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.

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

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

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

[00:05:02] Reasons Andrew invited Jingshu

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

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

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

[00:16:03] Discussion of regulatory risk

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

[00:25:43] Livestream business background

[00:27:26] Capital return strategy discussion

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

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

[00:43:19] Challenges of AI competition

[00:46:06] Superstar teacher dynamics

[00:48:44] Andrew closes the episode

Links:

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

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

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back recurring guest Artem Fokin for a wide-ranging discussion on perfecting the craft of investing. Skipping individual stock pitches, they explore long-term process improvements, the role of AI in research, and how expert calls have changed their approach. Artem and Andrew debate the statistical validity of track records, the impact of conviction borrowing, and the future of market efficiency in an AI-driven world. Listeners will also hear how Artem's investment focus evolved over the past decade, and why understanding customer-level value is now at the core of his process.

See the follow on webinar on AI and expert calls here

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[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 rankings

Links:

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

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

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

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[00:00:00] Intro and episode overview

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

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

[00:06:32] Retail sector earnings crash

[00:08:30] Market split explained further

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

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

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

[00:24:07] Challenge trades concept

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

[00:30:41] Closing remarks and disclaimer

Links:

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

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

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

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[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.

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[00:00:00] Introduction and guest background

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

[00:02:57] Overview of Judges Scientific

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

[00:07:47] Market misperceptions and headwinds

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

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

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

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

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

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

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

[00:29:17] Management succession considerations

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

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

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

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

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

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

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

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

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

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

Links:

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

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

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

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

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

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

[00:06:08] Phone cracking explained

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

[00:08:40] Valuation versus growth peers

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

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

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

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

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

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

[00:31:51] Federal budget and deployments

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

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

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

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

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

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

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

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

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

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

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

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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