David Bastian from Kingdom Capital discusses his bull thesis for Unit Corp (UNTC).

David's UNTC write up: https://seekingalpha.com/article/4503262-unit-corporation-heads-win-tails-dont-lose

Chapters
0:00 Intro
2:30 UNTC overview
5:00 Discussing UNTC's sale process
11:20 Thoughts on UNTC's prelim Q2 numbers
14:45 What is the market missing with UNTC?
18:00 What is UNTC's major shareholder thinking?
23:20 Why did the Gulf assets sell for such a discount?
27:15 Can UNTC increase their production?
30:15 UNTC's drilling / rig segment
33:30 Valuing drilling
38:15 Midstream's value
46:15 Discussing capital allocation / returns
49:20 UNTC's warrants
52:40 UNTC's SOTP
1:01:00 Generalists in energy

Chris DeMuth returns to the podcast to talk about what's on his mind in the markets this month, including updates on TWTR, the state of antitrust, and the opportunity set in squeeze outs.

0:00 Intro
2:45 Markets Overview
4:25 Sanderson Farms (SAFM)
8:00 Majority owned companies and squeeze outs
10:40 CLR update and energy companies
21:55 Energy companies now versus Tobacco in the 80s
26:10 TWTR update
28:50 Review of the TWTR expedited hearing
35:25 Will Twitter win specific performance if they win the trial?
40:20 Thoughts on TWTR's complaint and Elon's response
46:30 Was Elon's attempt to break the deal now bad strategy?
52:45 TWTR wrap up

PJ Kurzweil, founder of PJ's SMID Cap Ideas, comes on the podcast to discuss his write up on Spectrum Brands (SPB). Spectrum is currently in the process of selling their HHI business, and whether that deal goes through or not PJ thinks the stock is too cheap given the quality of their brands / businesses.

My notes on SPB: https://twitter.com/YetAnotherValue/status/1547219565016453121?s=20&t=n_liDehcIwWBLmo0x51NLQ
PJ's SPB write up: https://philippejkurzweil.substack.com/p/spectrum-brands-hard-catalysts-to

Chapter
0:00 Intro
2:10 SPB overview
4:55 Why is SPB interesting right now?
7:30 What's going on with the HHI sale?
13:00 HSI's HSR process
17:30 What happens if the HSI deal falls through?
24:00 HPC's value
31:20 Inflation's impact on SPB
33:30 Did pets and garden benefit too much from COVID pull forward?
37:00 Are millennials a tail wind going forward?
40:20 SPB's pet brands
45:50 What drives SPB's near term earnings growth?
48:00 Is SPB underspending on ad spend?
50:00 SPB versus CENT
55:00 Capital allocation at SPB

Jeremy Raper of rapercapital.com makes his record 7th podcast appearance to discuss a host of event driven situations.

Jeremy's letter to EVO: https://rapercapital.com/2022/07/03/an-open-letter-to-the-board-of-evolve-education-group/

Chapters
0:00 Intro
2:45 What's the current environment like?
9:20 SHLX
19:00 TRQ
34:00 SAVE
43:00 VTNR
58:30 CLMT
1:19:30 Wrapping up with HRBR and FAR

Conor Maguire, founder of valuesits, discusses why he thinks SOL Group is a Buffett-like stock trading at an attractive multiple with the possibility of a private equity takeout over the next five years.

Conor's SOL write up: https://valuesits.substack.com/p/deep-breath-deep-value

Chapters
0:00 Intro
2:50 SOL overview
4:50 What is the market missing with SOL?
9:00 Why a private equity firm would like SOL
14:55 Would regulators be ok with a private equity deal for SOL?
18:10 Why would the family want to sell SOL?
23:10 Diving into the technical gas business
25:20 How does Europe's nat gas crisis impact SOL?
29:20 What's the long term obsolesce risk for SOL?
33:20 SOL's carbon capture call option
38:15 SOL's home care business
43:20 SOL's emerging businesses
49:30 What else is Conor seeing in the market?

Chris DeMuth returns to the podcast to discuss the state of the markets in June 2022.

Chris's May 2022 state of the markets episode: https://twitter.com/AndrewRangeley/st...
Chris's golden age of arb posts: https://seekingalpha.com/article/4519...

Chapters
0:00 Intro
1:50 What's on Chris's mind
3:35 Wide spreads and CTXS
8:15 PLAN's recut
16:15 Do investors over or underestimate how much PE firms care about their reputation?
22:45 How strong are bank financing agreements in rocky markets?
26:40 Other golden age of arb candidates
29:15 State of the energy market
32:00 CLR's take private bid
39:05 Updated TWTR thoughts
50:40 Closing thoughts and crypto markets

Brian Laks, partner at Old West Invest Management, discusses the bull case for Tin and why he thinks the world's largest tin miner, Alphamin, could present an alpha opportunityi.

Brian's first appearance on Uranium and NXE: https://twitter.com/AndrewRangeley/status/1434879061961019396?s=20
Tin market bull case video mentioned: https://www.youtube.com/watch?v=4Ro8uCD10-w

Chapters
0:00 Intro
2:20 Tin market overview
4:00 What drives the structural increase in tin prices?
7:25 Is there an alternative for tin?
13:25 Tin supply dynamics
20:20 What would it take to bring new tin mines on?
24:40 Marginal cost of tin supply
30:30 Why is today's tin price right versus 2019's?
35:15 Alphamin overview
41:10 Alphamin's expansion project
44:50 The strategic review process
52:00 Capital allocation and Alphamin's dividend
58:45 Tin's terminal value versus coal
1:01:30 Could China buy Alphamin?
1:07:00 What happens if Alphamin doesn't sell?
1:12:40 Why is the strategic review taking so long?
1:16:15 Closing thoughts

Doug Olaughlin, founder of fabricated knowledge, comes on the podcast to talk about the semiconductor space in general and then dive into his thesis on Rambus (RMBS) and why the market might be missing their big growth call option.

Fabricated knowledge website: https://www.fabricatedknowledge.com
Doug's RMBS thesis: https://www.fabricatedknowledge.com/p/a-pure-play-on-datacenter-memory?s=w

Chapters
0:00 Intro
3:00 Why semis are so compelling 
4:10 What's driving the auto / semi shortage
6:55 What Doug's seeing in the semi world
11:30 Why generalists struggle with semis
15:15 Where are we in the semi-cycle right now?
21:30 Separating semi inventory issues from long term supply coming on
31:45 How fragile is the semi supply chain
39:40 Does a crypto winter impact semis?
44:40 Diving into RMBS
56:00 What Doug is seeing the market is missing
58:30 How sustainable is RMBS's FCF?
1:02:30 Why is insider ownership so awful here?
1:06:30 RMBS's acquisition program
1:08:05 Will RMBS really own CXL?
1:14:30 closing thoughts

PJ Kurzweil, founder of PJ's SMID Cap Ideas, comes on the podcast to discuss his write up on Brunswick (BC). BC is a boat manufacturer, and PJ thinks they are too cheap and the market is missing how much more economically resilient the business is today than it was ~10 years ago.

My BC notes: https://twitter.com/YetAnotherValue/status/1529822951016497153?s=20&t=lAssCowdwRLleeF1c1ZVEw
PJ's BC write up: https://philippejkurzweil.substack.com/p/brunswick-corporation-1-pager-summary?r=1g9l5j&s=w&utm_campaign=post&utm_medium=web

Chapters
0:00 Intro
3:25 BC overview
5:15 What is PJ seeing in BC that the market's missing?
8:50 Is BC about to run into COVID pull forward headwinds?
13:25 Sizing the boat market
16:20 BC's recession risk
20:10 BC's P&A business and recurring revenue
26:00 Capital allocation and M&A multiples
30:20 BC's vertically integrated model: advantage or overblown?
33:50 BC's Freedom Boat Club optionality
38:45 Share buybacks and insider ownership
42:30 BC's improving free cash flow
45:15 Is BC bringing capacity on right as demand falls off?
47:30 Interest rate, inflation, and financing risks
51:15 Rising gas prices effect on boat demand
54:20 Vontier (VNT) and closing thoughts

Michael Fritzell, founder of Asian Century Stocks, goes through his thesis on T. Hasegawa. T. Hasegawa trades at a huge discount to its domestic peers like IFF despite similar or better growth and margins, and Michael thinks some recent changes and shareholder pressure could set the company up to rerate.

Michael's T. Hasegawa write up: https://www.asiancenturystocks.com/p/deep-dive-2022-8-t-hasegawa?s=w

Chapters
0:00 Intro
2:25 T. Hasegawa overview
6:45 Why fragrance and flavors are so sticky
9:35 T. Hasegawa's small cost to large value
15:25 What is Michael seeing that the market is missing in T. Hasegawa
17:30 Are continued lockdowns a risk to the business?
19:00 What do you need to believe for T. Hasegawa to continue to grow?
20:55 Why will T. Hasegawa realize value from their Chinese investments?
22:40 Is T. Hasegawa the classic Japanese value trap?
26:45 Are acquisitions a good capital allocation decision here?
32:50 T. Hasegawa closing thoughts
34:30 What countries does Michael think are most attractive currently?