Yet Another Value Podcast

Andrew Carreon, founder of Emeth Value, discusses his thesis on Blackstone Minerals (BSM). Key points include how some of the company's undeveloped acreage could be a massive call option, how rising commodity prices impact BSM's value, and how BSM compares to other loose peers.Side note: I had a puppy emergency for the last ten minutes of this podcast; you might see me glancing to the side a bit as my dog (Penny) tries to get my attention. I still think the conversation was great, but sorry for that!Emeth Value's website: https://www.emethvaluecapital.com/Chapters0:00 Intro1:00 Blackstone Minerals (BSM) overview4:40 How mineral rights work7:15 Contrasting BSM versus TPL11:50 How does BSM's acreage quality compare to TPL15:10 BSM's LP structure versus traditional C-corps18:55 Why BSM's NPV reserve calculation understates their value23:25 What commodity prices are currently baked into BSM's share price?31:30 Discussing BSM's GP33:10 How their capex / farm out agreements work37:45 Management's track record and pandemic performance43:25 Drilling outlook for BSM's acreage50:00 Diving into BSM's Austin Chalk acreage53:15 Puppy emergency driven conclusion

Aaron Edelheit, founder of Mindset Capital and author of The Hard Break, comes on to discuss his thesis for investing in cannabis in general and Glass House Group in particular. Key topics include why interstate legalization could come sooner than later, how Glass House's California locations are a huge asset, and why U.S. Cannabis stocks trade don't trade in the U.S.Aaron's Book, The Hard Break: https://amzn.to/34dKyYLAaron's article on Glass House: https://mindsetvalue.substack.com/p/the-most-valuable-greenhouse-in-americaAaron's article on interstate commerce: https://mindsetvalue.substack.com/p/are-interstate-commerce-restrictionsChapters0:00 Intro2:00 Disclaimer2:25 Why is investing in cannabis interesting now?11:00 Why is cannabis not a complete commodity once legalized?16:10 Why is California so great for growing cannabis?25:05 How retail can be a moat in cannabis29:40 Discussing the three way SPAC merger that will form Glass House38:30 When will cannabis go interstate?43:15 How to think about valuation of Glass House47:00 What's the difference between BRND in Canada and MRCQF on OTC?

The crypto market currently feels like the wild wild west. It can take only a week or two to run through a full cycle (a bull and a bear market), and coins that are explicitly a joke can be valued at billions of dollars on the back of a tweet from the right celebrity. David Fauchier, fund manager at Nickel Digital, pops on to discuss how a professional approaches investing in the crypto world. Topics include bitcoin future arb, how to approach the risk of fraud or an exchange blowing up, and why it makes more sense to invest in crypto directly than to invest in mining.My post on BlockFi and Bitcoin Futures Arb: https://yetanothervalueblog.com/2021/...David's Twitter: https://twitter.com/dfauchierDavid's other podcast covering the crypto market: https://blog.thinknewfound.com/podcas...Chapters0:00 Intro1:50 Overview of Nickel Digital and David's background4:55 Bitcoin futures arb overview11:05 Risks and negatives to the arb trade.15:58 Bitcoin : Ethereum :: Unproductive : Productive?23:10 Digital Horses and other productive uses for blockchain25:40 Fraud risk in crypto trading32:00 Could the crypto exchanges blow up?50:10 Does cryptos 24/7 nature and extreme volatility minimize blow up risk?53:20 Buying crypto versus buying miners1:04:30 How David evaluates managers in the crypto space

Chris McIntyre, founder of McIntyre partnerships, discusses his investment thesis for Garrett Motion (GTX). GTX just emerged from bankruptcy after filing in 2020, and Chris thinks the stock is significantly too cheap. He walks through how Garrett's near term projections are significantly understated, how minority shareholders are aligned with the new controlling shareholders, and why the company is likely to "melt" at a much slower rate than the market is pricing in.Chris's GTX website: gtxisacheapstock.comChapters0:00 Intro1:25 Garrett Background8:40 Why Garrett is better than your average auto-supplier11:15 Why wasn't the bankruptcy auction more robust?16:15 Why Garrett filed for bankruptcy25:55 Risk from Garrett's controlling shareholders32:30 Garrett's management team36:00 Garrett's valuation and prefs versus common43:25 Why Chris thinks Garrett can far exceed their bankruptcy projections52:10 Medium to longer term capital allocation at Garrett56:35 Garrett's melting ice cube1:01:30 Closing Thoughts

Dickson Pau, Tom Moore, and Bill Henry, three first years at Columbia Business School, discuss their investment thesis for Angi. The three pitched ANGI in the Pershing Stock Challenge (placing second!), and they go into the due diligence they did putting their investment thesis together, the potential upside they see at ANGI, and all of the different risk factors they thought about.The first Yet Another Value Podcast on ANGI: https://youtu.be/J2trsM41DTUSpring Graham and Doddsville (ANGI pitch on p. 24): https://www8.gsb.columbia.edu/valueinvesting/sites/valueinvesting/files/Graham%20%20Doddsville_Issue%2042_v8.pdfTom's Twitter: https://twitter.com/FriarTom15Dickson's Twitter: https://twitter.com/DicksonPauChapters0:00 Intro and backgrounds2:40 Why they chose ANGI for their pitch7:10 Dickson's DD booking ANGI projects15:00 Takeaways from ANGI expert calls22:20 Fixed price: the most exciting piece of ANGI28:30 How the team views ANGI's new CEO36:20 Why hasn't ANGI hit their merger targets?40:40 Is ANGI's near term decline in service requests concerning?45:50 ANGI's struggles with service providers52:20 Competition risk57:00 Laying out the long term case for ANGI1:00:30 Closing thoughts

Javier Lovato from the Blind Squirrel comes on the podcast to discuss his post on Netflix, including why Netflix's scale is a massive moat, why the "Netflix doesn't do have quality" debate is wrong, and why Netflix is years ahead of their competition.Blind Squirrel's Netflix Write Up: https://blindsquirrel.substack.com/p/netflix-focus-and-executionChapters0:00 Intro1:25 Why is Netflix a good investment?7:25 Netflix's relationship with creators14:05 Where is Netflix's Game of Thrones21:50 Does Netflix's weak Q1 indicate competition is gaining on them?39:30 Why'd Netflix stop disclosing churn?41:35 Netflix cost of capital and share repurchases48:15 Opportunity cost of Netflix versus Disney, Spotify, or legacy media51:30 Does Netflix need to get into video games?

Neil Cataldi from Blueprint Capital discusses his investment thesis for Sanara Medtech (SMTI). Sanara is growing quickly, and Neil thinks continued growth in their product portfolio and hospitals they are approved to sell in will drive continued accelerated growth and long term compounding.Chapters0:00 Intro1:00 Sanara overview5:30 How is Sanara increasing their hospital reach?14:25 Discussing management21:10 Related party risks33:20 Breaking down SMTI's growth42:45 Sanara's telehealth ambitions1:01:10 Closing thoughts

Alex Morris, founder of The Science of Hitting, comes on the podcast to discuss his investment thesis for Spotify (SPOT). Topics include how Spotify can compete with larger competitors like Apple and Amazon, why Spotify is gaining the upper hand in negotiations with record labels, and how Spotify today rhymes with Netflix in the early stages of their streaming pivot.The science of hitting substack: https://thescienceofhitting.substack.com/Chapters0:00 Intro1:40 Why is Spotify a good investment?4:40 How the past year built Alex's confidence in SPOT7:55 Spotify as Netflix 2.011:30 Spotify's discover potential versus Netflix home page13:40 Bear case #1: Competing with giants17:35 Bear case #2: Lack of operating leverage and dealing with labels22:10 Touching on the Taylor Swift re-recording24:40 Bear case #3: Valuation32:00 Bear case #4: Opportunity cost versus buying Twitter37:40 Bear case #4 continued: Why not buy a label?41:37 Live and podcast opportunity46:10 Spotify's video opportunity48:20 Content moderation issues52:45 Spotify's concert and live event opportunity55:45 What could Spotify acquire?1:01:40 Alex's closing thoughts

Jeremy Raper, founder of Raper Capital (https://rapercapital.com/), makes his fourth podcast appearance to discuss his foray into activism at Hunter Douglas (HDG.NA). Hunter Douglas's controlling shareholder recently made an offer to take the company private that, to put it bluntly, vastly undervalues the business. Jeremy is pushing back on the deal and the process, and in this interview he explains why he's fighting the current offer and how he thinks the process will play out.Jeremy's letter to the Hunter Douglas Board: https://rapercapital.com/2021/04/21/open-letter-to-the-independent-committee-of-the-board-of-hunter-douglas-n-v/Chapters0:00 Intro1:30 Hunter Douglas Overview3:05 Why is this a good business?7:45 Performance in the pandemic and the blockbuster recovery9:45 Framing the event12:15 Simplifying the event even further16:00 Valuation versus peers22:45 Why is this process worse than a typically conflicted management buyout?30:45 How the timing of the offer was unfair to minorities35:45 A callback to the StoneX / Gain deal39:25 How the process plays out post-acceptance period45:15 Comping this deal to Collector's Universe49:40 Discussing the squeeze out51:30 Praising the poetry of Jeremy's letter53:35 Jeremy and I hop on our horses about companies and regulators ignoring rules and laws55:55 Closing thoughts

Ian Bezek from Ian's Insider Corner discusses the most interesting event thesis I've seen this year: buying RenRen (RENN) into their legal battle over the OPI assets.Ian's original RenRen write up: https://seekingalpha.com/article/4406707-renren-shareholders-claim-huge-sofi-stake-via-little-noticed-legal-fightIan's Twitter: https://twitter.com/irbezekChapters0:00 Intro1:05 RenRen Overview2:25 How Ian discovered RenRen3:50 OPI transaction background6:40 Discussing OPI's valuation8:15 Oasis (the lead plaintiff) and the attempt to reclaim value9:45 Laying out the event path11:45 Who would pay if Oasis / minority shareholders win?16:05 What is the legal precedent here?18:35 Quantifying the upside21:50 If we win, what happens to RENN minority shareholders?23:55 How SoFi getting adding as defendant changes the lawsuit29:05 Does Chamath's history at CLOV impact the timing here?32:00 Could RENN go into bankruptcy to void the lawsuits?34:10 Valuing RENN's other assets36:15 Closing thoughts