Yet Another Value Podcast

Doug O’Loughlin of Fabricated Knowledge and SemiAnalysis returns to the podcast in to dive into all things AI, Power, and Corporate Governance. On the AI side, they discuss where we are in the cycle, if AI is a bubble, and what will drive the next leg of growth. On the corporate governance side, they discuss using signals like off-cycle PSU grants to reflexive incentive structures to find investments, as well as diving into some topical examples. (PS- Doug’s last appearance was podcast #166 on AppLovin $APP, which doubles as the best performing pitch in YAVP history).LinksDoug's AppLovin $APP podcast appearanceDoug's Webinar with AlphaSenseFabricatated Knowledge: ____________________________________________________________[00:00:00] Podcast intro and Doug’s background[00:02:36] AI sector partying vs. value sadness[00:04:06] AI’s capital cycle and bubble setup[00:07:04] Oracle’s shift to debt-fueled capex[00:09:45] Why capital intensity changes multiples[00:11:48] TPU vs. Nvidia: a real challenger[00:13:07] Google’s evolving TPU go-to-market[00:16:02] AI scaling walls and RL progress[00:18:24] Reinforcement learning and Dota AI[00:20:15] Token economics and GPU monetization[00:22:02] OpenAI, profitability, and token resale[00:24:00] AI’s deflationary impact and services[00:26:51] Revisiting the power bottleneck thesis[00:27:44] Power grid constraints and worker shortages[00:31:33] Industrials benefiting from AI buildout[00:32:22] Generalist vs. specialist investor gaps[00:33:47] Specialist traps in relative valuation[00:36:36] Doug’s obsession with board behavior[00:38:19] Do boards game investors with PSUs?[00:41:12] Reflexive incentives at Broadcom example[00:42:17] Mimification and pump incentives at Opendoor[00:44:46] Performance incentives vs. job requirements[00:46:19] Biotech boards failing shareholder alignment[00:46:42] PSU timing around Target Hospitality’s drop[00:52:09] ICE contracts and bed shortage opportunity[00:56:54] Housing workers for Texas data center boomLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this month’s episode of Yet Another Value Podcast, host Andrew Walker reflects on key investing themes from October 2025. He probes Warren Buffett’s late-stage performance, introducing a concept called “risk riding” and considers the unseen risks that may have shaped Buffett’s recent success. Andrew also critiques excessive investor relations spending, explores a tweet on the underappreciated value of averaging up, and questions the mindset behind stocks being “cheaper today than yesterday.”_____________________________________________________________[00:00:00] Intro, Buffett, risk riding[00:02:45] Returns vs risk over time[00:06:30] Buffett aging, investment impact[00:12:30] Investor relations overspending[00:16:55] Gifts, wasteful IR practices[00:21:20] Tweet on averaging up[00:24:00] Cheaper today vs yesterday[00:25:10] Personal updateLinks: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 Mario Cibelli of Marathon Partners for his fifth appearance. This time, they revisit Remitly (RELY), a name Mario originally pitched a year ago on podcast #266. The stock has seen ups and downs since, prompting a fresh look at its fundamentals, growth trajectory, and competitive standing—especially against players like Wise. The duo explores key risks including stablecoin disruption, regulatory dynamics, fraud prevention, and recent product launches like Remitly One and Remitly Business. Mario also explains why he believes the market misunderstands Remitly’s valuation and long-term potential.______________________________________________________________________[00:00:00] Intro: Mario returns, Remitly focus[00:02:15] Fifth time guest, same topic[00:03:18] Quick disclaimer, start discussion[00:04:51] Remitly vs. Wise comparison[00:09:26] Market concerns despite guidance[00:14:16] Stablecoin threat deeply discussed[00:20:15] Conversion costs with stablecoins[00:24:55] Fraud handling, hidden barrier[00:28:50] AML/KYC as entry barrier[00:32:17] Remitly potentially stablecoin beneficiary[00:35:15] Stablecoins: trend or transformation?[00:38:19] If Remitly fails, what happened?