In Part 1 of this two part podcast, Jacob Rubin returns to the podcast. We start by wrapping up his prior podcast appearance on ESGC, and then we move into discussing FTAI and why he thinks the stock is dramatically undervalued and an upcoming spinoff could unlock significant value.My FTAI notes: https://twitter.com/AndrewRangeley/status/1470841498048634885?s=20Jacob's first podcast appearance: https://twitter.com/AndrewRangeley/status/1366760857590521861?s=20Jacob's research on FTAI: http://philosophycap.com/research.htmlChapters0:00 Intro2:20 ESGC follow up10:15 FTAI overview16:00 How a spinoff and eliminating K-1's could catalyze FTAI22:05 FTAI's aerospace segment32:05 The upside from FTAI's parts manufacturing36:55 Is engine leasing really a good business?45:30 Discussing FTAI's external management structure50:30 FTAI's infrastructure segment52:05 FTAI's management team54:20 More on FTAI's different infrastructure assets

Kuppy comes on the show to discuss his recent activism at LEE and why he thinks the stock is dramatically undervalued.My notes on LEE: https://twitter.com/AndrewRangeley/st...Kuppy's LEE thesis: https://adventuresincapitalism.com/20...KEDM: https://www.kedm.com/what-is-kedm/Chapters0:00 Intro2:00 LEE Overview7:55 Why does Kuppy think Alden's LEE offer is so undervalued?12:35 Why does small town, local news offer a moat?17:30 Is LEE's digital growth real or is it just small base effect?20:20 Can the LEE team execute the growth / digital opportunity?30:15 Why did Berkshire sell their newspaper to LEE if the growth is so attractive?35:40 Is TownNews a hidden gem?40:00 What other levers can LEE pull to juice growth?42:15 Online gambling upside for newspapers44:30 Valuing LEE"s digital side51:20 Why are papers like Tribune selling if the outlook for digital is so good?53:35 Closing thoughts

Chris McIntyre returns to the podcast to discuss his belief that MSGE is a  cheap stock. Key topics include how to look at the Sphere, why the Dolans might not be as bad as you think, and why he thinks the company will gush free cash flow once the Sphere is completed.My notes on MSGE: https://twitter.com/AndrewRangeley/status/1469002333908606979?s=20Chris's website / presentation on MSGE: https://msgeisacheapstock.com/presi.htmlMy podcast with Jon Boyar on the awful MSGE / MSGN deal: https://twitter.com/AndrewRangeley/status/1379040448149356546?s=20Chapters0:00 Intro1:30 MSGE overview4:45 The elephant in the room: should MSGE get a "Dolan Discount?"9:30 Discussing The Sphere14:25 The cost escalation history of the Sphere27:10 What's the outlook for RSNs in general and MSGN in particular?30:30 Why was combining MSGN with MSGE the right move?33:30 Valuing MSGN given the turmoil in RSNs36:55 How does MSGN transition to a D2C world?41:50 More on MSGN's value50:05 What does the income statement look like as MSGN transitions?59:55 Valuing Tao and The Rockettes1:03:20 Valuing the Garden1:08:35 Closing thoughts and a quick SOTP

Sleepwell Capital and Enlightened Capital discuss their thesis for Ally $ALLY. Ally trades for just over book value despite posting ROEs well in excess of their cost of capital; Sleep and Enlightened both believe their valuable deposit franchise, reasonable valuation, and share repurchase program will combine to produce attractive returns for shareholders over the next few years.My notes on ALLY: https://twitter.com/AndrewRangeley/status/1467960317242134537?s=20Enlightened's twitter: https://twitter.com/CultivatewealthSleep's twitter: https://twitter.com/SleepwellCapEnlightened's Ally write up: https://enlightenedcapital.substack.com/p/ally-financial-ally-investment-analysisTSOH Ally write up: https://thescienceofhitting.com/Chapters0:00 Intro1:10 ALLY overview and history5:00 Laying out the ALLY bull thesis8:25 The ALLY valuation case9:35 How good is ALLY's deposit base?14:55 Does ALLY have a moat on their lending standards?20:10 Discussing ALLY's strategic relationship24:10 What is the market pricing into ALLY's stock?28:20 ALLY's capital allocation (acquisitions and share repurchases)33:15 Comping ALLY to a neo-bank35:50 Ally's insider incentive and share ownership (or lack thereof)38:45 Discussing Ally's exec comp and potential misalignment41:20 Of all the stocks in the world, why is ALLY worth buying?48:45 The decline of car ownership and rise of EVs as a tail risk52:20 More on what ALLY would do if auto loan demand decreased dramatically56:20 What's the end game for ALLY?58:45 Would ALLY be a strategic target for M&A?1:03:20 Closing thoughts

Andrew Freedman, managing director at Hedgeye, walks through the TMT landscape post earnings. Key topics include how he looks at legacy media company, why he's bearish PINS and SNAP but long TWTR, and his wories that the economics of streaming simply don't work.Andrew's Twitter account: https://twitter.com/HedgeyeCommChapters0:00 Intro1:15 Andrew's Process5:15 Discussing long TWTR vs short SNAP / PINS9:35 Does the strategic interest around PINS worry you?15:20 What's going on with TWTR right now?32:30 Discussing legacy media (starting with VIAC)37:10 Comping VIAC's valuation versus NXST41:10 Why does Andrew have a buy rating on NFLX?45:35 What should Disney do with ESPN?47:30 Does the MGM / Amazon deal suggest all of legacy media is undervalued?51:00 How Andrew looks at the Discovery / Warner merger1:00:40 Valuing VIAC's Pluto asset1:04:15 Closing thoughts and Andrew's favorite pick

