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.

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[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.

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[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.

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[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

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Brian Finn of Findell Capital for his fourth appearance. Brian, owning approximately 10% of Oportun Financial (OPRT), discusses his ongoing proxy battle to reform the company’s board. He explains how Oportun’s shift from a focused lender to an unfocused “fintech empire” led to operational bloat and shareholder destruction. The discussion probes governance failures, board entrenchment, and the recent removal of a high-performing director. Brian also outlines the investment thesis for Opportune, emphasizing its underserved customer base, strong unit economics, and potential for a major turnaround under experienced leadership. _____________________________________________________

[00:00:00] Podcast and guest introduction

[00:00:17] Brian's stake in Opportune

[00:02:03] Overview of Opportune Financial

[00:03:26] Critique of management decisions

[00:04:11] Public campaign and board change

[00:05:32] Legacy board's poor performance

[00:06:15] Cost issues and board pushback

[00:09:42] Operations improved by new directors

[00:10:36] Scott Parker removed from board

[00:12:02] Proxy fight motivations detailed

[00:14:52] Management oversight challenges

[00:16:11] Rebuttal to board's defense

[00:18:01] Governance structure and concerns

[00:21:34] Why Opportune is worth investing

[00:23:25] Opportune unit economics breakdown

[00:27:25] Rate cap policy criticism

[00:30:12] Securitization and interest costs

[00:34:17] October financing explained

[00:38:25] Strategic oversight recommendations

[00:41:01] Nominee Warren's qualifications discussed

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 returns with Aaron Chan from Recurve Capital to explore Cogent Communications (CCOI). Aaron breaks down the legacy internet business, the Sprint wireline acquisition, and the complex financial transformation underway. The conversation highlights CEO Dave Schaeffer’s strategic vision, market dynamics in enterprise telecom, and the network’s long-term potential. They analyze network architecture, discuss operational efficiency, and evaluate capital allocation under heavy leverage. The episode closes with thoughts on competitive threats, structural advantages, and what the future may hold post-Dave.

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[00:00:00] Podcast and guest introduction

[00:02:22] Aaron introduces Cogent business overview

[00:06:51] Legacy network setup and strategy

[00:10:19] Competition and service differentiation

[00:14:36] Sprint network acquisition background

[00:20:35] Challenges with Sprint integration

[00:27:59] Wave business compared to Lumen

[00:35:40] Missed expectations and market reaction

[00:40:17] Dave’s control and RE leverage

[00:48:49] Dividend vs. buyback strategy

[00:53:41] Dave’s succession and exit plan

[00:59:00] Traffic deflation and usage trends

[01:03:17] Pricing strategy and competitive risks

[01:07:54] Cogent's share strategy explained

[01:10:12] Competitive positioning against Lumen

[01:13:29] Core infrastructure value and demand

[01:16:44] Future growth expectations and risks

[01:20:18] Final thoughts on investment case

[01:25:30] Closing remarks 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 speaks with Ben Kelleran of Kontrarian Korner to discuss Sable Offshore, a company attempting to revive the Santa Ynez oil unit off the California coast. They explore the high-stakes nature of this investment, dissect the complex legal battles with California regulators, and assess the upside potential of the project if full production is achieved. The conversation covers Sable's SPAC history, economics, leadership, refinancing plans, and what needs to happen for the company to fully restart operations and generate significant returns.

______________________________________________________

[00:00:00] Introduction and sponsor message

[00:01:59] Guest Ben Kalleran joins

[00:03:02] Overview of Sable Offshore

[00:04:15] SPAC history and asset deal

[00:06:23] Legal/regulatory hurdles explained

[00:09:12] Why Exxon sold the asset

[00:12:32] Sable’s CEO and management

[00:15:13] Current production status

[00:17:13] Economics and ramp potential

[00:20:46] Valuation compared to peers

[00:24:02] Equity raise explained

[00:27:49] Debt refinancing plans[00:29:56] Legal timeline expectations

[00:34:14] Fire Marshal’s role discussed

[00:41:12] Takings claim details[00:43:40] All-clear signal for investors

[00:47:56] Why O&G funds are hesitant

[00:49:57] Key dates and next steps

Links:

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

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

In this edition of the Yet Another Value Podcast Book Club, host Andrew Walker reunites with Byrne Hobart of The Diff to revisit The Snowball, Alice Schroeder’s biography of Warren Buffett. Triggered by Buffett’s recent retirement, the two reflect on how their views have evolved since first reading the book in their 20s. They unpack Buffett’s complex personal life, his early financial maneuvers, near-catastrophic risks, and lasting investment philosophies. Key discussions include Buffett’s detached family dynamics, calculated leverage, deep value tactics, and overlooked geopolitical caution. With a balance of admiration and critique, Andrew and Byrne present a thoughtful, analytical take on the man often mythologized as America's greatest investor.

______________________________________________________________________

[00:00:00] Podcast intro and book overview

[00:02:05] First impressions of Snowball reread

[00:04:28] Buffett’s emotional and family struggles

[00:05:57] His early business brilliance questioned

[00:08:41] Risks nearly tanked early ventures

[00:10:17] Byrne reflects on insurance troubles

[00:13:44] Buffett’s dual investing motivations

[00:15:27] Shady dynamics of Buffett’s PA

[00:17:45] Hustling to raise initial capital

[00:21:12] Best wins: control and distress

[00:23:36] Early Buffett vs modern strategies

[00:26:54] Why he avoided foreign stocks

[00:28:17] Could modern Buffett act similarly?

[00:30:52] Gray areas in early arbitrage

[00:33:57] Incentives, risk, and bad bets

[00:35:22] Buffett’s paradoxical driving style

[00:36:51] Solomon drama and reputational play

[00:40:33] Was Solomon really near failure?

[00:43:36] Role of Buffett’s presence in bailout

[00:45:10] LTCM: Buffett’s ultimate near-miss

[00:49:40] Snowball ends during 2008 crisis

[00:50:52] Experience shapes Buffett’s crisis style

[00:53:31] Is he great at market timing?

[00:56:14] Tough negotiator in private deals

[01:01:34] Reconciling bearish macro with buys

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 Darren McLean of Muddy Waters about investing in the mining sector. Darren shares how informational edges and a deep understanding of data can yield outsized returns in a space often overlooked by generalists. They discuss the inefficiencies in mining markets, the value of unconventional data analysis, and why mining offers compelling alpha for those willing to do the work. Darren also explores the evolution of mining capital, the brain drain in the industry, and the outsized rewards of discovering and developing world-class assets. Tune in to uncover the realities of resource investing and how expertise can change the game.

 _________________________________________

[00:00:00] Andrew introduces podcast and Darren McLean

[00:03:15] Why Darren sees alpha in mining

[00:04:50] Examples of unconventional data collection

[00:07:46] Darren discovers major inefficiency firsthand

[00:10:23] Lack of diligence in asset qualification

[00:15:51] The post-China supercycle mining collapse

[00:20:57] Why mining offers inevitable investment returns

[00:24:03] The Bre-X scandal and manipulation

[00:27:42] Why supermajors avoid early-stage projects

[00:31:26] When site visits are essential

[00:38:47] Brain drain and generational void in mining

[00:39:18] Can generalists invest in mining successfully?

[00:43:17] Montage Gold: A re-rate case study

[00:46:17] Value of strong reputations and strategic entry

[00:51:13] Darren’s track record and strategy success

[00:53:36] Why mining gives clear investment feedback

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 Nic Bustamante, founder of FinTool, an AI-powered platform designed for equity analysts and investors. They probe how AI is transforming investment workflows, from memo creation to screening and qualitative analysis. Nic shares examples of institutional adoption, discusses nuanced challenges like bias in management conversations, and forecasts how AI could evolve investor roles. Whether you're deeply entrenched in AI or just starting out, this episode provides grounded insights into its growing role in finance.

______________________________________________________________________

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

[00:01:50] Nic explains AI task delegation

[00:04:10] Home Depot memo AI example

[00:06:59] Uploading memos to train AI

[00:08:13] Pattern matching with past investments

[00:10:39] Small sample size challenges

[00:13:10] Buffett’s approach vs. LLM potential

[00:16:08] Investing skill shifts with AI

[00:18:00] Qualitative work amplified by AI

[00:21:19] Gumshoe research vs. AI insights

[00:23:21] Amplifying analyst strengths with AI

[00:25:59] AI freeing up research time

[00:27:37] Future of autonomous investment agents

[00:30:10] Training AI with personal track record

[00:31:59] Data diversity needed for edge

[00:33:38] Qualitative investing with AI portfolios

[00:36:02] AI advantages in news trading

[00:37:36] Losing insight through automation

[00:39:21] Hybrid strategy using AI summaries

[00:41:40] Identifying non-standard compensation

[00:42:53] Spotting off-cycle stock grants

[00:45:36] Edge cases needing human oversight

[00:47:48] Tesla and extreme market narratives

[00:49:22] Fragility of company valuations

[00:51:16] Reliability of company filings

[00:53:31] Expanding Fintool’s data sources

[00:54:11] When and why to upload documents

[00:56:25] Private data and unique uploads

[00:58:14] Bias risk from selective inputs

[00:59:38] Recording calls for richer context

[01:00:23] Generating insightful questions with AI

[01:01:35] Framing management conversations for AI

[01:02:49] Extracting insight through competitor focus

[01:03:46] Using peers to understand companies

[01:04:43] Keeping pace with fast AI evolution

[01:07:02] AI as necessary but not sufficient

Links:

Yet Another ValueBlog: https://www.yetanothervalueblog.com

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

FinTool:https://fintool.com/

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Doug Garber, founder of the Pitch the PM podcast, to dissect Mammoth Energy (TUSK). They explore TUSK's mammoth (pun intended) cash holdings relative to its market cap, past challenges including fracking and Puerto Rico operations, and the implications of recent asset sales. Doug shares insights into TUSK's business segments, corporate governance under Wexford, and potential capital allocation strategies. They also discuss the strategic outlook with the upcoming CEO transition.______________________________________________________________________[00:00:00] Podcast introduction and episode setup[00:02:06] Doug Garber joins the discussion[00:02:51] Overview of Mammoth Energy's business[00:05:14] Settlement cash inflow explained[00:06:59] Market mispricing and cash outlook[00:10:00] Investor skepticism around Puerto Rico[00:14:07] Corporate governance and Wexford's role[00:18:02] Discussion on capital allocation strategy[00:24:32] Business transition from energy to industrial[00:30:24] Aircraft purchase controversy analyzed[00:34:16] Interim CEO and leadership transition[00:36:51] Expectations for new CEO direction[00:42:06] Valuation from appraised asset values[00:45:35] Wexford's investment performance evaluated[00:46:00] Downside protection and risk assessment[00:50:21] Final 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, host Andrew Walker shares a keynote Q&A from the Showcase Vegas event with returning guest Artem Fokin of Caro-Kann Capital. Artem breaks down his concept of “superpowers” in investing—an individual’s unique edge based on comparative advantage—and how it shapes portfolio decisions. The discussion extends into sell discipline, including identifying when a thesis is broken and handling emotional pitfalls during drawdowns. Artem also touches on evaluating management teams, international microcap investing, and the psychological toll of investing for a living. The conversation is a practical dive into staying grounded and focused amid the volatility of markets.

______________________________________________________________________

[0:00:00] Intro & sponsor message.

[0:02:45] Andrew introduces Artem.

[0:03:45] Defining investment 'superpower'.

[0:05:08] Artem's investing superpower explained.

[0:06:30] Identifying others' superpowers.

[0:08:15] Matching skills to stock selection.

[0:09:30] Using expert calls effectively.

[0:10:55] Selling stocks on thesis change.

[0:13:46] Holding through macro noise.

[0:15:12] Assessing management capability.

[0:17:30] Micro vs. large cap dynamics.

[0:19:30] International vs. US investing.

[0:23:10] Mental resilience in investing.

[0:26:00] Avoiding emotional decision-making.

[0:30:00] Balancing fund and personal finance.

[0:33:00] Final thoughts and close.

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 interviews the first-year Columbia MBA team who unanimously won the 18th Annual Pershing Square Challenge with their investment thesis on Carlisle Companies (CSL). The team—Tuan, Dimitry, and Erik—shares their detailed research into the commercial roofing giant, exploring its competitive moats, sticky customer relationships, management alignment, valuation framework, and opportunities for expansion. They discuss their firsthand trade show research, unique insight into labor dynamics, and responses to key concerns like cyclicality and pricing power. The conversation also covers the company's history, recent transformation, and what could keep an investor up at night.

You can find the team's CSL pitch deck here: https://www.dropbox.com/scl/fi/mn4ib4897o8gfpgdzs03c/CSL-US-Carlisle-Pershing-Square-Challenge-Presentation_YAVB_Abridged.pdf?rlkey=ck47pu6samrrnctwlfyr536hc&e=1&st=nj9zt415&dl=0_

_____________________________________________________________________

[00:00:00] Intro to podcast and guests

[00:02:44] Guest introductions and backgrounds

[00:05:35] Overview of Carlisle Companies

[00:08:32] Pitch background and idea process

[00:13:03] Unique research: trade show visits

[00:19:28] Carlisle’s competitive advantages

[00:24:58] Sticky customer and contractor base

[00:30:00] Valuation and IRR framework

[00:35:14] Management's strategy and alignment

[00:42:07] Target 2030 growth breakdown

[00:46:20] QXO, Beacon, and distribution impact

[00:52:22] Risks and margin sustainability

[00:54:28] Potential new entrants: Berkshire risk

[00:56:33] Labor shortages and benefits

[01:00:17] Leverage and capital allocation debate

[01:02:56] Final reflections and thank yous

Links:

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

In this May 2025 edition of Yet Another Value Podcast, host Andrew Walker shares a range of thoughts in his monthly solo ramble. He opens with macro commentary on market resilience post-"Liberation Day" and ongoing CEO uncertainty. He transitions to the role of AI in investing, using analogies from sports to explore how AI may alter investor success profiles. Andrew dives into how management teams' sales skills can mislead investors and shares his growing skepticism from biotech engagements. The episode closes with reflections on how personal preferences influence investing decisions and a detailed breakdown of how sunk costs and overhead can erode biotech value.

______________________________________________________________________

[0:00:00] Podcast intro and episode preview.

[0:02:02] Corporate governance discussion overview.

[0:03:22] Host introduction and podcast growth.

[0:04:16] Topics: market, AI, management, products.

[0:05:09] Market reaction since Liberation Day.

[0:07:26] CEO uncertainty and delayed investments.

[0:11:44] Complacency, speculative vs. cyclical sectors.

[0:12:22] AI as knowledge enhancer for investors.

[0:14:01] AI and sports analogies for change.

[0:18:46] AI impacting future investor skillsets.

[0:22:05] Management interviews and AI impact.

[0:25:24] Trusting vs. over-trusting management teams.

[0:31:44] Selling skills of management vs. investors

[0:34:09] Viral products and parsing endorsements.

[0:38:32] Disliking a product but buying stock.

[0:42:20] Balancing personal preferences with investing.

[0:44:00] Management and sunk costs in biotech.

[0:53:44] Overhead expenses distort trial economics.

[0:57:27] Wrap-up: biotech, books, and future episodes.

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 Cliff Sosin of CAS Investment Partners for his second appearance. Known for his concentrated, long-term investing approach, Cliff discusses the unique characteristics of Carvana's lending model, the intricacies of subprime finance, and why he believes Carvana's comeback story deserves a closer look. The conversation explores Cliff's investment philosophy, alternative data use, and risk management, while diving deep into market misconceptions around subprime lending, inventory valuation, and self-driving cars. Tune in for a data-rich breakdown of one of the market's most discussed turnarounds.

Links:

YAVP with Aaron Chan on CVNA: https://www.yetanothervalueblog.com/p/recurve-capitals-aaron-chan-on-the

CAS Investment Partners - ⁠https://www.casinvestmentpartners.com/⁠

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

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

_______________________________________________________

[00:00] Intro to the podcast and guest, Cliff Sosin

[01:38] Cliff on his podcast return

[00:02:11] Cliff reflects on past public exposure

[00:05:26] Cliff’s focus in subprime and securitizations

[00:12:17] Carvana’s lending model and performance vs peers

[00:24:29] Alt data, trading signals, and Carvana

[00:30:58] Evolution of Carvana’s operational resilience

[00:34:03] What keeps Cliff up at night about Carvana

[00:38:11] Risks from used car market decline

[00:40:08] Potential disruption from low-cost EVs

[00:47:00] Threat of autonomous vehicles

[01:01:50] Stanford, Google, and Carvana

[01:10:10] Tail Risks

[01:13:00] Getting better with expert networks

[01:18:00] My trite Cliff saying

[01:19:00] What is Cliff researching now

In this episode of the Yet Another Value Podcast FinTwit Book Club, Andrew Walker is joined by Byrne Hobart of The Diff to discuss Clashing Over Commerce, a sweeping political and economic history of U.S. trade policy. Against the backdrop of current debates on tariffs, they explore how deeply tariffs shaped American politics, the surprising economic nuance found in 19th-century policy, and the recurring tensions between protectionism and free trade. From supply chain shifts to presidential power dynamics, they unpack what history might tell us about today’s trade decisions—and what it doesn’t.

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Chapters

[00:00:00] Introduction to the episode and the featured book, Clashing Over Commerce

[00:03:33] Byrne Hobart on why reading the book made him feel better about modern tariffs

[00:07:08] The role of modern supply chains in shaping today’s trade complexity

[00:10:52] Reflections on historical perspectives: agrarian vs. industrial interests

[00:14:41] How lobbying and special interests shaped tariff legislation

[00:19:30] The political economy of tariffs from the Civil War to the Gilded Age

[00:25:22] Evolution of U.S. revenue sources and tariff enforcement mechanisms

[00:30:48] Historical voting patterns and their echoes in recent trade policy

[00:35:19] Shift of tariff authority from Congress to the executive branch

[00:40:51] Modern-day political identity vs. regional trade interests

[00:45:37] How tariffs function as economic handouts or job guarantees

[00:50:44] Presidential comparisons and the rhetorical lineage of tariff advocacy

[00:55:28] Historical trade-offs in trade deals: from Britain to banana imports

[01:00:16] The legacy of statehood as a political tool for tariff influence

[01:03:33] Critiques of the book: length, editing, and lack of a strong conclusion

[01:08:49] Final thoughts on the enduring impact of tariffs on U.S. political systems

Links:

Alphasense activism webinar: https://go.alpha-sense.com/wb-imp-genai-fs-yavp-inside-boardroom/?utm_source=pt_YAVP&utm_medium=sponsored&utm_campaign=WB_DG_04-21-25_IMP-GENAI_FS_Yavp-Inside-Boardroom

The Diff Newsletter - https://www.thediff.co/

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 shares a webinar conversation with Thomas Li, CEO and co-founder of Daloopa, diving into how AI is transforming the workflows of fundamental investors. They explore real-world applications across hedge funds and investment banks, highlighting both the promise and current limitations of large language models in financial analysis. From note synthesis to risk modeling and center book evaluations, Thomas outlines the practical realities of AI implementation, discusses adoption across firm sizes, and explains how contextual data—not just algorithm quality—is becoming the differentiator. Whether you're a solo analyst or part of a multi-manager platform, this episode offers a grounded perspective on where AI in finance is heading.____________________________________________________________[00:00:00] Andrew introduces the episode as a repost of a webinar with Daloopa on AI and investing.[00:01:58] Thomas Li outlines AI’s strength in generating language vs. processing structured financial data.[00:06:43] Discussion on practical AI use cases like cross-referencing notes with earnings calls.[00:10:12] Andrew asks how to structure analyst notes for better AI input and efficiency.[00:12:38] Comparing large pod shops and long-only firms in terms of AI adoption and internal tools.[00:17:34] Why foundational models are commoditized and context is key to AI application value.[00:22:18] The crowding factor as a risk vector and how pod shops hedge against it.[00:29:01] Generating alpha today: human edge through timing, perception, and behavioral insight.[00:35:07] Long-term value of internal data and modeling analyst performance over time.[00:41:49] How AI might evolve: foundational models vs. application layer as the value driver.[00:46:22] Adoption outlook—AI use is growing, but nuanced finance problems slow full automation.[00:52:14] Importance of internal champions (agency) to drive meaningful AI integration.[00:57:30] Center books at pod shops use AI to backtest and analyze analyst effectiveness.[01:02:40] Closing thoughts on AI’s trajectory and data as the real moat for firms.Links:Daloopa: https://daloopa.com/yavp See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer