Yet Another Value Podcast

Jon Boyar returns to the podcast to talk about his investment thesis for MSGS and MSGE, including why he thinks investors are underrating James Dolan and just how wide their discount to asset value has become.You can find more on the Fresh Looks here: https://boyarresearch.myshopify.com/products/2022-opportunity-issue-edition-with-bonus-content?utm_content=216760092&utm_medium=social&utm_source=twitter&hss_channel=tw-963533512887406593Chapters0:00 Intro3:45 MSG History8:10 Do the Dolan's actually create value for minority shareholders?13:15 MSGS SOTP15:55 Can someone actually write a check for the Knicks21:15 What happens when the NBA rights renew?24:20 Could the Knicks and Rangers backstop a new Garden at some point?29:30 MSGE spin overview31:10 Why not do a full spin at MSGE?33:20 MSGE bull thesis (SOTP) versus bear thesis (Sphere)37:00 How bad was the MSGN deal40:15 Sports betting47:00 What are the Rockettes worth?49:20 Will James Dolan actually sell the team?53:30 Please don't trade for Donovan Mitchell

Andrew Carreon, founder of Emeth Value, discusses his thesis on Diversified Energy (DEC; trades in London). Key points include how the company can get such good deals on acquisitions, if the company has an edge in handling asset retirement obligations, and why the company pays such a big dividend.My bull thesis on DEC: https://yetanothervalueblog.substack.com/p/tegus-sponsored-deep-dive-4-natural-198Andrew's first podcast appearance on BSM: https://twitter.com/AndrewRangeley/status/1402967314233008129?s=20&t=8N1sKfcgkx0mbRjNkJxL6wBloomberg article on DEC: https://www.bloomberg.com/news/articles/2021-10-20/gas-producer-diversified-energy-said-emissions-fell-now-it-says-they-didn-tChapters0:00 Intro2:15 DEC overview9:45 How is DEC getting such good deals from sophisticated sellers17:10 Hs the current energy environment changed the ESG market for energy?19:30 DEC's route density model and acquisition synergies27:30 Asset Retirement Obligations (ARO)43:55 Even more on AROs54:00 Is DEC just kicking the ARO can down the road?58:20 Discussing the "Bloomberg" article1:06:40 Does DEC have a regulatory edge in handling AROs?1:09:10 Why is DEC paying out a big dividend instead of buying back shares?1:15:45 Comparing the opportunity cost of DEC to BSM

Chris DeMuth returns to the podcast to talk about what's on his mind in the markets this month, including updates on TWTR, the IS / U / APP love triangle, and Rio's "failed" bid for TRQ.0:00 Intro2:10 Overview3:45 What's happening with TWTR26:10 IS / U / APP love triangle45:00 Rio / TRQ

Tulane Law Professor Ann Lipton and Fintwit personality Compound248 discuss the latest in Twitter’s lawsuit against Elon Musk. Note that we dive directly into all the nuisances of the trial; for more background on how we got here and what’s at stake you can listen to my podcast from May with Evan Tindell.My May pod with Evan on TWTR: https://twitter.com/AndrewRangeley/status/1529452942931238914?s=20&t=7yi3kr0wvPY0nduenfVdSAProfessor Lipton's Twitter: https://twitter.com/AnnMLiptonCompound's Twitter: https://twitter.com/compound248Chapters0:00 Intro2:40 Overall case thoughts to date6:40 Will Elon's "unclean hands" prevent him from breaking the deal?9:05 Is Specific Performance the right remedy here?12:30 How Musk's tweets are undercutting his own case16:30 Can the court see to the heart of the mDAU arguments?26:00 The looming discovery fight28:05 What can we read into the judge's actions so far?30:30 The timeline for resolution if this goes to trial and appeal36:15 What happens if TWTR has an MAE between now and court resolution?38:30 Why is Musk referencing Texas law?48:10 Is the India lawsuit an ordinary course breach?50:05 Does Elon waiving due diligence have any impact on the case?53:15 Elon's consent rights55:55 Does how the contract evolved overtime matter?56:30 Does Elon continuing to add to his counterclaims impact his credibility?58:30 A little more on mDAUs1:00:45 Elon's threat to start a competitor in the merger negotiation1:02:25 The billion dollar damages cap1:08:45 Financing tail risk1:12:15 Odds of a settlement

