Mario Cibelli, the founder of Marathon Partners and breakout star of the book Netflixed (https://amzn.to/34cim9F​), makes his second podcast appearance to discuss the bull case for WWE.Mario's first podcast appearance: https://twitter.com/AndrewRangeley/status/1296130870949097472?s=20Chapters0:00 Intro2:10 WWE Overview4:30 Sale of WWE network9:10 Laying out the upside for WWE16:20 What if the next domestic contract is a down round?20:40 Ratings since the move to fox21:40 How the pandemic will improve the product going forward26:00 Vince McMahon risk29:40 What if the WWE can't find the next Rock?32:35 The time I went to WrestleMania34:20 WWE's other content plays and expansion plans43:35 How WWE's rights ownership is an advantage46:40 Our favorite SuperStars

Elliot Turner of RGA (http://rgaia.com) makes a repeat appearance to provide a quick update on Dropbox (DBX), discuss how a due diligence project resulted in him hitting the state limit for wine delivery, and then dive deep into his investment in Twitter (TWTR).Elliot's first YAVP appearance: https://www.youtube.com/watch?v=NJddlF3__Nw&t=3sElliot's Twitter: https://twitter.com/ElliotTurnChapters:0:00 Intro1:15 The time Elliot hit the state limit for alcohol shipments3:00 Dropbox (DBX) update6:50 Has Dropbox's pandemic performance disappointed?10:15 Twitter (TWTR) overview10:40 Trump ban: good or bad for Twitter?14:10 Trump ban devil's advocate: engagement down18:35 Why Elliot flipped from Twitter bear to bull21:15 Twitter's failed sports rights attempts25:15 Twitter's substack opportunity30:55 Mismanagement bear case35:30 How Twitter captures some of their consumer surplus36:50 Valuation40:30 Should Twitter charge for verification?44:00 What does Twitter look like in a few years?46:55 How Twitter gets to 500m DAUs55:20 What to expect from Twitter's analyst day59:50 Financial metrics to expect from Twitter's analyst day

Jeremy Raper, founder of the excellent rapercapital.com and our inaugural guest, makes a repeat appearance on the podcast. We provide an update on his idea from our last podcast (Brag), discuss a potential $300m+ investment he's looking to source, and then dive deep into his later idea, Haier Smart Home German Shares (690D).Note that BRAG and Haier are both international small cap stocks; please do you own research and nothing in this podcast is investing advice.LinksJeremy's first YAVP appearance: https://youtu.be/X-nVRNiSeosJeremy's second YAVP appearance: https://youtu.be/PuP_c10B_NIChapters0:00 Intro4:20 Jeremy's $400 million special situation8:20 Update on BRAG13:20 Jeremy's new big position, Haier Smart Home German D-shares (690D)20:20 Discussion of fungibility of Haier's different shares25:00 What's the right spread?30:30 Devil's advocate: why can't the Hong Kong shares keep running?38:20 Devil's advocate: comparison to SPAC warrant arb41:05 Devil's advocate: geo-political risk46:00 Discussion of position structuring (naked long or dirty arb)

Steve Clapham, author of The Smart Money Method (https://amzn.to/3gwJJjb) comes on to discuss his new book and some of the valuation and research tricks and tips that didn't quite make it into his book.Chapters0:00 Intro3:30 Steve's one tip for improving as a research analyst10:10 Improving how you read a 10-K17:20 clever research tactics and tips21:00 Emerging accounting issues Steve's looking at25:45 Electric car company discussion34:20 Special situations discussion

Jeremy Raper, founder of the excellent rapercapital.com and our inaugural guest, makes a repeat appearance on the podcast. We discuss his recent views on the market, a quick update on his StoneX (SNEX) thesis, and his recent thesis on Canadian microcap Bragg Gaming (BRAG). Note that BRAG is a Canadian Microcap; please do you own research and nothing in this podcast is investing advice.LinksJeremy's first YAVP appearance: https://youtu.be/X-nVRNiSeosJeremy's article on BRAG: https://seekingalpha.com/article/4391937-bragg-gaming-undiscovered-igaming-saas-gem-be-next-gan-plcChapters0:00 intro1:30 Catch up and the current environment5:55 How Jeremy is shorting in this environment15:15 Sectors Jeremy is seeing opportunity on the long side23:30 Update on StoneX (SNEX) thesis29:50 Brag Overview33:10 Similarities between Brag and GAN38:55 Red flag #1: Management turnover45:40 How a recent deal suggests equity upside49:40 Why Brag could be a better business than Gan56:20 Brag's 2021 outlook and German regulatory risk1:11:00 Management's recent commentary on relisting