Ari Lazar, senior analyst at RGA investment advisors, discusses his bull case for KW. Ari believes KW trades at a material discount to NAV, and that discount should shrink as the company's growth starts to ramp up in the near future.My tweet thread on KW: https://twitter.com/AndrewRangeley/status/1465714725254307840?s=20RGA's Q3 letter w/ KW discussion: https://www.rgaia.com/commentary/q4-2021-investment-commentary-looking-inward-and-looking-westward/Chapters0:00 Intro1:25 KW Overview2:45 How KW fits into RGA's investment framework6:35 KW history8:30 Discussing the KWE / KW deal from ~201711:30 What's KW been doing since the KWE deal?18:35 Diving into KW's SOTP and their multifamily properties20:45 Slight technical difficulty21:25 Continued discussion of KW's SOTP / multifamily assets23:05 KW"s office assets29:45 How do you get comfortable when cap rates are this low?32:30 KW's development asset value40:20 Valuing KW's asset management business50:10 Don't all real estate companies trade at a discount to NAV?55:25 Is there financial engineering potential / could KW split into a REIT?1:02:00 Does KW belong on the Mount Rushmore of value traps?

Richard Sosa, host of the Riches in Niches podcast, discusses his thesis on Donnelly Financial (DFIN). Despite a strong recent run, DFIN trades at a value multiple, and Richard breaks down all the reasons why he thinks the stock is too cheap and why DFIN is a huge beneficiary of the current SPAC / IPO boom.My twitter background thread on DFIN: https://twitter.com/AndrewRangeley/status/1460661067395305479?s=20Riches in Niches podcast twitter: @RichesNichesPodChapters0:00 Intro1:40 Some background on Richard4:10 Why Richard likes niches5:10 DFIN overview10:45 DFIN's classic spin dynamics14:35 DFIN's public to private headwinds before the SPAC boom18:30 Regulatory headwinds in the print business21:55 More DFIN background29:30 What the capital markets business does and how it benefits from the M&A / SPAC boom37:00 Comping DFIN to Workiva39:40 How sticky is DFIN?43:20 Breaking down DFIN's valuation46:30 Is DFIN's shifting segment disclosure concerning?50:15 Why is the market trading DFIN at such a low multiple?53:25 Is management and the board fully aligned here?57:00 DFIN's history of capital returns1:02:25 More on DFIN's multiple1:04:55 Closing thoughts

Evan Tindell, CIO of Bireme Capital, discusses the value he sees in Tencent Music (TME). Key topics include why he's not worried about TME's controlling shareholder or VIE structure, and why he thinks the stock is significantly undervalued.My Twitter thread on TME: https://twitter.com/AndrewRangeley/status/1458813448217935874?s=20Bireme Capital's website: https://www.biremecapital.com/disclaimer.htmlChapters0:00 Intro1:05 TME Overview1:40 History of shorting Chinese reverse merger4:30 More background on TME7:55 How similar is TME to Spotify?20:00 Why is TME the best way to play the current panic in China stocks?24:30 Can we trust Tencent as TME's controlling shareholder?28:15 The VIE structure risk35:30 How did TME come to be so dominant in Chinese music streaming?38:10 TME's cash rich balance sheet43:00 TME's valuation49:00 Discussing Spotify's valuation in relation to TME55:50 What risk to TME worries Evan the most?57:40 Is Evan attracted to messy ownership / control situations?1:03:30 Brief discussion of Cogeco's current situation

Eric Markowitz, Director of research at Worm Capital, discusses the bull thesis for Tesla. Key topics include all of Tesla's growth options, the biggest misperceptions of Tesla, and why comparing Tesla's valuation to legacy auto manufacturers doesn't make sense.We wrap up with 15 minutes of discussion on Spotify and what's misunderstood with that company as well.Reading links:Worm's Q3 letter: https://www.wormcapital.com/the-wormhole-source/q3-2021My background tweet on Tesla: https://twitter.com/AndrewRangeley/status/1458061963439878145?s=20Chapters0:00 Intro1:15 Tesla overview4:15 Tesla's big misperceptions5:35 How is Tesla different than other car companies?8:45 Tesla's neural nets and R&D efficiency13:30 Tesla's recruiting edge16:55 Worm's investing philosophy19:05 The power of winner take most markets23:30 Framing Tesla's valuation26:05 How strong is Tesla's manufacturing edge?28:30 Does competition actually expand the EV industry?31:30 What's the most exciting growth optionality at Tesla?35:20 Tesla's battery opportunity36:50 Tesla's red flags and the Solar City Potemkin village43:05 Tesla's brand strength45:35 The myth of the Tesla killer49:45 Flipping to Spotify49:55 What's the biggest misperception with SPOT?52:05 Spotify as Netflix 2.054:20 Spotify's advertising opportunity56:15 What worries Eric most about Spotify?59:40 Spotify's relationship with labels

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