Yet Another Value Podcast

Dan Rasmussen and Greg Obenshain of Verdad Capital discuss their white paper on quantitative investing in biotech. Topics include why biotech’s complexity makes it attractive for systematic investors, how specialist fund ownership serves as a quality signal, and why insider buying and spending-based valuation metrics can outperform traditional financial analysis. The conversation also examines momentum within therapeutic categories, risk management on the short side, and how diversification and rebalancing help address biotech’s event-driven volatility.Verdad paper on investing in biotech: https://t.co/JZ1uDURDG2[00:00:00] Introduction to biotech quant paper[00:02:53] Why biotech attracts value investors[00:05:07] Specialist ownership as quality signal[00:08:24] Defining biotech sector specialists[00:11:29] Acquisition patterns and return drivers[00:19:37] Managing short risk in biotech[00:23:06] Short interest as negative signal[00:27:38] Insider buying predictive power[00:32:44] Spending-based valuation framework[00:40:21] Classifying biotech by clinical trials[00:45:34] Momentum within therapeutic categories[00:48:23] Events versus underlying return drivers[00:51:34] Verdad’s contrarian investing philosophyLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Phil Namara of Antipodes discusses Volaris (VLRS), a Mexican low-cost airline with significant domestic exposure and cross-border routes into the U.S. Phil outlines the structural growth opportunity in Mexico’s aviation market, where air travel continues taking share from long-distance buses. The discussion examines industry consolidation, competitive dynamics, grounded aircraft from Pratt & Whitney engine issues, and the proposed merger between Volaris and Viva. They analyze regulatory considerations, potential synergies, and valuation scenarios, framing the investment debate around both standalone fundamentals and merger upside.__________________________________________________[00:00:00] Introduction to Volaris and thesis[00:03:37] Volaris business overview[00:08:42] Airline industry economics explained[00:12:58] U.S. basic economy impact[00:19:08] European vs U.S. competition[00:22:44] Mexico aviation growth story[00:25:54] Volaris and Viva merger[00:31:07] Competitive barriers in Mexico[00:37:21] Regulatory approval considerations[00:42:41] Pratt & Whitney engine grounding[00:48:59] Merger valuation upside[00:50:05] Downside if deal failsLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

In this episode of Yet Another Value Podcast, host Andrew Walker shares his February monthly random ramblings, recorded on February 12, 2026. He examines the growing AI-driven panic spreading across SaaS, insurance, trucking, office, and other sectors, questioning how exponential technological improvement could reshape business models built on intangible assets. Andrew compares the current selloff to prior panics in banks and biotech, highlighting the challenges of assessing risk when assets lack tangible backing. He also explores the balance between hard assets and software businesses before closing with reflections on investor psychology, updating priors, and balancing arrogance with humility._____________________________________________________________[00:00:00] February monthly random ramblings[00:03:48] AI panic spreading across markets[00:04:18] Office and trucking selloffs[00:06:13] SaaS sector widespread declines[00:09:15] Exponential AI progress concerns[00:14:20] Hard assets as safety trade[00:18:10] Media disruption and SaaS analogy[00:23:05] Updating priors in markets[00:25:00] Arrogance versus humility in investing[00:27:10] Invitation for listener feedbackLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Host Andrew Walker speaks with Ryan Fennerty of AlphaSense about how investors can improve their use of expert calls and AI tools. Ryan shares practical ways to run better expert interviews, avoid bias, and extract deeper insight from operators. The conversation examines how AI is reshaping research workflows, accelerating earnings analysis, strengthening conviction, and enabling faster synthesis across expert transcripts and internal data. They also address portfolio monitoring, differentiated views, and the evolving skill set required for investors in an AI-driven landscape._____________________________________________________________[00:00:00] Introduction and sponsor message[00:05:37] Framing expert calls around hypotheses[00:07:32] Transcripts versus live expert calls[00:12:36] Echo chambers and bias risks[00:16:37] Managing investor bias in calls[00:20:53] Expert bias and triangulation[00:23:26] Improving expert screening process[00:26:08] Real-time versus long-term insights[00:29:20] Note-taking and AI synthesis[00:31:51] AI’s biggest investing advantage[00:36:31] Differentiated views in AI era[00:41:17] Does AI commoditize research edge?[00:45:18] AI expanding opportunity funnel[00:49:32] Evolving skill sets for investors[00:51:30] AI in portfolio monitoring[00:54:17] Bias across AI data sources[00:56:31] AI transforming expert networks[01:00:17] Corporate use of expert insights[01:02:36] AI, fraud detection, and limits[01:05:47] Future of fundamental investingLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with David Kaiser, founder of Methodical Investments, a rules-based quantitative investment firm. David shares his journey from qualitative research to systematic value investing, explaining how structure, discipline, and data inform his approach. The conversation explores maintaining consistency amid evolving markets, the limits of AI, how to avoid pitfalls like melting ice cubes and governance traps, and why being different might still deliver alpha. They cover profitability screens, sector exposure, rule creation, and the timeless tension between sticking to principles and adapting to change._____________________________________________________________[00:00:00] Introduction and host's gym mishap[00:03:40] David explains Methodical’s core model[00:04:21] From qualitative to rule-based process[00:06:13] Rules vs. adaptability tension[00:09:46] Quality plus discount over pure cheap[00:12:12] Profitability and portfolio construction[00:14:18] Metrics used: net income adjusted[00:16:14] Avoiding cyclicals and false cheapness[00:18:13] Sector tilts: discretionary, energy, financials[00:19:35] Competitive edge: consistency and patience[00:20:25] Value investing's long underperformance[00:22:09] Governance traps and data screens[00:25:24] Backtest: profitable companies outperform[00:26:26] Annual rebalance and risk control[00:29:08] Quarterly profit reviews to exit losers[00:31:06] Avoiding data errors and outliers[00:34:28] Addressing off-balance sheet risks[00:37:43] Building rules: testing, common sense[00:40:06] Rule relevance and market evolution[00:42:24] Sector constraints: no biotech, limit financials[00:44:43] Avoiding melting ice cubes stocks[00:48:26] AI as risk and potential edge[00:51:26] Fringe alpha in a crowded field[00:53:26] Backtesting across multiple market cycles[00:55:11] Where to find David and MethodicalLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Bill Chen for the fastest return in YAVP history. After running out of time in their last chat, Bill returns to dissect Alexander’s Inc. (ALX), exploring its complex debt restructuring, unique real estate portfolio, and intriguing market valuation. The two dive deep into the Bloomberg HQ lease, the nuances of retail space refinancing, and the strategic implications of Steven Roth’s leadership. They also tackle REIT governance concerns, dividend sustainability, and the mystery behind ALX’s high short interest. Bill closes with thoughts on grocery-anchored REITs, White Stone, and REIT buybacks______________________________________________________________________[00:00:00] Andrew introduces returning guest Bill Chen[00:03:13] Overview of Alexander’s history and assets[00:06:57] Complex debt restructuring of Bloomberg retail space[00:10:04] Debt haircut and strategic implications[00:14:47] Asset breakdown: Bloomberg tower, retail, apartments[00:21:37] Share price vs. underlying asset value[00:23:28] Corporate governance: Roth and Vornado dynamics[00:29:09] Dividend risk and short interest discussion[00:34:37] Bloomberg lease escalators and valuation upside[00:37:10] Update on grocery-anchored REIT landscape[00:41:57] Commentary on REIT share buybacks[00:47:50] Special dividend catalyst: Rego potential saleLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Host Andrew Walker welcomes back Bill Chen for a wide-ranging discussion centered on the world of REITs. Though the conversation was intended to focus on one stock, the duo instead explores why REITs have underperformed in recent years, capital cycle dynamics, governance issues, and where Bill sees current opportunities. They dive deep into the theoretical and practical aspects of REIT investing, dissect recent REIT liquidations, and discuss portfolio construction and leverage in event-driven opportunities.______________________________________________________________________[00:00:00] Intro and sponsor message[00:02:20] Launching into REIT investing theory[00:04:38] Cap rates vs. real estate value[00:08:03] Rent growth, leverage, and returns[00:11:06] Why REITs have lagged recently[00:15:51] Capital cycle theory in real estate[00:17:55] Governance issues with public REITs[00:22:23] Share buybacks vs. reinvestment[00:25:18] Griffin case study and alternatives[00:30:35] Takeouts and market inefficiencies[00:33:37] Where Bill sees dislocation now[00:36:11] Using leverage in liquidations[00:40:14] REIT liquidation downside surprises[00:42:00] Asset quality and bid dynamics[00:45:25] Legal risks in revised estimates[00:47:11] Unique REIT liquidation wave[00:49:31] Navigating current REIT opportunities[00:50:01] Wrap-up and next time teaseLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Andrew Walker returns solo for his January 2026 ramblings and discusses the current market euphoria, responses to his “weird markets” thesis, the allure and danger of stepping outside one’s investing edge, how power laws are often misunderstood, and an evolution in his views on societal vices. From geopolitical risk to sports betting regulation, Andrew digs into ideas that may shape investor mindsets in the months ahead.[00:00:00] January 2026 intro and disclaimers[00:01:15] Face-ripping rally and market euphoria[00:04:54] Greenland, tariffs, and taco trade risk[00:08:50] Weird markets thesis listener pushback[00:13:02] Misuse of AI in generating alpha[00:16:29] Slap-worthy portfolio diversification mistakes[00:20:28] Misreading power laws in indexes[00:22:52] Shifting stance on cannabis and gambling[00:25:42] Tail risk in vices and regulationLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Jeremy Raper returns for a deep-dive postmortem on his high-conviction investment in aviation leasing company AVAP. From sourcing the deal via Twitter, to acquiring a ~20% block at well below book value, to negotiating with key stakeholders and navigating operational hurdles, Jeremy recounts the challenges and victories of shareholder activism in a niche sector. This case study sheds light on the realities of unlocking value in the public markets and the grind behind executing a thesis, even when the setup looks ideal on paper._____________________________________________________________[00:00:00] Andrew introduces Jeremy and episode topic[00:02:11] Investment is a postmortem of AVAP[00:04:01] Jeremy's background in aviation leasing[00:09:41] Block purchase strategy and rationale[00:12:01] Purchase price details and thesis[00:13:45] Value from being largest shareholder[00:15:01] Behind-the-scenes work and learning[00:17:27] Complexity of executing activist strategies[00:23:46] Monetizing intangibles and aircraft rights[00:25:01] Shareholder base and interest after stake[00:28:24] Exiting AVAP and evaluating outcome[00:30:02] Final thoughts on learning from postmortemsLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerThis podcast was sponsored by https://www.youtube.com/@UClqFz8aiVfSV2PviLcQrIbA Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

YAVP hall of famer Jeremy Raper returns to cover a wide range of topics—from Jeremy’s decision to shut down his investment blog to his perspective on underappreciated international markets like Japan and the UK. The episode culminates with an in-depth discussion on Jeremy’s high-stakes activist campaign at HUM Group, a non-bank Australian lender. Jeremy explains why he's pushing for a board overhaul and outlines governance red flags he believes shareholders shouldn't ignore.__________________________________________________________[00:00:00] Podcast and guest introduction[00:02:24] Jeremy reflects on his writing journey[00:05:21] Why Jeremy stopped his pay blog[00:08:58] Loss of inbound connections[00:12:29] State of Japanese event market[00:17:55] Deep value still thrives in Japan[00:19:09] Concerns with UK governance culture[00:25:49] Overview of HUM Group situation[00:30:29] Rejecting undervalued chairman offer[00:36:53] AGM governance failure issues[00:42:43] Call to vote and next stepsLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Adam Buckstein from ASB partners explores Stride Inc. (formerly K12), the largest provider of virtual public schools in the U.S. Adam dives deep into the company's business model, regulatory framework, and competitive position, as well as the company's unique funding structure, post-COVID enrollment growth, market misconceptions, and the complex compliance challenges it faces. The conversation also dives into Stride’s outcomes, criticisms, AI’s future role in education, and the stock’s dramatic drop following an LMS implementation misstep. _____________________________________________________________[00:00:00] Podcast and guest introduction[00:03:30] Stride’s virtual school structure[00:05:34] Funding model vs. for-profit colleges[00:07:16] Why parents choose virtual schools[00:09:19] Learning coach growth post-COVID[00:10:16] Payment structure for Stride[00:12:22] Outcome debates and challenges[00:17:38] Competitive landscape with Pearson[00:21:07] Stickiness of Stride contracts[00:23:22] Curriculum costs and customization[00:25:10] Economic sensitivity discussion[00:28:43] Student acquisition and marketing[00:32:44] October enrollment drop explained[00:35:42] LMS transition and enrollment loss[00:38:22] New Mexico lawsuit context[00:43:26] Outcome data interpretation issues[00:45:27] AI impact on Stride’s model[00:47:17] Financials and cash flow strength[00:51:10] Market overreaction to issues[00:54:09] Risks if outcomes lag in-person[00:56:33] Teachers union and school choiceLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

In this solo episode of Yet Another Value Podcast, host Andrew Walker introduces and unpacks his evolving investment concept: the Theory of Weird Markets. Andrew uses analogies from sports, AI, and Rubik’s Cube competitions to argue that traditional strategies in investing are increasingly obsolete. Instead, he suggests that in an age dominated by quant funds, AI, and machine learning, alpha lies at the edges—in unique, weird, or "N of 1" investment opportunities. This episode is part rough-draft, part invitation, as Andrew seeks listener feedback to refine the theory that will underpin much of his investing outlook for 2026. ____________________________________________________[00:00:00] Introduction and sponsor mention[00:02:02] Overview of episode structure[00:03:08] Theory of Weird Markets explained[00:05:17] Stock market as ultimate competition[00:09:09] Sports performance evolution examples[00:10:00] Rubik’s Cube as improvement analogy[00:13:11] Incentives in Rubik’s vs. investing[00:15:09] Finance history proves competition[00:17:30] Counterintuitive strategies dominate at scale[00:18:42] AI and chess: new strategy insights[00:20:00] AI poker strategy looks irrational[00:21:16] Humans must embrace “weird” edge[00:22:56] AI fails with unexpected variables[00:23:26] Power demand as under-modeled opportunity[00:24:35] Spinoffs and unique events as alpha[00:25:28] Warner Bros. Discovery case study[00:26:26] Management incentives and market edges[00:27:10] Writer’s block and theory reflection[00:28:21] Call for feedback and discussionLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Jon Boyar of Boyar Research for an (almost) annual discussion on the “Forgotten 40” — a curated list of 40 overlooked, value-oriented stocks. Jon outlines major 2025 themes including SMID caps and financials, before diving into deep valuations and sale potential for the Atlanta Braves, plus long-term positioning of Uber in an autonomous future. They also touch on media exposure, structural incentives, and the potential for corporate activism to unlock value in overlooked names.__________________________________________________[00:00:00] Intro to podcast and guest[00:02:53] History and aim of Forgotten 40[00:04:14] Turnover and name selection for 2025[00:05:13] Key 2025 themes: SMID & financials[00:06:42] Financials overweight rationale explained[00:08:07] Braves ownership, real estate, and thesis[00:10:59] Tax code change and sale incentive[00:12:09] Valuation math for Atlanta Braves[00:15:13] Media rights and sale timing risk[00:18:00] Malone incentives and sale complications[00:22:27] MLB work stoppage risk and reward[00:25:50] Baseball trends and geographic pull[00:26:15] MSGS ownership, family dynamics[00:29:53] Generational control and liquidity questions[00:30:54] Mark Cuban sale as precedent[00:33:36] Media names: fewer included this year[00:35:11] Uber thesis: misunderstood and evolving[00:37:25] AV risk vs strategic opportunity[00:39:03] Valuation vs zero-risk scenario[00:41:01] Eats vs Dash vs Instacart[00:41:56] Consumer pushback and price sensitivity[00:45:50] Waymo or Tesla acquisition logic[00:49:17] Bonus pick: UniFirst & Cintas pursuit[00:52:05] Activism, family dynamics, and valuation[00:53:11] Wrap-up and links to Forgotten 40Links:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

After a long hiatus, one of the people's most popular guests returns. Randy Baron ventures across the pond to talk about Victoria PLC. Victoria has run into hard times, driven by a bunch of debt and a vicious cyclical downturn, but Randy sees some light at the end of the tunnel and goes into all the ways the company can survive the downturn and the huge potential upside for the common stock if he's right.___________________________________________________________[00:00:00] Podcast and guest introduction[00:01:59] Reintroducing guest Randy Barron[00:02:43] Company overview: Victoria PLC[00:05:16] Stock down 95%, what happened[00:09:58] Audit issue worsens perception[00:11:58] UK flooring market fragmentation[00:15:23] Headlam distress affects Victoria[00:16:40] Business story vs. distressed debt[00:19:44] Victoria's debt breakdown[00:21:04] Coke preferred equity explained[00:25:54] Coke takeover rules in UK[00:28:16] Preferred overhang and resolution[00:30:22] Stock impact from deal structure[00:33:02] Coke debt buyout possibility[00:34:07] Cyclical vs. structural downturn[00:36:36] Housing slowdown impacts demand[00:37:32] 2028 bonds trade at heavy discount[00:41:48] Asset sales to pay down debt[00:43:01] Jeff Wilding's role and strategy[00:47:28] Chairman’s capital allocation record[00:48:01] Assessing market misjudgment[00:50:19] UK market investment case[00:51:46] UK stamp tax impact[00:52:19] Making UK more investible[00:54:38] Macro vs. valuation gap in UK[00:55:16] Downside risk and cash flowLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Judd Arnold from Lake Cornelia Capital joins for a wide ranging discussion of inflection investing, $TOI's unique oncology model, and tons of stuff on risk management and portfolio construction.See Lake Cornelia's Substack here: https://lakecornelia.substack.com/___________________________________________[00:00:00] Podcast intro and guest announcement[00:02:41] Judd on becoming a father[00:03:40] Judd discusses launching Substack[00:06:30] Complexity versus simplicity in investing[00:07:52] Liquidity and investor interest matter[00:11:06] Inflection investing over valuation focus[00:15:59] Sector and story versus fundamentals[00:19:55] TOI scalability and market potential[00:25:26] TOI business model and economics[00:31:32] Comparisons with other healthcare models[00:39:31] Consulting impact on investment process[00:44:21] Sizing up at inflection points[00:50:48] Risk profiles in portfolio strategy[00:53:20] M&A strategy and market perceptions[00:57:35] Netflix synergies and investor worries[01:01:45] Warner Bros bidding strategy discussionLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Host Andrew Walker delivers his monthly random ramblings for December 2025, reflecting on a decade of "professional public-market investing". Andrew shares a developing thesis on why markets are becoming increasingly strange, drawing parallels to evolution in sports, chess, and technology. He examines how efficiency, quant strategies, leverage, and speculative behavior have reshaped market dynamics. Andrew also walks through several investing beliefs he’s changed his mind on over the past ten years, including valuation metrics, buybacks, real estate, technical analysis, and holding periods. He closes by reflecting on lessons learned from podcast guests, risk-taking, arrogance, and the role of luck versus skill in generating outsized returns.______________________________________________________[00:00:00] Episode introduction[00:02:19] Monthly solo rambling format[00:04:14] Ten-year investing reflection[00:04:59] Markets growing increasingly strange[00:05:20] Sports and strategy analogy[00:06:45] Market efficiency reaching extremes[00:07:34] Weird situations driving returns[00:09:38] Changing minds over decade[00:10:31] Pure valuation metrics questioned[00:11:36] Buybacks losing importance[00:13:39] Hidden real estate disappointments[00:15:13] Technical analysis partial acceptance[00:16:19] Rethinking long-term holding[00:18:25] Three-year reevaluation rule[00:19:31] Risk management maturation[00:22:12] Podcast shaping investor thinking[00:24:14] Luck versus skill debate[00:26:31] Media deal commentary critique[00:28:45] Looking ahead next decade[00:29:38] Holiday wishes and closingLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Christian Olesen of Olesen Value Funds discusses the opportunities in UK homebuilders. The discussion centers on why the UK equity market remains deeply out of favor and how this pessimism has created compelling value in residential developers. Christian outlines the cyclical dynamics driving depressed demand, explains why Bellway stands out among peers, and explores balance sheet strength, land valuation, and downside protection. The conversation also addresses macro concerns around the UK economy, housing affordability, planning regulations, and management incentives. __________________________________________________________[00:00:00] Episode and guest introduction[00:03:26] UK market deeply discounted[00:05:13] Cyclical demand collapse explained[00:08:20] Bellway valuation framework[00:11:47] UK macro risk debate[00:15:09] Domestic investor pessimism[00:17:37] Quantitative versus qualitative thesis[00:21:15] Land write-down risk discussion[00:26:58] Bellway versus peers[00:30:41] Management incentives concerns[00:32:43] Capital allocation changes[00:38:53] American investor influence[00:41:08] Alternatives within UK market[00:45:23] Planning reform tailwinds[00:46:58] Supply constraints implications[00:49:35] Risk-reward summaryLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Hugo Navarro of Undervalued and Undercovered discusses NCR Atlas (NATL), a company operating at the intersection of legacy cash infrastructure and modern outsourcing economics. The conversation centers on whether ATMs represent a declining business or a misunderstood opportunity, unpacking NCR Atlas’s valuation, free cash flow profile, and competitive positioning within a duopoly market. Hugo outlines the company’s ATM-as-a-service strategy, highlighting scale advantages, incremental margins, and incentives for banks to outsource servicing. See Hugo's NATL write up here: https://smallcaptreasures.substack.com/p/a-127-fcf-yielding-duopoly-growing?utm_source=publication-search___________________________________________________[00:00:00] Podcast and guest introduction[00:04:01] NCR Atlas business overview[00:05:27] Why valuation appears cheap[00:07:05] Cash usage decline debate[00:12:55] ATM-as-a-service thesis[00:16:54] ATM replacement cycle explained[00:19:15] Industry scale and servicing[00:20:56] Why banks outsource ATMs[00:24:07] Incremental margin economics[00:26:37] Long-term ATM demand risks[00:35:51] Declining industry outsourcing logic[00:38:34] Free cash flow drivers[00:41:11] Share gains from banks[00:47:36] Accounting and governance concerns[00:53:22] Diebold competitive comparison[00:56:04] Tariffs and guidance outlook[00:57:33] Interest rate sensitivityLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

A wide-ranging conversation with Lead Edge Capital's Evan Skorpen talking about applying a concentrated, long-term strategy to growth tech investing. Key topics include capital allocation, executive incentives, and investing in "air pockets."[00:00:00] Podcast and guest introduction[00:02:59] Lead Edge strategy overview[00:07:16] AI’s impact on software[00:13:32] How CEOs react to markets[00:24:29] Investor days and messaging[00:30:40] Remitly’s capital allocation shift[00:36:09] Importance of long-term KPIs[00:44:07] Aligning shareholder and board goals[00:46:37] Incentives and externalities discussed[00:51:17] M&A risk versus growth[00:57:49] Lead Edge’s unique investing edge[01:01:53] AI risk to software moatsLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

David Thomas, author of The Fairfax Way (amazon link: https://amzn.to/4adQ7JS), comes on the podcast for a wide-ranging podcast on Fairfax, including the company's origins, macro wins, missteps in insurance, and what the future looks like for Fairfax as Prem approaches his 80s.__________________________________________________________[00:00:00] Andrew returns with David Thomas[00:02:31] David’s background in business journalism[00:06:25] Fairfax’s long-term investment returns[00:08:16] Evolution of investment and insurance strategy[00:13:01] Fairfax’s stock picking and equity style[00:16:39] Inflation themes in stock selection[00:20:32] BlackBerry investment strategy and challenges[00:24:14] Macro success: shorting housing and tech[00:29:20] 2010–2016 bearish misstep reflection[00:35:12] Politics influence on macro decisions[00:36:56] Prem’s current macro outlook[00:40:55] Discussion of Fairfax valuation[00:41:34] Book value and buyback logic[00:44:28] Overview of the short seller campaign[00:49:04] Perspective on Fairfax's hedge fund lawsuit[00:51:14] Succession planning at Fairfax[00:53:44] Stability of all business segments[00:57:45] 15% target: still realistic?Links:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer