Yet Another Value Podcast

Sahm Adrangi, Chief Investment Officer at Kerrisdale Capital, shares his insights on ACM Research, a key player in semiconductor equipment. He discusses the intriguing valuation discrepancies between its U.S. and Shanghai listings, emphasizing market dynamics and missed opportunities. Sahm dives into competitive factors influenced by Chinese regulations and the implications of U.S.-China tensions. He also addresses the capital allocation strategies and the potential impacts of slowing AI investment on growth prospects. A fascinating take on a complex market!

Dive into the intriguing world of Sage Therapeutics, a biopharmaceutical firm revolutionizing brain health solutions. The discussion navigates the clash between active and passive investing strategies, emphasizing the importance of shareholder engagement. Unpack the drama behind Sage's rejection of Biogen's merger offer and explore the dynamics of corporate governance in the company. The spotlight shines on Zerzube, a promising drug for postpartum depression, showcasing the hidden gems within Sage's portfolio.

Shaul Rosten, an Equity Analyst at Redwheel specializing in global value investing, details his investment thesis on Ayvens ($AYV.PA), a unique French leasing company. He discusses why Ayvens is catching his eye and what critical factors the market seems to overlook. The conversation dives into competitive strategies, recent merger challenges, and the impact of electric vehicles on the business landscape. Rosten also highlights potential risks, regulatory hurdles, and what could derail the company's growth, making a compelling case for investors.

Marc Chalfin, CIO and founder of Windward Management, and Jay Upadhyay, senior research analyst, dive into the exciting overhaul of Groupon. They discuss how Groupon is shifting from a daily deal platform to a sustainable lead generation tool for local businesses. Key topics include the company's strategic restructuring, the technological upgrades aimed at enhancing user engagement, and the importance of addressing inventory challenges. Throughout their analysis, they uncover what the market might be missing about Groupon's promising turnaround potential.

Jeremie Eliahou Ontiveros, a Technology Analyst at SemiAnalysis, dives into the intricate supply and demand dynamics of AI and data centers. He discusses the explosive demand for data center capacities tied to AI advancements and the implications for NVIDIA's market position. Jeremie raises concerns about the sustainability of the AI trade and explores potential oversupply risks. There’s also intriguing analysis on the intersection of AI and Bitcoin mining, emphasizing energy demands and strategic shifts towards AI integration.

Shomik Ghosh, Partner at Boldstart Ventures, shares insights on Kelly Partners, an innovative accounting firm emphasizing a unique roll-up strategy. He discusses what the market overlooks about Kelly, including their operational efficiencies and expansion potential. The conversation also examines their international growth strategies, challenges of U.S. market entry, and the impact of AI on the accounting landscape. Additionally, Shomik reflects on risks that could impact valuation and why strategic acquisition focus is crucial for long-term success.

Aaron Chan, Founder and Managing Partner at Recurve Capital LLC, shares his expertise on Carvana, the major player in online used car sales. He discusses the nuances of its disruptive business model, comparing it to Netflix's transformation in entertainment. Chan highlights the company's unique advantages, like operational efficiencies and national presence, while addressing the volatility that attracts short sellers. He also speculates on future growth potential and the significant market dynamics that could shape Carvana's success.

Yaron Naymark, the Founder of 1 Main Capital, shares his insights on International Workplace Group plc (IWG) and tackles investor skepticism surrounding it. He discusses IWG's competitive advantages, highlighting franchisee satisfaction and financial strategies. Naymark delves into recent industry transactions and their impact on IWG's valuation. He addresses challenges like funding obstacles and the complexities of transforming traditional leases into co-working spaces, providing a thorough analysis of the changing landscape in the co-working sector.

Rory Wallace, Chief Investment Officer at Outerbridge Capital, dives into the intriguing world of Allot Ltd., a frontrunner in network intelligence and security. He highlights the market's underestimation of Allot's strategic partnership with Verizon and the significant potential for growth in cybersecurity offerings. Wallace discusses how customers are reevaluating Verizon's services, the recent stock price surge, and why this time may differ from past performance narratives. He also touches on shifts in the competitive telecommunications landscape and valuation intricacies.

Alex Morris, author of "Buffett and Munger Unscripted" and an investment analyst, shares his insights on Berkshire Hathaway's meetings and the evolution of investment strategies. He dives into the ethical considerations of investing, especially in industries like casinos. Morris discusses the notable absence of Berkshire in certain sectors, like media and minerals, and evaluates Nike's brand evolution. He sheds light on how Buffett's perspectives have shifted over the years and the vulnerability of the banking industry in today's market.