In this episode of Yet Another Value Podcast, host Andrew Walker welcomes returning guest Shomik Ghosh for a deep dive into Clearwater Analytics (C-WAN). Known for his detailed research, Shomik breaks down C-WAN’s business model, recent acquisitions, valuation metrics, and long-term growth outlook. They explore how Clearwater’s sticky, cloud-native platform is disrupting legacy financial systems and what makes its data architecture and integration vision compelling. From insurance to asset management and hedge funds, the conversation unpacks how Clearwater aims to become an end-to-end solution across the investment lifecycle. They also discuss private equity involvement, AI applications, and valuation rationale—providing a well-rounded view of a business undergoing transformation.

Trata CWAN transcript: https://www.trytrata.com/cwan

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[00:00:00] Podcast intro and sponsor message

[00:02:27] Shomik returns for third time

[00:03:27] Clearwater Analytics business overview

[00:07:06] Integration of three major acquisitions

[00:07:42] Valuation metrics and debt impact

[00:11:32] Revenue multiple versus peers

[00:15:23] Product stickiness and competitors

[00:22:05] Data moat and system advantages

[00:26:31] Growth trajectory and market expansion

[00:31:00] PE firms and private insurer trend

[00:33:10] Board composition and comp concerns

[00:38:08] Net retention and rate cut impact

[00:42:25] Data integration and system of record

[00:45:46] AI efficiencies and investment decisions

[00:50:02] DCF valuation and fair price

[00:51:55] Episode wrap and final remarks

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, Andrew Walker teams up again with Artem Fokin, head of Caro-Kann Capital, for a deep dive into research tools reshaping modern investing. Originally recorded as a webinar for AlphaSense, they explore how AI and expert call libraries have revolutionized solo and institutional investor workflows. Artem shares how he integrates AlphaSense’s newest tools—like Grid and Deep Research—into his diligence process, and the pair compare approaches to conducting and analyzing expert calls. This is a tactical, in-the-weeds discussion on using tech to sharpen your edge.

You can see the first podcast with Artem Fokin (Perfecting the investing craft) here: https://www.yetanothervalueblog.com/p/perfecting-the-investing-craft-with

__________________________________________________________

[00:00:00] Intro and AlphaSense partnership

[00:03:43] Focus on investor improvement

[00:06:03] Rise of expert call libraries

[00:07:53] Expert calls vs AI usage

[00:11:31] Sourcing expert interviewees

[00:13:19] Determining expert call relevance

[00:19:23] Comparing customer and sales views

[00:23:52] Bias in former employees

[00:30:31] Weighing extreme expert feedback

[00:34:01] Best expert screening practices

[00:39:40] Switch to AI conversation

[00:43:42] Efficiency gains via AI tools

[00:44:43] Using AlphaSense Grid effectively

[00:51:35] AI for transcript filtering

[00:55:22] Deep Research feature walkthrough

[00:56:21] Keeping up with new features

[00:59:27] Underrated AlphaSense user tip

[01:01:34] Closing and final remarks

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Franco Chomonalez from Sophon Capital to analyze Thunderbird Entertainment (TBRD). Franco shares why the microcap Canadian animation and media company—trading at just 1.6x EBITDA—fits Sophon’s investment criteria. They discuss Thunderbird’s three revenue models, its role as a low-cost production partner for Disney, and the competitive advantages stemming from Canadian tax credits. The conversation also explores failed M&A efforts, AI disruption risk, shareholder tensions, and the upcoming TSX uplisting as a potential re-rating catalyst.

Sophon Capital's site: https://sophoninvest.substack.com/

_________________________________________________________

[00:00:00] Andrew introduces Franco and Thunderbird

[03:23:00] Franco outlines Sophon’s microcap thesis

[06:17:00] Overview of Thunderbird’s business model

[09:54:00] Discussion on Thunderbird’s cheap valuation

[11:39:00] History of Thunderbird and key players

[16:05:00] Studio advantages: tax credits, location

[18:07:00] Is Thunderbird’s work commoditized?

[24:26:00] Disney outsourcing versus in-house strategy

[29:36:00] 80%+ IP pitch success rate explained

[30:21:00] AI risk: upside and private equity fear

[39:32:00] Can AI make animators obsolete?

[42:49:00] Why hasn’t Thunderbird been sold yet?

[47:08:00] Debate: reinvest or return capital

[53:59:00] TSX uplisting as a near-term catalyst

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Wei from Yummy Century Stocks for a follow-up on EchoStar/Sats. They analyze the surprise $23 billion spectrum deal with AT&T, what it means for the rest of the spectrum portfolio, and whether liquidation or a new satellite venture is next. The discussion touches on cable’s strategic options, risks of regulatory interference, and shifting dynamics in fixed wireless and spectrum valuation. They also explore ongoing broadcaster M&A and close with a candid conversation on value investing psychology, bagholding, and lessons from QVC.First SATS podcast (episode 322): https://www.yetanothervalueblog.com/p/yummy-century-eggs-guowei-zhang-on?r=a7n3&utm_campaign=post&utm_medium=web___________________________________________________________

[00:00:00] Intro, guest, EchoStar background[00:03:38] AT&T spectrum deal overview[00:06:36] AT&T overpaying and implications[00:09:11] Fixed wireless reshapes landscape[00:14:07] Cable’s possible DISH spectrum move[00:20:12] Why EchoStar shuts down network[00:23:31] Spectrum value and liquidation path[00:31:27] DOJ vs. FCC spectrum concerns[00:38:53] Broadcaster M&A wave begins[00:48:48] Affiliate value vs. disruption[00:52:38] Bagholding and QVC psychology[00:59:05] Closing thoughts and wrap-upLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast Book Club, host Andrew Walker and co-host Byrne Hobart of The Diff discuss Railroader, the biography of Hunter Harrison—one of the most transformative figures in modern railroading. They explore Harrison’s management style, capital discipline, and the precision scheduled railroading model he pioneered. The conversation digs into his alliances with Bill Ackman and Paul Hilal, controversial board dynamics, and the balance between performance and persona. Was Harrison a generational genius or just a man with perfect timing? Tune in for a deep probe into leadership, rail strategy, and long-term industry shifts.

___________________________________________________________

[00:00:00] Podcast and guest introduction

[00:01:54] Book focus: 'Railroader' overview

[00:03:20] Hunter’s train schedule philosophy

[00:05:21] Anecdotes of hands-on leadership

[00:07:43] Hunter's capital allocation approach

[00:09:33] Evaluating Hunter's industry impact

[00:12:51] Railroad competition and timing

[00:14:59] Railroads' long-term infrastructure value

[00:17:05] Extreme management and physical risks

[00:19:45] Strategic image and brand building

[00:21:09] Customer complaints and PR responses

[00:25:59] Precision scheduling adoption industrywide

[00:27:36] Ackman and Hillel strategies

[00:30:04] Norfolk Southern bid complications

[00:33:39] Hunter's bold management targets

[00:36:26] CEO succession and board relations

[00:40:58] Hunter’s final campaign at CSX

[00:43:19] Compensation and personal contradictions

[00:47:37] Comparison: Ellison vs. Harrison

[00:56:22] Wall Street expectations pressure

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker steps away from traditional investing talk to offer a focused career guide for young professionals. Aimed at college students, MBA candidates, or early-career professionals seeking entry into public market investing, Andrew shares practical advice on everything from earning credibility to crafting cold emails, writing substack pitches, and giving impactful stock pitches. He explains actionable strategies like starting a pseudonymous Substack, passing CFA Level 1, and approaching investors with genuine ideas—not just resumes. If you're serious about a career in investing, this is a must-listen blueprint.

______________________________________________________________________

[00:00:00] Purpose of today’s non-investing episode

[00:02:16] Episode disclaimer: strictly job advice

[00:05:29] Target audience for this guidance

[00:06:32] Proving interest through clear credentials

[00:07:19] Value of CFA Level 1 for newcomers

[00:09:32] Opening brokerage account and starting early

[00:11:06] Substack writing to build skill and signal

[00:11:31] Sending effective intro emails with a hook

[00:14:06] Why “cold blasts” fail—do tailored outreach

[00:17:03] Constructing a unique, memorable stock pitch

[00:19:08] Real-world scuttlebutt research advantages

[00:22:09] Example: speaking to franchisees or doctors

[00:24:11] Using your current background as an edge

[00:25:50] Marketing insights applied to public equities

[00:27:15] Why and how to start a pseudonymous Substack

[00:29:15] Launching your pitch to a real audience

[00:30:57] What to do if no one responds

[00:32:06] Building credibility and relationships via outreach

[00:33:24] Show effort: compliment the “pink shirt”

[00:35:56] Final encouragement and sign-off

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Jingshu from Guinea Value to discuss New Oriental Education (ticker: EDU), a Chinese education services firm. They explore the company’s dramatic fall in 2021 following regulatory crackdowns, its surprising rebound, and its resilience in the face of industry headwinds. Jingshu shares rare firsthand insights from his own experience founding a similar business, giving unique context to New Oriental’s position in the market. Topics range from working capital dynamics and regulatory shifts to capital allocation and AI’s impact on education. Tune in for an in-depth look at one of China's most compelling turnaround stories.

__________________________________________________________

[00:00:00] Andrew introduces podcast and guest

[00:02:16] Jingshu greets and intro begins

[00:02:55] New Oriental company history overview

[00:05:02] Reasons Andrew invited Jingshu

[00:05:32] Jingshu’s personal edu background

[00:09:41] China edu sector decline insights

[00:10:24] Market misunderstanding and tail risks

[00:16:03] Discussion of regulatory risk

[00:22:25] Cash position and asset value

[00:25:43] Livestream business background

[00:27:26] Capital return strategy discussion

[00:33:57] Michael’s conservative cash mindset

[00:38:28] AI disruption and edtech impact

[00:43:19] Challenges of AI competition

[00:46:06] Superstar teacher dynamics

[00:48:44] Andrew closes the episode

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back recurring guest Artem Fokin for a wide-ranging discussion on perfecting the craft of investing. Skipping individual stock pitches, they explore long-term process improvements, the role of AI in research, and how expert calls have changed their approach. Artem and Andrew debate the statistical validity of track records, the impact of conviction borrowing, and the future of market efficiency in an AI-driven world. Listeners will also hear how Artem's investment focus evolved over the past decade, and why understanding customer-level value is now at the core of his process.__________________________________________________________[00:00:00] Andrew introduces episode and Artem[00:03:07] Perfecting the investing craft[00:05:26] Bannister effect in investing[00:06:45] Inspiration from investor track records[00:10:40] Concentration and statistical significance[00:16:45] Bitcoin investor vs. great allocator[00:19:11] Betting on long-term outliers[00:22:43] Power laws and convexity[00:25:17] Will AI dumb down markets?[00:32:37] Market becoming more consensus[00:34:36] AI pricing medium-term alpha[00:39:06] Democratizing research tools[00:46:54] Early edge in illiquid stocks[00:48:55] Artem’s biggest process change[00:52:48] Can customer feedback mislead?[00:56:09] Golf clubs and process analogy[00:59:11] Avoiding groupthink and conviction leaks[01:03:39] Know who’s pitching the idea[01:06:25] IRR-driven sizing pitfalls[01:10:38] Penalizing leverage in rankingsLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this August 2025 edition of Yet Another Value Podcast, host Andrew Walker returns with his signature monthly ramblings. Andrew unpacks the strange dynamics in today’s bifurcated market — where AI giants soar while traditional sectors flounder. He explores whether buybacks post-earnings miss signal strength or delusion, muses on “hot girl marketing” with a focus on Sydney Sweeney’s campaigns, and discusses what drives real ROI in celebrity partnerships. He closes with reflections on sizing up when holding a true edge, and a fascinating challenge trade: Paulson buying Icahn’s full stake in Bausch Health.

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[00:00:00] Intro and episode overview

[00:00:57] Market state and personal screens

[00:05:34] AI stocks outperforming traditional sectors

[00:06:32] Retail sector earnings crash

[00:08:30] Market split explained further

[00:09:36] Buybacks on post-earnings dips

[00:14:27] Sydney Sweeney, HeyDude tie-in

[00:18:38] Swinging when you have edge

[00:24:07] Challenge trades concept

[00:27:47] BHC Paulson-Icahn block deal

[00:30:41] Closing remarks and disclaimer

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes Jeremie from SemiAnalysis for a deep exploration into the surging demand for power infrastructure driven by AI. Jeremie breaks down the evolving trends in onsite gas turbines, the shift from diesel generators, and how data centers are racing to scale quickly. They dissect hyperscaler capex forecasts, the sustainability of GPU investments, and the contrasting strategies of CoreWeave and Oracle. The discussion extends to robotics adoption, the future of labor, and whether remote locations like Alaska could become new data center hubs. A timely conversation as AI’s infrastructure footprint continues to expand.

__________________________________________________________

[00:00:00] Andrew introduces the podcast and guest.

[00:03:14] Jeremie discusses onsite gas trends.

[00:05:00] Andrew raises concerns about turbine demand.

[00:10:23] Jeremie outlines backup strategy shifts.

[00:13:42] Andrew shifts to hyperscaler capex forecasts.

[00:18:24] Jeremie on declining asset efficiency.

[00:19:35] Andrew questions depreciation accuracy.

[00:27:03] Andrew digs into CoreWeave business risks.

[00:32:50] Jeremie frames GPU vs. data center contracts.

[00:34:56] Jeremie says Oracle took a CoreWeave-style risk.

[00:42:06] Jeremie explains labor and logistics challenges.

[00:52:15] Andrew pivots to robotics discussion.

[00:56:49] Jeremie sees social value rising post-automation.

[01:00:18] Andrew wraps up and plugs SemiAnalysis.

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of the Yet Another Value Podcast, host Andrew Walker welcomes back Brian Laks of Old West Management for his third appearance on the show. Brian shares deep insights into uranium, copper, gold, and the broader metals market. They revisit Old West’s early uranium thesis and how it has evolved, assess copper’s growing strategic importance, and examine gold’s unique demand drivers. The conversation covers supply-demand imbalances, government involvement in critical minerals, tariffs, and how AI’s energy demands tie back to metals. Brian also explains how Old West balances long-term macro views with valuation discipline and opportunistic trading within metals and mining.______________________________________________________________________[00:00:00] Andrew introduces guest Brian Laks.[00:03:08] Uranium thesis from early investments.[00:05:38] Riding valuation cycles in uranium.[00:09:05] Spot vs. long-term uranium prices.[00:12:43] Sentiment extremes create buying opportunities.[00:17:16] Market still underestimating uranium demand.[00:21:24] Uranium vs. other metal exposures.[00:26:20] Copper becomes major portfolio focus.[00:27:27] Gold’s demand harder to forecast.[00:32:54] Why metals hitting all-time highs.[00:36:56] Copper’s strategic demand and supply gap.[00:42:30] Prices needed for copper expansion.[00:44:44] Tariffs’ effect on copper valuations.[00:48:27] Government support for critical minerals.[00:53:44] Old West’s broader investment outlook.Links:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Chris Waller, founder of Hidden Gems Investing, for his third appearance. Chris shares his deep research into Judges Scientific, a UK-listed serial acquirer of niche scientific instrument businesses. The discussion covers Judges’ disciplined acquisition strategy, historical returns, and competitive advantages in attracting founder-led businesses. They examine the challenges of scaling acquisitions, lessons from Geotech, the impact of recent headwinds like US college spending cuts, and long-term growth prospects. Chris also addresses management succession risks, valuation considerations, and the cultural nuances behind the company’s dividend policy. The conversation blends analysis of market misperceptions with insights into capital allocation, operational philosophy, and how to sustain high returns in a specialized sector.

______________________________________________________________________

[00:00:00] Introduction and guest background

[00:02:07] Chris on Hidden Gems Investing

[00:02:57] Overview of Judges Scientific

[00:06:43] Example acquisitions and product types

[00:07:47] Market misperceptions and headwinds

[00:09:32] Acquisition pricing discipline and competitors

[00:13:44] Reputation advantages over new entrants

[00:15:39] Acquisition pace and scaling challenges

[00:18:43] Geotech acquisition scale and risks

[00:20:07] Geotech’s business model and setbacks

[00:23:53] Expedition delays and revenue impact

[00:25:48] Halma example for scaling runway

[00:29:17] Management succession considerations

[00:32:51] Sale likelihood and culture preservation

[00:33:30] US college spending cuts and guidance

[00:36:56] Recovery scenarios and uncertainty impact

[00:39:21] Potential acquisition opportunities in downturn

[00:41:05] Valuation framework and growth assumptions

[00:43:34] Business quality vs. peer acquirers

[00:44:20] EPS target changes in compensation plan

[00:45:37] Dividend policy and UK investor culture

[00:48:35] Post-acquisition integration philosophy

[00:51:14] Closing thoughts and R&D discipline

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Orel Levy of Anek Capital to discuss Cellebrite (ticker: CLBT). The conversation explores Cellebrite’s digital forensics tools, from cracking phones to managing and analyzing data. Orel provides a comprehensive overview of Cellebrite's business model, competitive positioning, and potential for growth. Topics include their shift to a SaaS model, the federal sector's role, AI integration, competitive threats like Palantir, and the company’s broader strategic outlook. They also touch on risks, including execution challenges, management turnover, and potential M&A speculation. Tune in to understand why Cellebrite is at the intersection of technology, law enforcement, and investing.

If you're interested in the CLBT trata call mentioned during the podcast, see: https://www.trytrata.com/clbt____________________________________________________________

[00:00:00] Podcast intro and sponsor mention

[00:03:13] Cellebrite's history and pivot

[00:06:08] Phone cracking explained

[00:07:18] R&D moat and customer stickiness

[00:08:40] Valuation versus growth peers

[00:09:52] SPAC history and misunderstood model

[00:13:41] iPhone cracking and misconceptions[00:15:03] Apple, Google cooperation risk

[00:16:29] Growth potential and market size

[00:21:27] Management turnover and CEO plans

[00:27:38] Sale speculation and strategic fit

[00:30:49] Mission-critical usage example

[00:31:51] Federal budget and deployments

[00:33:52] Event-driven budget growth potential

[00:37:47] Guardian, Pathfinder, cloud ramping

[00:42:58] Long-term risks: execution concerns

[00:50:43] AI: neutral impact for now

[00:53:39] Suncorp ownership and sale pressure

[00:57:46] Ethics and private sector risks

[01:00:00] Wrap-up and future conversations

Links:If you're interested⁠ in the CLBT trata call mentioned during the podcast⁠, see: https://www.trytrata.com/clbt

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast Book Club, host Andrew Walker is joined by Byrne Hobart of The Diff to explore Softwar, the 2003 biography of Oracle co-founder Larry Ellison. Together, they dissect the contradictions of Ellison's public and private personas, Oracle's aggressive sales culture, and the book's surprisingly prescient predictions about tech's future. They reflect on ERP nightmares, Oracle's early brushes with collapse, and its surprisingly fertile alumni network. The conversation probes the blurred line between visionary leadership and red flags, while tracing Ellison’s uncanny resemblance to figures like Elon Musk. From petty footnotes to PR plays, it's a sharp look into one of tech’s most enduring empires.

_______________________________________________________________

[00:00:00] Introduction to the podcast and book.

[00:01:48] Byrne joins the episode.

[00:01:49] Quick disclaimer on investment advice.

[00:02:37] Skipping the boating sections in book.

[00:03:30] Initial thoughts on Oracle in 2003.

[00:04:00] Larry Ellison's personality contradictions.

[00:05:45] Oracle's sales tactics and benchmark claims.

[00:07:00] Predictions on mobile and distributed systems.

[00:08:44] ERP transition challenges explained.

[00:10:03] Reasons to bet against Oracle.

[00:12:04] Oracle’s management style and red flags.

[00:14:23] Intelligence connections and conspiracies.

[00:15:54] Government ID advocacy post-9/11.

[00:17:24] Comparing Larry Ellison to Elon Musk.

[00:19:45] Book’s structure and humorous footnotes.

[00:22:55] Seibel rivalry and Oracle acquisitions.

[00:25:11] PR's role in Oracle’s strategy.

[00:26:40] Market perceptions and quarterly focus.

[00:30:03] Importance of sell-side analysts back then.

[00:31:29] Anecdotes about market cap drops.

[00:33:48] Oracle’s executive alumni shaping tech.

[00:36:23] Differences in tech executive pipelines.

[00:38:51] GE's internal business training system.

[00:41:09] Ellison’s hiring practices and red flags.

[00:44:05] PeopleSoft DOJ case and hypocrisy.

[00:46:43] Safra Katz’s rise at Oracle.

[00:49:19] Oracle’s leadership transition dynamics.

[00:51:54] Book's narrative style and structure.

[00:52:56] Author’s omission of Ellison’s childhood.

[00:55:13] Ellison’s charisma and software predictions.

[00:58:33] Ellison’s lasting influence and vision.

[00:59:45] Tease for next month’s book selection.

Links:Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back David Bastian of Kingdom Capital to analyze United Natural Foods Inc. (UNFI), a grocery distributor at the center of a complex turnaround story. They examine UNFI’s legacy issues, including its troubled SuperValu merger, the fallout from over-earning during COVID, and a recent cyberattack. David discusses management's new strategic direction, margin normalization efforts, and the implications of UNFI’s critical relationship with Whole Foods and Amazon. They also explore valuation frameworks, industry dynamics, and UNFI’s potential path to sustainable earnings growth under improved leadership.______________________________________________________________________[00:00:00] Podcast and guest introduction[00:02:34] What is UNFI[00:03:45] History and UNFI challenges[00:09:24] Cyberattack and recovery[00:10:47] Impact on Whole Foods[00:14:30] Long-term EBITDA targets[00:18:37] Sell-side doubts[00:21:08] Peer margin comparisons[00:24:19] Amazon relationship[00:30:17] Margin paradox[00:34:02] Business asset value[00:40:21] Return on replacement cost[00:43:37] Inflation effects[00:45:18] Industry consolidation[00:48:58] Board ownership concerns[00:54:58] Final thoughts on UNFI[00:58:47] Simplified supplier agreements[00:59:17] Podcast close and disclaimerLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this July 2025 episode of Yet Another Value Podcast, host Andrew Walker shares his latest market reflections. He opens with sharp takes on the speculative surge in crypto-linked equities and questions about hidden leverage. Andrew dissects the potential rise of a new SPAC bubble and lays out a hedge strategy using SPACs at trust value. He then transitions into a deep dive on pattern recognition in investing—its power, its risks, and when it turns into harmful stubbornness. From Warren Buffett’s historical lens to Talon Energy and personal investing biases, Andrew probes how past experiences shape investor behavior. The episode closes with musings on CEO arrogance and the importance of open dialogue. As always, Andrew invites feedback and thoughtful conversation from listeners.

____________________________________________________________

[0:00:00] Intro and episode overview

[0:01:21] Sponsor message and host greeting

[0:02:01] Recording issues and July intro

[0:02:54] Casino market and Bitcoin premiums

[0:08:07] Leverage signs and Tesla example

[0:08:56] SPAC bubble and trust value

[0:10:28] Market views and SPAC options

[0:12:58] Pattern recognition in investing

[0:16:58] Buffett’s experience and pattern use

[0:20:58] Pattern vs. stubbornness examples

[0:27:21] Talon Energy hesitation explained

[0:34:03] Overreliance on old investment patterns

[0:37:23] Industry arrogance and founder syndrome

[0:41:36] Why Andrew does these rambles

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this solo update, host Andrew Walker revisits his three 2025 stock ideas (disclosure: long all three!): Sage Therapeutics (SAGE), Keros Therapeutics (KROS), and Full House Resorts (FLL). He breaks down Sage’s acquisition by SUPN and the chance of a higher bid from Biogen, discusses Keros’ announced capital return, and digs into why Full House Resorts has lagged so far despite promising insider buying and strong project progress. Andrew also highlights why active shareholder engagement still matters and how insider moves can reveal conviction.

For links to the prior podcast ideas and open letter, please see this post: https://www.yetanothervalueblog.com/p/midyear-2025-podcast-ideas-updates

Chapters

[00:00:00] Andrew opens midyear update.

[00:01:00] Recaps Sage, Keros, Full House.

[00:07:33] Sage sold, Biogen topping bid?

[00:14:27] Keros capital return progress is slow.

[00:18:44] Full House lagging; insider buying.

[00:27:59] CEO massive buy from ex-wife.

[00:30:30] Refinancing risk key catalyst ahead.

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this monthly book club edition of Yet Another Value Podcast, host Andrew Walker is joined by Byrne Hobart of The Diff and Capital Gains to unpack Ray Dalio’s latest book, How Countries Go Broke: The Big Cycle. The pair probe Dalio’s sweeping macroeconomic theories, debt cycles, historical analogies, and technology’s role in shaping the future. They scrutinize the credibility of Dalio’s claims, the real-world implications of sovereign debt risks, and the potential misapplications of macro trading skills to macroeconomic policymaking. The conversation winds through AI’s effect on productivity, the staying power of elites through societal upheavals, and even the viability of crypto as a hedge. It's a rich analysis with sharp skepticism and economic nuance.

