Adam Wilk, founder and portfolio manager of Greystone Capital Management, discusses the resurgence of Sylogist following a corporate overhaul. Topics include the company's strategic review, transition to the cloud, Microsoft partnership, focus on nonprofit and government verticals, and valuation.

Kevin Mak, Founder of Creek Drive Capital and Teacher at Stanford University, discusses his thesis on Sphere Entertainment. Topics include valuation of Sphere, revenue perspectives, sustainability of movies, customer demand, external revenue streams, corporate governance, and more.

John Huber, the founder and portfolio manager at Saber Capital Management, discusses the concept of "inevitable retail winners" and shares his thesis on Floor & Decor. He talks about characteristics of inevitability, gives examples of retail companies that exemplify this concept, and delves into the moat and valuation of Floor & Decor. The podcast also covers topics like retail management and culture, macro impact on Floor & Decor, and the risks associated with the investment.

Lionel Hutz, editor of Valorem Research Newsletter, provides a breakdown of the Spirit / JetBlue trial. Topics discussed include the DOJ's case, harm in local markets, JetBlue's arguments, expert witnesses, relevant markets, evidence supporting each side, timing of ruling, and the legacy of the outcome.

Brad Hathaway, Managing Partner of Far View Capital Management, joins the podcast today to discuss what he thinks is a compelling setup at Distribution Solutions Group, Inc. (NASDAQ: DSGR), a premier multi-platform specialty distribution company providing high touch, value-added distribution solutions to the maintenance, repair & operations (MRO), the original equipment manufacturer (OEM) and the industrial technologies markets. For more information about Far View Capital Management, please visit: https://www.farviewcapitalmgmt.com/ Chapters: [0:00] Introduction + Episode sponsor: Alphasense [3:11] Quick overview of Distribution Solutions Group $DSGR and why it's interesting to Brad [4:40] Overall $DSGR setup, starting with rights offering [7:07] $DSGR business overview (all three businesses), direct comps, competitive sales advantage, customer retention [19:51] $DSGR transaction (LKCM involvement) and why do all three businesses belong together? [29:23] $DSGR thesis and LKCM's history with specialty distributors [36:20] $DSGR valuation, what type of organic growth would $DSGR show without future acquisition, how much of the industry is still in-house, roll-up strategy multiple [46:00] Scaling $DSGR business, capital allocation and tail risks [57:22] Scaled specialty distributor that has not worked [1:01:11] Path to liquidity, management and LKCM alignment Today's episode is sponsored by: Alphasense This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.

Valorem Research's Lionel Hutz discusses the Liquidia vs. UTHR hearing at the Federal Circuit. Topics include UTHR's arguments, judge performance, dissemination of abstracts, next steps post-hearing, and odds on outcome. Sponsored by Alphasense.

Brian Albrecht, Chief Economist of ICLE, discusses the $24.6 billion Kroger-Albertsons merger. Topics include: FTC's analytical framework, lack of government suits in grocery industry, updating precedent, market shares, delivery services impact, divestitures, waterbed effect, regional power vs. local power, and labor market impact.

Michael D. Cohen, CEO & Director of Research at MDC Financial Research, discusses the JetBlue and Spirit Airlines merger trial. They analyze the market definition, potential harm to consumers, and the judge's leaning. Concerns about Spirit's survivability and the impact of the judge's ruling are highlighted. The government's argument, JetBlue's response, and the judge's focus on the case are discussed.

Jeremy Raper, founder of Raper Capital, discusses his letter to Bragg Gaming urging them to sell the company. They also explore potential buyers for Bragg Gaming, the financial benefits of acquisition, and the trial between Spirit and JetBlue.

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this November 2023 edition, Chris provides his take on the opacity and aggression of the FTC, how he is thinking about the Spirit trial, Amazon / iRobot deal and reflections on Charlie Munger. For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Alphasense [2:07] What is on Chris' mind this month: M&A, arbitrage, anti-trust, recent podcast with Lena Khan, Chair of the FTC [7:49] How Chris is thinking about the Spirit trial, and the implications if the merger does not go through [21:07] Spirit trial: airplane shortages and expert witnesses [29:35] Spirit / JetBlue bear argument about hot docs [33:47] Amazon / iRobot deal [40:16] Final thoughts: reflections on Charlie Munger Today's episode is sponsored by: Alphasense This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.