Yet Another Value Podcast

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

Ryan O'Connor discusses his bullish thesis on Nintendo, highlighting potential opportunities like licensing games to Microsoft/Sony, subscription business models, expanding IP into theme parks/movies/TV shows, and mobile strategy evolution. Also covers his investing style and success with Gan, emphasizing the strategic shift in Nintendo's business model and future value creation through pro console release.

Stanford Wyatt from August Partners and Rational Research  discusses his background in investing and his investment thesis on Nordstrom and The Tile Shop.Rational Reserach: https://rationalresearch.substack.com/

Abdullah Al-Rezwan from Mostly Borrowed Ideas (https://mbi-deepdives.com/) comes on the pod to talk about his new service and his recent deep dive that left him bullish on Etsy.You can find Abdullah on twitter here: https://twitter.com/borrowed_ideas

Our first threesome was such a success, we decided to do it again! Dan and Matt come back on to discuss all of the updates on the BMY CVR since our first post; in particular, we discuss Dan's due diligence that suggests an FDA inspection is on going. PS- CVR's are risky and nothing on here is investing advice.You can find our first threesome here: https://twitter.com/AndrewRangeley/status/1305835912975261697?s=20My updated take on the CVR here: https://yetanothervalueblog.com/2020/10/bmy-cvr-an-inspection-inflection-bmyrt.htmlTwitter handles: Matt: Given2Tweet (https://twitter.com/given2tweet)Dan: Sheep of Wall Street (https://twitter.com/Biohazard3737)

Edwin Dorsey, the founder of the Bear Cave, comes on to talk about short selling, his new newsletter, and his recent report highlighting the red flags at Celsius. Fun fact: Edwin estimates he represents ~1% of the FOIA requests in the U.S.Edwin's twitter: https://twitter.com/StockJabberBear Cave newsletter: https://thebearcave.substack.com/

Shomick Ghosh (aka Minion Capital), a Principal at Boldstart, talks about his experience as a Venture Capitalist and how he balances investing in both public and private companies. Then we dive deep into the investment case for Shopify (SHOP).Minion Capital twitter: https://twitter.com/MinionCapitalShomick's twitter: https://twitter.com/shomikghosh21Boldstart: https://www.boldstart.vc/