_________________________________________________

[00:00:00] Podcast and guest introduction

[00:01:38] Initial thoughts on Dalio’s book

[00:05:26] Short vs. long debt cycles

[00:06:40] Historical cycle timing critique

[00:07:24] Pre-WWI and 1930s comparison

[00:10:11] Disconnection between theories and globalization

[00:16:25] Institutional trust and economic cycles

[00:18:18] Credibility of Dalio’s theories

[00:21:26] Macro trading vs. macro policy

[00:24:42] Trump-era policy implications

[00:26:19] Foreign debt selling as signal

[00:28:14] Put options in tail events

[00:32:35] Buffett’s strategic puts example

[00:35:32] Technology optimism in final chapter

[00:40:25] AI effects on labor, productivity

[00:45:43] Older professionals using AI

[00:47:00] Book’s global bearish stance

[00:51:22] Historical elite persistence examples

[00:53:45] Bitcoin in crisis scenarios

[01:01:54] Sovereign wealth fund proposal critique

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Guowei from the substack "Yummy Century Stocks" for an extensive discussion on EchoStar (SATS). They dig into the company’s complex structure, diving deep into its failing satellite and pay TV segments, and the potential trapped value in its wireless spectrum assets. The conversation unpacks regulatory drama with the FCC, speculation around a Trump Mobile tie-in, and the looming potential for bankruptcy. With both long and short positions from top investors and a potential valuation ranging from zero to $100+ per share, this is one of the market's most fascinating distressed plays.____________________________________________________[00:00:00] Andrew introduces EchoStar and guest[00:02:54] Overview of EchoStar’s three business units[00:06:54] Wireless network specs and performance issues[00:11:36] Realistic market challenges and consumer view[00:17:08] Valuation estimate for SATS spectrum[00:19:42] Pushback on spectrum market and caps[00:22:58] Changing spectrum demand and infrastructure[00:24:45] Three core SATS spectrum bands[00:25:32] AWS-3 and AWS-4 deep dive[00:29:47] FCC’s current investigation and history[00:34:00] Simington’s resignation and FCC politics[00:35:02] Trump intervenes, Trump Mobile theory[00:39:19] Potential regulatory settlement outcomes[00:41:09] Market comps for spectrum valuation[00:44:39] Unique legal nature of spectrum assets[00:47:51] Why bankruptcy could benefit EchoStar[00:50:44] Impact of bankruptcy on FCC issues[00:53:21] Risks to spectrum ownership in court[00:54:52] Equity protection in bankruptcy scenario[00:57:42] Possible strategic paths and constraints[01:00:42] Equity thesis despite complex unlock path[01:04:12] Convert notes vs equity pre-bankruptcy[01:07:00] Market speculation and timing expectations[01:08:30] Bankruptcy analogs and comparison to GGP[01:09:34] Challenges to network scaling and valueLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Bill Chen of Rhizome Partners, one of the platform's most popular and deeply knowledgeable guests in real estate investing. Fresh from attending NAREIT, Bill unpacks trends across the public and private real estate sectors, offering a unique vantage on REIT performance, multifamily fundamentals, and the developing divergence in valuation metrics. The discussion spans topics from rent regulation in New York, to capital allocation discipline among REITs, and dives into lesser-understood niches like grocery-anchored retail and net lease offices. Andrew and Bill blend data with real-time market observations to help listeners better understand value opportunities in today’s real estate landscape.

__________________________________________________

[00:00:00] Andrew introduces Bill Chen

[00:01:38] Bill recaps NAREIT conference takeaways

[00:02:11] Public REITs vs private market stress

[00:05:26] Construction collapse, capex outlook

[00:12:18] Sunbelt rent growth and pipeline

[00:21:36] Public REITs IRR and exit caps

[00:27:20] NYC resi optimism vs politics

[00:29:20] Clipper's challenges and NYC outlook

[00:31:01] Sunbelt policy contrasts and rent trends

[00:33:56] Postmortem: REIT investment performance

[00:36:05] Tech and operational edge in REITs

[00:37:11] Resilience, affordability, and dividends

[00:44:14] AI impact on operations and leasing

[00:48:56] Alexander’s, office market bifurcation

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer