Yet Another Value Podcast

Jon Boyar from the Boyar Value Group returns to the podcast to discuss the proposed merger between MSGE and MSGN. To put it bluntly, the deal is a disaster with absolutely no strategic rational, and Jon walks through all of the reasons the deal doesn't make sense.Jon's first podcast appearance: https://youtu.be/J2trsM41DTUBoyar's letter to the MSGN board: https://www.boyarvaluegroup.com/blog/the-boyars-value-groups-letter-to-james-dolan/If you're interested in hearing more about Jon's take on the different pieces of the MSG empire, email finfo@boyarvaluegroup.com and put Dolan in subject line.Chapters0:00 intro1:15 MSGE / MSGN overview and background8:30 Trying to layout the thesis behind the merger11:25 Diving into the sports betting upside15:15 Pushing back further on the deal bear case20:30 Discussing majority of minority provisions23:55 MSGE's Sphere28:35 Dolan's capital allocation track record32:30 Who else might bid for MSGN

Edwin Dorsey from the Bear Cave (https://thebearcave.substack.com/​) returns to discuss a high conviction long idea, Otonomo. Otonomo is a "leading platform and marketplace for vehicle data" and is going public through a SPAC merger with SAII (will trade under ONTO post-deal). Edwin thinks the opportunity for the company is enormous, and if they successfully execute they could be a multi-bagger.Chapters0:00​ Intro4:00​ Otonomo overview6:15​ How can Otonomo make money selling car data?11:30​ How does OEM partnerships work?14:00​ Why will automotive data be a winner take all market?25:25​ How Otonomo could undercut Root and Metromile29:00​ Discussing the Otonomo management team33:50​ The SAII PIPE group: good or bad?35:50​ Edwin's take on the SAII SPAC group38:00​ How big is Otonomo's TAM?40:25​ How the current SPAC market could create opportunity43:00​ Warrants are risky; discussing SAII risk/reward49:30​ What pushback has Edwin gotten on the idea?

Micro-cap investor Jeff Moore (who also writes http://ragnarisapirate.blogspot.com/​) discusses his bull case for Thryv (THRY). Thryv is an interesting company: their core value comes from their legacy Yellow Pages business, and they're using the cash flows and relationships from that melting ice cube to start up a SMB SaaS service. Jeff argues there's huge upside as the company taps their customer base, acquires smaller competitors, and the market starts to recognize the value of their SaaS business.Chapters0:00​ Intro1:20​ Thryv Overview6:15​ Thryv Software discussion12:25​ Why is a SaaS business attached to a Yellow Page company?14:30​ Why is churn so high?20:05​ Who are Thryv's competitors22:00​ Don't all yellow page companies go bankrupt?28:30​ Walking through Thryv's SOTP40:25​ Discussing Thryv's management team45:45​ What to make of the CEO buying stock while largest shareholders sell down?SHOW LESS

Eugene Robin and Ben Claremon from Cove Street Capital discuss the battleground stock Viasat (VSAT). They discuss the biggest misperception among bears, why they think VSAT's government business is a hidden gem, and how the risk from Elon Musk's SpaceX (and other burgeoning competitors) is overblown.Some relevant links:Cove Street's March 2020 Viasat deck: http://covestreetcapital.com/eugene-robin-discusses-viasat-on-the-valuewalk-podcast/Kerrisdale's short report: https://www.kerrisdalecap.com/investments/viasat-inc-vsat/Cove Street's Kerrisdale rebuttal: http://covestreetcapital.com/wp-content/uploads/2017/06/Satellite-Potshots-ViaSat.pdf Chapters0:00 Intro2:50 Viasat overview8:15 Residential Broadband: the biggest VSAT misperception15:45 Is Cove Street too close to VSAT?25:00 Could a big increase in capacity create issues?31:00 VSAT's all-in cost advantage and the SpaceX risk36:45 VSAT's hidden jewel: the Government business43:50 "Stock price bro" and capital allocation bear case52:50 Why GEO can compete with LEO1:06:00 Ben's quick run through of lingering points1:17:00 Quantifying a reasonable bull case

Abdullah Al-Rezwan from Mostly Borrowed Ideas discusses Autodesk's successful transition to a subscription model, the potential of an infrastructure boom, bear points against Autodesk, and the opportunity to convert non-compliant users to paying subscribers.

Will Barnes, co-founder of inpractise.com, discusses the investment case for Naked Wines. The company's been a huge COVID beneficiary, but despite a nice run Will thinks the market is underestimating the long term potential of Naked Wines and how advantaged the business is against the rest of the wine industry.Chapters0:00 Intro7:00 Naked Wines Overview12:25 How Naked Wines Angel model works15:15 Why isn't this Blue Apron 2.0?22:00 Naked's scale and business model gives them a cost advantage28:00 Would winemakers leave as they got bigger?32:30 Can Naked Wines grow beyond the angel wine model?38:45 Naked Wines' data gives them a moat45:35 Naked Wines' Postcard anecdote49:35 Valuation and how sustainable is the COVID boost52:30 Reasonable 2025 bull case57:45 Potential "level up" opportunities

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