Yet Another Value Podcast

Jacob Rubin, managing member and CIO at Philosophy Capital, joins the podcast to talk about his long thesis on Eros STX (ESGC), how he thinks the stock could respond to a global refi, and the long term upside as they successful integrate their assets.Disclosure: ESGC is a small cap and has a going concern risk; please do your own work and remember nothing on here is investing adviceChapters0:00 Intro4:00 Eros overview6:00 Pattern recognition from Loral (LORL)10:15 LORL's upside optionality / Canadian C-Band16:00 ESGC's solvable credit problem19:30 Eros's history with short reports22:40 Taking comfort in Liberty and Eros's CFO DD29:30 Pushing back on asset value36:00 Quantifying the post-refi upside52:40 Pushing back on the STX upside1:00:30 Pushing back the Eros Now Upside1:11:40 Quantifying the upsidePhilosophy Capital's Website: http://philosophycap.com/

Joe Boskovich, partner at Old West Investment Management, dives deep into his investment thesis on WildBrian including the potential of the Peanuts brand with Apple and WildBrain Spark's growth story. They explore the challenges faced by WildBrain Spark due to COVID-19 and changes in advertising regulations. They also discuss the success of their distribution strategy and the possibility of launching their own A-Bod network.

Shehryar Khursheed, the founder of Return on Capital, discusses the battleground stock RH (FKA Restoration Hardware), what Berkshire Hathaway saw in the company, what short sellers missed on the company, and his vision for the company over the next few years.Return on Capital website: https://returnoncap.com/Return on Capital Twitter: https://twitter.com/CapitalTalk2Note that we had brief technical issues around the 22:40 mark of the video; we've done our best to edit those out but there is still a brief gap / jump. For those watching on YouTube, my video freezes for ~5 mins at the 17 min mark.Chapters0:00 Intro2:35 RH Overview6:45 What is RH's moat and how do they build their brand?10:15 How building restaurants reinforces RH's brand14:55 Endgame for RH's brand18:00 Can RH's CEO hit his RSU target of $800/share?19:45 Is RH's 60 gallery target reasonable?24:40 What do margins look like in the long run?27:15 RH's international opportunity31:05 Exploring the bear case further38:55 What's the RH endgame?42:20 RH's membership program45:35 Last hits on RH

Al Grujic, founder and CEO of All of Us Financial (https://www.allofusfinancial.com/), comes on to discuss the Stonk market. Topics include Robinhood stopping trading last week, gamma squeezes, and how a stock can have over 100% short interest.Chapters0:00 Intro1:50 Al's background4:20 Why All of Us restricted trading last week9:40 Why couldn't cash accounts buy meme stocks last week?11:45 How should Robinhood have handled their messaging?14:45 How can Gamestop (or any stock) have over 100% short interest?19:25 How up to date is short interest reporting?22:00 Gamma squeezes and options23:55 Market manipulation27:45 Risks of social media pumps going forward32:15 The "boring" stuff of revamping the clearing system

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?