interested in the direct cannabis plays or the "picks and shovel" providers?45:50 Using Verano to highlight the growth and valuations Aaron is seeing54:00 Will the industry stay vertically integrated, or will we start seeing more focused players?58:55 The tax issues with cannabis plays and why EBITDA is so important here

Jeremy Raper makes his record fifth podcast appearance to discuss his latest high conviction idea: POSaBIT (POSAF). POSaBIT is a microcap company trading on a very small foreign exchange, so risk is certainly elevated here and listeners should remember to do their own work / this is not investing advice. However, Jeremy believes that the company's strong growth and big moat far outweigh the various red flags and risk around it, and that the stock is significantly undervalued based on where much slower growing peers are trading.Jeremy's seeking alpha article: https://seekingalpha.com/article/4462310-posabit-systems-3x-upside-potentialChapters0:00 Intro2:00 POSaBIT overview14:30 Diving into POSaBIT's moat22:10 Why POSaBIT's take rate is sustainable28:45 If Cannabis got legalized tomorrow, what would happen to POSaBIT?33:30 Is private equity rolling up the industry a risk?37:10 Discussing valuation46:55 Breaking down the RTO / reverse merger red flag53:10 Jeremy's closing thoughts

Martin Werner, co-founding partner of DD3 Capital, discusses DDMX's deal to deSPAC with Codere Online. Key topics include what DDMX was looking for in a deal, how DDMX worked with their partners in structuring their deal, and why DDMX thinks Codere Online's omnichannel presence gives them a leg up in attacking and winning Latam markets. Towards the end, Martin discusses how he's looking at Betterware (BWMX, which was DD3's first SPAC) and what DD3 will be looking at in their SPAC going forward.Chapters0:00 Intro1:45 What DDMX was looking for in a deal3:10 DDMX's proxy and the companies they passed on8:30 DDMX's forward purchase agreement with Baron Funds12:35 What happened between contacting Codere in January and signing the BCA in June?15:15 What attracted DDMX to Codere online?18:40 Codere's Spanish market share and outlook21:55 Discussing Codere's projections and the assumptions behind them25:05 Codere's longer term projection and financials26:00 How lower redemptions will allow Codere to accelerate growth28:00 Codere's phase 3 plans to move into the U.S. market31:35 Similarities between Codere Online and Golden Nugget Online32:30 Why DDMX isn't subject to the winner's curse35:30 Wrapping up the Codere discussion36:35 Betterware (BWMX) discussion39:55 Breaking down the distributor churn at BWMX44:10 Comparing BWMX's post-COVID slowdown to cable46:30 BWMX near term headwinds48:05 What DD3 looks when deSPACing companies

Nitin Sacheti. CIO of Papyrus Capital and PM at ARS Investment Partners, breaks down his thesis for Innovate (VATE). VATE used to be known as HCHC. HCHC was a mishmash of interesting but disparate assets with a huge cost base. Following an activist battle in late 2019 / early 2020, a new management team was brought in and they have sold off noncore assets while dramatically reduing corporate overhead. Nitin believes the remaining assets are all uniquely valuable, and each could be worth more than VATE's current market cap on their own. With several looming catalysts and inflection points, Nitin thinks the next year or two could cause the market to rerate VATE closer to its intrinsic value.My thread on $VATE: https://twitter.com/AndrewRangeley/status/1452377035897200653?s=20Chapters0:00 Intro2:15 VATE Overview3:05 Segment #1: DBM Overview5:15 Segment #2: Life Sciences Overview7:15 Segment #3: Broadcasting Overview12:10 Discussing VATE's new management team21:45 Breaking down the Broadcast business30:00 Pushing back on the broadcast business plan35:50 How to value broadcast's spectrum37:55 Is broadcast spectrum still valuable in a 5G world?42:20 Discussing DBM's moat and value47:40 What does R2 (life science's main asset) do?53:20 Walking through VATE's SOTP value1:00:50 How to look at VATE's recent related party deals1:05:25 Discussing VATE's chairman and largest shareholder1:08:15 What's the endgame for VATE?Additional disclaimer: Today’s discussion may contain forward looking statements all statements made that are not historical facts are subject to a number of risks and uncertainty; actual results may differ materially. Please refer to ARS's website for important legal and disclosure information: www.arsinvestmentpartners.com

Felix Narhi, CIO and Portfolio Manager at PenderFund, discusses his investment in Stitch Fix (SFIX). Key topics include what Stitch Fix's Act 2 looks like, why negative anecdata from first time users doesn't worry Felix, and what separates Stitch Fix from other online retailers.Felix's Q2 letter: https://www.penderfund.com/commentaries/the-managers-commentary-q2-2021-2/My SFIX tweet thread: https://twitter.com/AndrewRangeley/status/1450509121661308928?s=20Felix's Twitter: https://twitter.com/PenderFelixChapters0:00 Intro1:10 Stitch Fix Overview2:40 Addressing the negative anecdata6:30 What does SFIX's transition to Act 2 look like?9:10 Why is SFIX's data and data scientist focus an advantage?16:50 What would an Act 3 look like?19:35 Is it concerning Katrina Lake (the founder) stepped down as CEO?23:45 Discussing the stylist hours worked controversy31:30 Stitch Fix's inventory changes35:30 Will brands pull from Stitch Fix at some point in the future?41:15 Will Stitch Fix ever charge for the data they give brands?44:30 Why isn't Stitch Fix growing faster?49:50 Quantifying Stitch Fix's valuation54:20 Stitch Fix's private market and strategic value57:30 Does Stitch Fix need physical locations?

Randy Baron, one of the most popular YAVP guests, returns to discuss his investment thesis on Renalytix (RNLX). Randy sees similarities between RNLX and EXAS, which was a controversial stock that has rocketed over the last few years as the company's diagnostic product gained momentum. While not without risk, Randy thinks RNLX could be even bigger if successful as they are attacking the much larger Chronic Kidney Disease (CKD) market, and he discusses all of the signs he sees that the company is about to inflect.Randy's first appearance on Amyris (AMRS): https://www.youtube.com/watch?v=zCKxUHfCoQQ&t=1sChapters0:00 Intro1:20 RNLX overview8:55 Where does RNLX fall into CKD?14:00 Why now is the time for RNLX in CKD20:40 How RNLX can operate even without MICT24:30 More on RNLX and Medicare25:30 When will RNLX get FDA approval?33:40 What if RNLX doesn't get FDA approval?37:30 RNLX's CEO and founder, James McCullough43:40 Why is RNLX so under the radar?46:40 Comping RNLX to Theranos50:00 Randy's closing thoughts

Tim Weber, a private investor, discusses the bull thesis for $AMPY. We're in a period of heightened uncertainty, as the company's Beta asset was responsible for an oil spill last weekend. However, Tim think the market has shot AMPY and priced in a worst case scenario without factoring in lots of other factors (the likelihood a ship is responsible for the spill, that this spill is much smaller than precedent spills and damages shoudl thus be significantly lower, etc.).AMPY is a microcap oil and gas company with high leverage and ongoing risk from the oil spill. Investors should remember the extremely high degree of risk here, that nothing on this podcast is investing advice, and that everyone is encouraged to do their own work!Tim's AMPY write up: https://twebs.substack.com/p/ampy Chapters0:00 Intro1:55 Extra Disclosures3:10 AMPY Overview6:25 Diving into the spill9:40 The Plains All American (PAA) Precdent15:20 Does AMPY's small size mean they don't have the resources to survive the spill?20:00 Is there a chance the net liability to AMPY is ultimately zero?22:00 Discussing the current regulatory / fine envrionment22:45 AMPY's solvency and liquidity28:45 Could AMPY file Beta without impacting the rest of the company?30:30 Will the spill push AMPY to sell assets?33:30 AMPY's SOTP and PV-1039:10 Could regulators pull the Beta lease?44:50 Recovery risk if a ship is found at fault46:40 Could AMPY's hedge book be an issue?50:15 Is the delay from AMPY alerting regulators hurt them?56:00 Tim's closing thoughts

Leo Kang, author of the excellent Plum Capital Substack, comes on to discuss his thesis on Atento (ATTO). With 3 legacy private equity holders owning more than 60% of the stock, Leo think the company is set for a sale, and a cheap multiple, continued operating momentum, and health dose of leverage could create for serious upside in a process.Leo's ATTO write up: https://plumcapital.substack.com/p/at... My ATTO notes: https://twitter.com/AndrewRangeley/st...Chapters0:00 Intro1:30 ATTO overview3:15 ATTO's ownership history7:45 The "Big 3's" incentive to sell9:20 Pushing back on the sales incentive13:50 Discussing valuation15:30 ATTO's operating momentum18:30 What does ATTO do?22:30 How does ATTO compete with?24:30 Is there a trend towards insourcing costumer service?28:15 What happens if ATTO's loses the Telefonica contract?33:30 Can we read anything into ATTO's lack of capital returns?37:55 Discussing the upside from the Telefonica contract40:20 Comping peer multiples43:05 Does the Telefonica contract line up well with a sales process?46:25 ATTO's attempts to move into the U.S.50:45 ATTO's foreign exchange risk52:55 Closing thoughts

Ben Claremon, Partner at Cove Street Capital, discusses his thesis on Lumen. Lumen is a complicated story and a bit of a battleground stock, but Ben think the company is trading at a large discount to their asset value and is making moves to unlock that value.Ben's first YAVP appearance on Viasat (VSAT): https://youtu.be/Otw0oWvuhdUBen's Compounders podcast: https://open.spotify.com/show/3Qbcrw84MDaJ3CZUNuqOxu?si=vD-uIjqVR4G_SFwH_ALVEg&dl_branch=1Chapters0:00 Intro1:35 Lumen Overview5:55 Why didn't Lumens' old management team believe in Fiber?13:30 Discussing the proxy statement and management incentives19:15 How can telecom investors get over their Lumen baggage?25:15 Looking at Lumen as a special situation35:00 What would Lumen look like if they sold all of their consumer business?37:05 Lumen's valuation and sum of the parts39:15 Lumen's looming dividend cut?47:00 Government subsidies (CAF going away; RDOF replacing it?)54:40 Why invest in Lumen vs. a cleaner story like Frontier (FYBR)1:03:25 Closing thoughts

Edwin Dorsey, founder of The Bear Cave, discusses his bearish note on Clear Secure (YOU). Bulls think Clear is a product members love with a clear moat and a long growth runway; Edwin sees a company with lots of consumer complaints that has been around for almost two decades and is still losing money while losing economics to key partners like airports. The Bear Cave's YOU note: https://thebearcave.substack.com/p/pr...My Clear tweet thread: https://twitter.com/AndrewRangeley/st...Edwin's first podcast appearance: https://twitter.com/AndrewRangeley/st...Chapters0:00 Intro1:20 Clear Overview3:25 What is the crux of the bear thesis?4:55 What's wrong with Clear's business model?9:20 Why won't American partner with Clear?11:45 Discussing the San Jose concession13:55 Clear's NPS score vs. their BBB rating21:10 How Clear calculates their member count23:15 Are Clear's churn numbers as good as they look?27:00 Clear's strategic fit in bundles29:55 Clear's growth opportunities33:20 Why wouldn't Apple or Google win the "entry" game versus Clear?34:15 Is Clear a COVID beneficiary?36:30 Can clear become a 12x/day product?41:20 Clear's history of retaining key partners43:30 Will Clear run afoul of airlines in the long term?48:30 Closing thoughts