David Bastian from Kingdom Capital discusses his bull thesis for Unit Corp (UNTC).David's UNTC write up: https://seekingalpha.com/article/4503262-unit-corporation-heads-win-tails-dont-loseChapters0:00 Intro2:30 UNTC overview5:00 Discussing UNTC's sale process11:20 Thoughts on UNTC's prelim Q2 numbers14:45 What is the market missing with UNTC?18:00 What is UNTC's major shareholder thinking?23:20 Why did the Gulf assets sell for such a discount?27:15 Can UNTC increase their production?30:15 UNTC's drilling / rig segment33:30 Valuing drilling38:15 Midstream's value46:15 Discussing capital allocation / returns49:20 UNTC's warrants52:40 UNTC's SOTP1:01:00 Generalists in energy

Chris DeMuth returns to the podcast to talk about what's on his mind in the markets this month, including updates on TWTR, the state of antitrust, and the opportunity set in squeeze outs.0:00 Intro2:45 Markets Overview4:25 Sanderson Farms (SAFM)8:00 Majority owned companies and squeeze outs10:40 CLR update and energy companies21:55 Energy companies now versus Tobacco in the 80s26:10 TWTR update28:50 Review of the TWTR expedited hearing35:25 Will Twitter win specific performance if they win the trial?40:20 Thoughts on TWTR's complaint and Elon's response46:30 Was Elon's attempt to break the deal now bad strategy?52:45 TWTR wrap up

PJ Kurzweil, founder of PJ's SMID Cap Ideas, comes on the podcast to discuss his write up on Spectrum Brands (SPB). Spectrum is currently in the process of selling their HHI business, and whether that deal goes through or not PJ thinks the stock is too cheap given the quality of their brands / businesses.My notes on SPB: https://twitter.com/YetAnotherValue/status/1547219565016453121?s=20&t=n_liDehcIwWBLmo0x51NLQPJ's SPB write up: https://philippejkurzweil.substack.com/p/spectrum-brands-hard-catalysts-toChapter0:00 Intro2:10 SPB overview4:55 Why is SPB interesting right now?7:30 What's going on with the HHI sale?13:00 HSI's HSR process17:30 What happens if the HSI deal falls through?24:00 HPC's value31:20 Inflation's impact on SPB33:30 Did pets and garden benefit too much from COVID pull forward?37:00 Are millennials a tail wind going forward?40:20 SPB's pet brands45:50 What drives SPB's near term earnings growth?48:00 Is SPB underspending on ad spend?50:00 SPB versus CENT55:00 Capital allocation at SPB

Jeremy Raper of rapercapital.com makes his record 7th podcast appearance to discuss a host of event driven situations.Jeremy's letter to EVO: https://rapercapital.com/2022/07/03/an-open-letter-to-the-board-of-evolve-education-group/Chapters0:00 Intro2:45 What's the current environment like?9:20 SHLX19:00 TRQ34:00 SAVE43:00 VTNR58:30 CLMT1:19:30 Wrapping up with HRBR and FAR

Conor Maguire, founder of valuesits, discusses why he thinks SOL Group is a Buffett-like stock trading at an attractive multiple with the possibility of a private equity takeout over the next five years.Conor's SOL write up: https://valuesits.substack.com/p/deep-breath-deep-valueChapters0:00 Intro2:50 SOL overview4:50 What is the market missing with SOL?9:00 Why a private equity firm would like SOL14:55 Would regulators be ok with a private equity deal for SOL?18:10 Why would the family want to sell SOL?23:10 Diving into the technical gas business25:20 How does Europe's nat gas crisis impact SOL?29:20 What's the long term obsolesce risk for SOL?33:20 SOL's carbon capture call option38:15 SOL's home care business43:20 SOL's emerging businesses49:30 What else is Conor seeing in the market?

Chris DeMuth returns to the podcast to discuss the state of the markets in June 2022.Chris's May 2022 state of the markets episode: https://twitter.com/AndrewRangeley/st...Chris's golden age of arb posts: https://seekingalpha.com/article/4519...Chapters0:00 Intro1:50 What's on Chris's mind3:35 Wide spreads and CTXS8:15 PLAN's recut16:15 Do investors over or underestimate how much PE firms care about their reputation?22:45 How strong are bank financing agreements in rocky markets?26:40 Other golden age of arb candidates29:15 State of the energy market32:00 CLR's take private bid39:05 Updated TWTR thoughts50:40 Closing thoughts and crypto markets