Zack Silver, an analyst at B. Riley, recaps what happened at Liberty Media's Investor Day, including Liberty's bullishness for tech companies, Liberty's plan to launch a SPAC, and how Liberty has handled the pandemic overall. Then, we discuss his newest coverage, CuriosityStream (CURI), a new streaming service that recently went public through a SPAC.Chapters0:00 Intro and Background3:30 What separates the best buy-siders Zack interacts with7:00 Shentel (SHEN): the most interesting stock in Zack's universe9:20 WideOpenWest (WOW): the most undervalued name in his coverage11:30 Takeaways from Liberty Investor Day14:20 Liberty SPAC discussion21:40 Does Liberty have tech platform envy?23:10 How did Liberty respond to the pandemic? Were they aggressive enough?25:50 Zack's bull case for SiriusXM (SIRI)28:00 Brief technical issues causes Andrew to slightly panic28:45 Technical issues end, panic stops, SIRI bull case resumes36:59 CuriosityStream (CURI) background and overview40:34 Why would someone pay for CURI when they have Netflix?44:30 Is CURI better as an acquisition target than standalone?51:41 Can CURI succeed if Discovery gets more serious about D2C?56:50 Is Zack more worried about Discovery or Netflix competing with CURI?1:02:10 If CURI works, what do they look like three to five years from now?

Tim Bergin is a value investor and the founder of On Beyond Investing (https://onbeyondinvesting.com/). In this episode, he discusses his background, why he sees value in the banking space and specifically in the First Citizen (FCNCA) / CIT merger, and how consolidation could drive upside in the Irish banking marketTim's Twitter: https://twitter.com/onbeyondinvestOn Beyond Investing: https://onbeyondinvesting.com/Chapters0:00 Intro1:35 Tim's Background (and cold water swimming)5:35 Tim's evolution from credit analyst to value investing8:50 Seeing value in financials and mining / commodity stocks17:40 How to spot uninvest-able bad banks27:55 Tim's Favorite Uranium Stocks30:05 First Citizen's (FCNCA) / CIT merger overview37:00 Synergies from the merger and why it's so accrettive44:00 Could a large bank spin off a high multiple fintech company?47:30 Overview of the Irish banking market and why consolidation could benefit investors

On November 10th, Great Canadian Gaming (GC) announced a deal to sell themselves to Apollo (APO) for $39/share. On the subsequent earnings call, shareholders immediately revolted, with several of GC's largest shareholders telling the company they would not vote for the deal because they thought the deal substantially undervalued the company.One of those shareholders was Chris Colvin from Breach Inlet Capital. In this episode, Chris comes on to discuss why he sees so much value in GC, why he thinks shareholders should vote this deal down, and what comes next for GC if the Apollo deal is voted down.Chapters0:00 Intro1:15 Chris and Breach Inlet's background3:55 How Chris approaches shorting7:40 Why Chris sees value in timeshares and Canadian companies12:00 Great Canadian overview and background20:10 Why Chris thinks GC can earn $6/share in the near future28:30 How the company signaled they were undervalued pre-COVID30:30 Why Apollo's "big premium" bid isn't that big43:15 Why the Apollo deal seems designed to low ball shareholders52:30 GC's economic sensitivity (or lack thereof)55:00 Timeline for Apollo deal and expectations for how it plays out1:00:45 How GC could structure a deal that Chris would vote forBreach Inlet website: http://www.breachinletcap.com/

Jonathan Boyar and Shrey Patel from the Boyar Value Group discuss their firm's background and their process for finding stocks trading for less than private market value. Then, we dive deep intro four of their favorite stocks: MSGE (owns Madison Square Garden), MSGS (the Knicks and Rangers), IAC (Barry DIller's holding company), and ANGI (homeadvisor + angie's list). Topics include why James Dolan isn't as bad a manager as you think, why MSGE's Sphere expansion might not be a disaster, IAC's pending Vimeo spinoff, and what the market is missing on ANGI.Boyar Website: https://www.boyarvaluegroup.com/Boyar Twitter: https://twitter.com/BoyarValueBoyar Podcast: https://www.boyarvaluegroup.com/world-according-boyar-podcast/Chapters0:00 Intro1:20 Boyar Group Background3:30 2008's market versus 2020's6:10 Why MSGS trades for less than its parts18:30 Why do value investors love IAC?20:30 ANGI bull case36:20 Why IAC is spinning Vimeo42:50 What IAC sees in MGM47:45 Plans for IAC's huge cash balance51:15 Thoughts on IAC's management and succession plan54:05 Thoughts on IAC's other businesses

Mike Melby, Founder and Portfolio Manager at Gate City Capital, comes on to discuss his background and his investment into Amrep (AXR), which his firm owns 18% of.Gate City Capital website: https://www.gatecitycap.com/Show Chapters:0:00 intro1:00 Mike's background22:45 Amrep's history29:30 How Mike thinks about Amrep's land55:15 Walkthrough of Amrep's Sum of the Parts (SOTP)1:12:30 Amrep's recent big repurchase