[00:42:44] Growth, valuation, market misunderstanding[00:44:16] New products: Remitly One, Business[00:48:44] Personal plan boosts repeat use[00:50:26] Closing thoughts, insider selling discussed[00:57:35] Narrative shift, comp valuation contrast[58:14:00] Sign-off and exclusive shirt chatLinks: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 Zack Buckley of Buckley Capital Partners to discuss Basic-Fit, Europe’s largest gym chain. Zack shares why the market has been overly pessimistic on the name, despite long-term growth potential. They break down what went wrong post-2020, unit economics, and whether Basic-Fit can finally deliver on expectations. Zack also outlines the opportunity in France’s 24/7 gym shift, the underappreciated moat in Basic-Fit's cluster strategy, and why he sees the stock potentially tripling. It's a conversation packed with deep due diligence, strategic insights, and a firm outlook on value creation.______________________________________________________________________[00:00:00] Podcast and guest introduction[00:02:41] Basic Fit’s business overview[00:03:15] Why market misjudges Basic Fit[00:04:40] COVID’s impact on gym cohorts[00:07:48] Zack’s in-person gym visits[00:10:12] Unit economics explained[00:14:00] Capex and depreciation debate[00:15:36] Member per store growth importance[00:16:32] 24/7 France investment case[00:18:38] Staffless gym impact analysis[00:20:22] Basic Fit’s sustainable moat[00:22:43] Differences with Dental Corp[00:24:38] Low-cost model’s retail parallel[00:28:13] Franchising potential is minimal[00:31:50] Marketing spend not a concern[00:34:38] Path to $90 price target[00:36:51] Why past forecasts failed[00:38:26] Thoughts on management team[00:43:39] Valuing via replacement cost[00:46:47] Risk of future underperformance[00:48:48] European gym vs. U.S. context[00:50:25] Demand across European markets[00:53:50] Competitor threats and strategy[00:56:43] Cautious growth after 2021 boomLinks: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 Dom St. George from Cayucos Capital about Jardine Matheson, a complex, centuries-old conglomerate currently trading at a discount to its net asset value. Dom shares insights from over a decade of following the company, breaking down its historic roots, complicated structure, and the recent strategic overhaul under fifth-generation leadership. The conversation digs into the potential implications of new private equity hires, the value locked in Hong Kong Land and Mandarin Oriental, and whether simplification or empire-building lies ahead. Tune in for a discussion on the nuances of holdco investing and Asia’s corporate evolution.____________________________________________________________[00:00:00] Andrew introduces Jardine Matheson[00:02:45] Dom joins and outlines background[00:03:30] Jardine’s history in opium trade[00:06:00] Creation of Hong Kong background[00:07:30] Cross-holdings and structure issues[00:09:00] Recent disposals and simplification steps[00:10:24] Current NAV discount and relevance[00:11:33] Major business segments explained[00:13:00] Hong Kong Land valuation dynamics[00:14:06] Debating real estate cap rate fairness[00:16:36] Hiring private equity insiders[00:18:12] Risks of reinvestment vs. wind-down[00:20:46] Goal to raise AUM at Hong Kong Land[00:22:52] Market discounts family holdcos[00:24:56] Sell-mode vs. buy-mode question[00:26:41] Pattern of mistimed investments[00:27:05] Focus on five-year shareholder returns[00:29:00] Mandarin Oriental asset repositioning[00:30:55] Mandarin’s trophy brand potential[00:32:00] Selling HK hotel land to Alibaba[00:33:48] Lack of share buybacks questioned[00:34:52] 1947 Trust and executive incentives[00:36:50] Potential misalignment in trust structure[00:38:23] Why Jardine vs. other holdcos?[00:39:43] Astra International’s complexity[00:41:48] Subsidiaries: elevators, Pizza Hut, KFC[00:42:47] Final thoughts and episode 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 is joined by Byrne Hobart from The Diff for the monthly book club. They discuss Born to Be Wired, the newly released memoir of John Malone. The conversation explores Malone’s strategic mastery, his historical and modern media investments, thoughts on taxation, and media regulation. Andrew and Byrne also reflect on Liberty’s recent underperformance, Malone’s approach to succession, and the evolving media landscape. They close with a playful debate on the future of CNN, potential Saudi buyouts, and what book to read next. Listeners interested in media, cable, and investing will enjoy this deep exploration of Malone's career and legacy._______________________________________________________[00:00:00] Intro to book and guest[00:02:52] Malone fit for 1980s market[00:04:49] AT&T’s dividend inefficiency analysis[00:08:49] Malone’s era-optimized strategies explained[00:13:17] Liberty Media’s big split strategy[00:16:32] Malone’s regulation views criticized[00:22:02] C-SPAN’s cable subsidization dynamics[00:24:36] Cable Labs and hostile deals[00:28:01] Media write-offs and strategic bidding[00:34:03] Media