Yet Another Value Podcast

The discussion kicks off with a deep dive into the current market sell-off, spotlighting the unique opportunities it presents. Navigating investor-management relationships poses both challenges and rewards; maintaining objectivity is key. Corporate governance takes center stage, emphasizing its critical role in shaping firm performance. The speaker shares personal anecdotes about relocating from New York while exploring undervalued investments globally. Insights into the benefits of living in Asia for understanding emerging markets round out the lively conversation.

Jordan McNamee, Founder and CIO of Optimist Fund, joins the podcast to share his thesis on ThredUp Inc. (Nasdaq: TDUP, LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories.For more information about Optimist Fund, please visit: https://www.optimistfund.com/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[1:39] What is ThredUp $TDUP and why they are interesting to Jordan[13:45] Why is this going to be a good business in the long-term[18:16] Why are customers choosing $TDUP over eBay or other competitors / why is this enough of an opportunity (from an investment perspective) / comparison to DoorDash[30:50] Growth potential that Jordan sees[35:15] Rhymes of other marketplaces; what's different with $TDUP[41:18] What would break the $TDUP thesis for Jordan[47:17] Insider ownership[53:46] Final thoughts / current stock priceToday's sponsor: DaloopaPost-earnings reports are more than just a data dump—they’re a goldmine of opportunities waiting to be unlocked. And with Daloopa, you can turn those opportunities into actionable insights.Daloopa’s dynamic scenario-building tools integrate updated earnings data, letting you model multiple strategic outcomes, like what happens if a company revises guidance upward. And with automated sensitivity analysis, you can quickly understand the impact of key variables like cost pressures, currency fluctuations, or interest rate changes.This means you’ll deliver more actionable insights for your clients, helping them navigate risks and seize opportunities faster. Ready to enrich your post-earnings narratives? Visit http://daloopa.com/YAV today to get started.

Simon Kold, Author of "On the Hunt for Great Companies" and Founder & Portfolio Manager at Kold Investments, joins the podcast to discuss what makes a great company based on his research and writing of his new book, "On the Hunt for Great Companies."You can buy your copy of Simon's new book, "On the Hunt for Great Companies" here: https://www.amazon.com/Hunt-Great-Companies-Evaluating-Durability/dp/1394285744Chapters:[0:00] Introduction + Episode sponsor: Fintool[2:30] Why Simon decided to write the book[4:30] Authenticity of communication as an indicator of management passion / deviations from the norm[12:53] Maximizing shareholder value (pretenders vs. reality) / Founder CEOs / Project IRRs vs. buybacks[23:09] Value capture / over-earning vs. over-extraction[33:47] Industries with staying power / longer-term predictability (example of Alcohol industry) / building competitive advantages ($COST example)[44:42] Premise / value add of the book + final thoughtsToday's sponsor: FintoolFintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Alex Morris, Author of "Buffett and Munger Unscripted" and Owner & Analyst at TSOH Investment Research, joins the podcast to discuss the 2024 Berkshire Annual Letter.You can buy your copy of Alex's new book, "Buffett and Munger Unscripted" here: hhttps://amzn.to/4asUWNiChapters:[0:00] Introduction + Episode sponsor: Fintool[2:40] Alex's initial thoughts on Berkshire's 2024 annual letter[4:23] Was there anything different for Alex reading the letter this year (having worked on the Buffett book and spending a lot more time studying him and Berkshire)[6:52] Buffett's macro take on 2024[9:59] Would it shock Alex if this is Buffett's last letter and/or he retires at the annual meeting[14:10] Capital allocation - changing strategy on the horizon[21:17] Discussion on $OXY[24:43] Buffett addressing his mistakes[31:08] Japanese investments[37:22] Results in the insurance business[39:27] Thoughts on Class A / Class B structureToday's sponsor: FintoolFintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings.If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Explore the intersection of advanced portfolio management and risk management in investing. Learn how to effectively use stop-loss strategies and understand the psychology behind decision-making. Discover the balance between innovative ideas and practical applications as well as the role of AI in modern investment dynamics. Delve into personal insights and experiences from notable investors, highlighting the importance of consistent decision-making and adapting to evolving market conditions.

This installment dives into Libra's controversial launch in Argentina and its implications for politics and finance. The conversation shifts to the power of personal growth and the unexpected lessons that can change one's perspective. Lucky versus unlucky stocks take center stage, emphasizing the need for critical thinking in investing. Finally, the importance of hands-on research is highlighted as a crucial strategy for making informed decisions, blended with humor and personal anecdotes to keep things engaging.

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.