titan nostalgia and shifts[00:37:37] Infinite channels end titan era[00:39:04] Greg Maffei’s underwhelming portrayal[00:44:13] AI and regulatory survival urgency[00:45:24] Formula One bullishness and strategy[00:50:13] Liberty Global optimism despite history[00:54:31] Timeless themes in cable media[00:56:18] CNN objectivity vs market demand[01:00:17] Halloween book club next picks[01:02:15] Disclaimer and episode wrap-upLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee 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 Steve Gorelik from Firebird Management for a deep dive into Molina Healthcare (ticker: MOH). Together, they explore the sharp drop in Molina's stock despite its long-standing compounder reputation. Steve outlines how Molina operates as a low-cost Medicaid-focused managed care organization, making it uniquely resilient amid rising medical costs and regulatory challenges. They discuss Molina’s competitive advantages, risks tied to healthcare policy, redetermination effects, and its strategic M&A playbook. Tune in to understand why Steve believes Molina remains undervalued and poised to outperform its peers—even as the broader Medicaid sector stumbles.___________________________________________________________[00:00:00] Intro and sponsor mention[00:02:25] What is Molina Healthcare?[00:05:31] Medicaid model and revenue growth[00:06:25] Molina stock chart and July crash[00:07:13] Industry-wide margin compression[00:11:28] Why Steve sees alpha in Molina[00:13:29] ROE vs. cost structure explained[00:15:04] Admin efficiency as competitive edge[00:17:04] Molina’s playbook and cost culture[00:20:16] Medicaid redetermination impact[00:24:07] Market share gains amid member losses[00:26:26] What's driving cost inflation now[00:28:44] Will premiums rise to match costs?[00:30:26] Regulatory risks in Medicaid[00:32:19] Medicaid vs. private cost efficiency[00:33:54] Denials, approvals, and outcomes[00:37:50] Molina’s denials as cost control[00:40:42] Tender process and doctor networks[00:41:43] What keeps Steve up at night[00:44:41] Acquisitions: model and pipeline[00:47:18] M&A parallels to John Malone[00:48:19] CEO incentives and share ownership[00:50:48] Share buybacks and capital returns[00:51:19] Could Molina be acquired?[00:52:57] Long-term compounding vs. exit[00:53:28] Scooby-Doo investing explained[00:54:23] Wrapping up the conversationLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this monthly solo episode of Yet Another Value Podcast, host Andrew Walker tackles four wide-ranging themes: Trump’s suggestion to change SEC reporting from quarterly to semi-annual filings, Elon Musk’s astonishing $1B open market Tesla buy, the potential for alpha from structural market changes, and the fine line between improvement and mindless investing practice. Andrew also shares candid thoughts on investor judgment and the current explosion of meme stocks. Tune in for an honest and reflective breakdown of how macro shifts and investor behavior may be shaping opportunities—and challenges—in today’s market.__________________________________________________________[00:00:00] Intro and episode overview[00:01:00] Trump SEC reporting proposal[00:07:00] Structural market change implications[00:12:00] Earnings and options volatility[00:18:00] Impact on quant/pot shop models[00:21:00] Tesla insider buying analysis[00:27:00] Elon vs. other big buys[00:30:00] Historical outcomes of big buys[00:33:00] Thoughts on self improvement[00:35:00] Judging other investors’ picks[00:37:00] Wrapping up and reflectionsLinks: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 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_________________________________________________________[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 remarksLinks: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 remarksLinks: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 catalystLinks: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 pressureLinks: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-offLinks: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 episodeLinks: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.See the follow on webinar on AI and expert calls here__________________________________________________________[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._________________________________________________________[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 disclaimerLinks: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 disciplineLinks:Yet Another Value Blog: https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer