Yet Another Value Podcast

Cove Street Capital's Jeffrey Bronchick, Principal and Portfolio Manager, and Andrew Leaf, Principal, Research Analyst, discuss their thesis on Ecovyst Inc. (NASDAQ: ECVT), a leading integrated and innovative global provider of specialty catalysts and services. Also, be sure to stick around for the last ten minutes as well to hear Jeff and Andrew's update on Viasat $VSAT.

For more information about Cove Street Capital, please visit: https://covestreetcapital.com/

Quick blurb on $VSAT: https://covestreetcapital.com/well-that-wasnt-fun/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:57] What is Ecovyst and why is $ECVT interesting?

[9:16] $ECVT core business

[16:36] Understanding the $ECVT risks

[26:51] $ECVT valuation

[34:29] CCMP and INEOS

[38:01] $ECVT Capital allocation strategy - M&A

[44:31] $ECVT customer contracts - pricing power on renew?

[47:09] Final thoughts on $ECVT - catalyst technologies section

[49:49] Recent news on ViaSat $VSAT

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Hawkins Entrekin, Founder and Managing Principal of Warden Capital, joins Yet Another Value Podcast today to discuss his thesis on Vornado Realty Trust (NYSE: VNO), a fully-integrated equity real estate investment trust. The conversation begins with an overview on the New York City real estate market in general and transitions to better understand, why, for Hawkins, he picked $VNO over other New York office-focused REITs.

For more information about Warden Capital, please visit: https://www.wardencapital.com/

You can Follow Hawkins Entrekin on Twitter @,HawkinsEntrekin here: https://twitter.com/HawkinsEntrekin

$VNO on Hawkins' substack: https://warcap.substack.com/p/on-vornado-nyc-office-market-part

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:31] What is Vornado $VNO and why are they interesting

[2:32] Are the Commercial Real Estate headlines are wrong?

[8:25] Oversupply of office buildings in New York City

[19:18] New York City real estate "doom loop"

[25:09] Why $VNO over other New York office-focused REITs

[29:02] $VNO management team - thoughts on Steve Roth

[33:01] $VNO real estate portfolio

[41:02] Penn Station area[43:17] $VNO cap rates

[48:17] Cap rates on Farley and Penn Station after amenities added

[52:03] Citadel 350 Park deal

[54:39] $VNO valuation

[1:01:55] Sell-side coverage

[1:06:09] $VNO final thoughts

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Sam Haskell, CIO of Colarion Partners and Editor of the 5 Points newsletter on Substack, is today's guest on the Yet Another Value Podcast. In the last few months, we've been covering all aspects of the financial sector, banks in particular, so we had Sam on today to get his thoughts on wide array of topics in this space, and what he's focused on in these current market conditions.

For more information about Colarion Partners, please visit: https://colarionpartners.com/

You can subscribe to Sam Haskell's Substack "5 Points", here: https://fivepoint.substack.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:45] Sam Haskell's thoughts on the financial space, in general

[4:20] Generic banks - what Sam is focusing on these days in the current environment

[6:52] Hawaiian banks $BOH

[11:08] Puerto Rican banks

[14:46] Risk of banks that have a lot of held-to-maturity loans

[18:03] Customers Bank $CUBI

[19:35] Commercial real estate

[29:04] What would Sam like to see banks do with their excess capital

[34:01] Capital One $COF

[36:40] US Commercial REITs

[39:35] Future banking vs Private credit lending

[43:35] Conversions

[48:30] Community banks and M&A

[50:10] ECIP banks

[53:21] $PCB

[57:12] SBA Lending

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Jeremy Raper, Founder of Raper Capital, is back on Yet Another Value Podcast to share his latest idea: Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and essential ingredients. On June 29, 2023, Jeremy published "An Open Letter to the Board of Alto Ingredients, Inc." on his website (link below), where he outlines strategic alternatives for the company.

For more information about Jeremy Raper and Raper Capital, please visit: https://rapercapital.com/

Jeremy's Letter to $ALTO management: https://rapercapital.com/2023/06/29/an-open-letter-to-the-board-of-alto-ingredients-inc/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:59] Alto Ingredients $ALTO background, overview and why Jeremy is interested

[14:34] Carbon capture and sequestration

[18:41] What Jeremy wants the company to do - outlines strategic alternatives

[24:53] Valuation and why $ALTO should be an acquisition target

[28:51] $ALTO political risk on subsidies

[35:00] $ALTO management risk and alignment

[42:41] Final thoughts on $ALTO

[44:52] Update on $FAR.AX

[49:07] The struggle investing in commodity-focused businesses: looking at coal and oil & gas sectors

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this June 2023 edition, Chris provides the latest news on the Activision / Microsoft antitrust case + his thoughts on the case.

For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:36] Update on Activision / Microsoft deal and antitrust case

[14:00] When is it time for the FTC need to engage in damage control?

[21:42] Activision / Microsoft trial and the speed of its conclusion and ruling

[26:05] Gaming potential outcomes if Activision / Microsoft deal hits walk date

[32:55] The odds are that the judge rules in Microsoft's favor here?

[41:15] One sentence on Uranium

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Nitin Sacheti, Founder and Portfolio Manager at Papyrus Capital, is back to update his INNOVATE (NYSE: VATE) thesis. In his first appearance on the podcast, Nitin went into detail on all segments of the INNOVATE business, a highly levered holding company with three operating segments in: Infrastructure, Life Sciences and Spectrum. The stock has been volatile of late, and as Nitin notes in the beginning of the interview, "because there's a lot in here, there's some businesses that have done better than I had originally thought they would do when we first discussed it 20 months ago." Tune in to learn more.

For more information on Papyrus Capital and Nitin Sacheti, please visit: https://papyruscapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:38] Update on INNOVATE $VATE since Nitin's first appearance on Yet Another Value Podcast (link here: https://youtu.be/eVJMeJFNXIY)

[7:21] Controlling shareholder, Avi Glazer from Lancer Capital, and how that affects $VATE

[16:41] What is going to change the $VATE story? What's tracking better than Nitin's thesis on $VATE?

[23:32] Update on the DBM segment

[27:24] Other $VATE segments that have worked better than Nitin thought they were going to play out; closer look at R2 segment and Meta Beacon segment update

[36:08] What makes the Meta Beacon platform valuable?

[40:18] Update on the Spectrum segment and how Nitin thinks about it's value

[51:22] What does Nitin think is the most likely piece for $VATE to realize value?

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Kevin Mak, CFA, Founder of Creek Drive Capital and Teacher at Stanford University of a course called, Financial Trading Strategy, discusses his thesis on Pagaya Technologies (NASDAQ: PGY), a company that uses big data and AI to look at people's credit scores and look at people's different credit factors to determine whether or not they are more credit-worthy than what would be otherwise seen in this traditional lending system.

Link to Kevin's $PGY articles on Seeking Alpha: https://seekingalpha.com/author/kevin-mak-cfa

Twitter: https://twitter.com/KevinLMak

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:42] Business overview of Pagaya Therapeutics $PGY and why is it interesting?

[7:31] What is unique about $PGY's business model

[10:11] $PGY valuation

[14:30] Why is the short interest high?

[16:21] $PGY capital requirements and addressing red flags

[21:16] $PGY business quality

[31:38] $PGY bull case scenario and what the company is projecting / Upstart comp

[38:08] Making sense of $PGY's recent financial performance

[44:00] Does $PGY have a data advantage compared to their peers / Acquisition of Darwin Homes

[49:34] Single-family home business

[51:26] Oak HC/FT investment in $PGY

[54:50] Kevin's background and his Stanford course

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Dave Johnson, Managing Partner at Caligan Partners, makes his second appearance to discuss his thesis on MorphoSys AG (FSE: MOR; NASDAQ: MOR), including: history of the company, change in business strategy from a royalty play to traditional biotech, Pelabresib clinical trials for Myelofibrosis indication and more!

For more information about Dave Johnson and Caligan Partners, please visit: https://www.caliganpartners.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:47] What is MorphoSys $MOR and why is it so interesting?

[9:58] How and why Caligan Partners got involved in $MOR

[19:34] What is Pelabresib and why Dave/Caligan are excited about this with regard to $MOR

[27:27] Clinical trial enrollment for Pelabresib / Constellation Pharmaceuticals acquisition

[33:09] Next steps for Pelabresib

[36:04] Dave's thoughts on the timing of Pelabresib being approved (if approved)

[38:25] Pressure on biotech management teams from boards to get deals done

[40:56] Probability of success of Pelabresib and how do you value $MOR as a result

[47:16] Constellation Pharmaceuticals acquisition process

[50:25] Buying back convertible bonds and why that was an accretive transaction

[52:55] Final thoughts on $MOR

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Yaron Naymark, Founder of 1 Main Capital, is back for the third time on the Yet Another Value Podcast to discuss Limbach Holdings (NASDAQ: LMB), a mechanical systems solution engineering company that focuses on HVAC systems. Yaron talks about the evolution of the company since it went public via SPAC in 2016, transitioning towards the owner direct business and away from the older general contractor business, growth through acquisition strategy, equity raise in 2021 and why he finds $LMB interesting.

For more information about Yaron Naymark and 1 Main Capital, please visit: https://www.1maincapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:57] What is Limbach Holdings $LMB and why is it interesting

[10:28] Edge in transitioning towards the owner direct business and away from the older general contractor business

[13:58] Growth through acquisition

[20:38] Maintenance contracts

[23:54] Market share for owners of infrastructure and critical infrastructure markets

[25:49] How does macro recession or commercial real estate recession affect $LMB

[30:24] $LMB's retention of employees post-acquisition

[32:26] $LMB Valuation

[37:32] Can $LMB do accretive M&A?

[41:29] Recent insider purchases

[43:25] Equity raise in 2021 - what happened and why did it receive the response that it did?

[54:24] Final thoughts on $LMB: addition to the Russell 2000 and expiring warrants

[55:37] Incorporating AI into investing and research process?

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Marc Rubinstein, Founder and Editor of the Net Interest Newsletter, is back on the Yet Another Value Podcast to have a wide-ranging discussion digging into Marc's thoughts on the current state of banks, financial sector, as well as dissecting his article on what makes Capital One $COF interesting.

For more information about Marc Rubinstein, please visit: https://www.netinterest.co/

Article on Capital One: https://www.netinterest.co/p/capital-one-buffetts-latest-banking

Article on Charles Schwab: https://www.netinterest.co/p/vivat-charles-schwab

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:50] Overall thoughts on what's going on in the financial space

[5:15] Banks are balance sheets

[9:23] Why is tangible book value good? Why can't we go to half of tangible book value for a long time?

[13:47] Activism in community banks

[16:50] Wave of bank consolidation coming?

[19:06] Advantages in small banks

[22:32] History of Capital One $COF and what makes them interesting

[33:33] Marc's thoughts on the bank failure reports and has the way banking works fundamentally changed?

[42:11] Why isn't $COF not interested in buying regional banks anymore?

[48:58] Buffet attracted to the online side of or is he actually attracted to the diversified, consumer-focused nature of these banks?

[51:39] Does Capital One have a technology / marketing advantage versus other people?

[58:06] What does the future look like for Charles Schwab $SCHW?

[1:05:39] Current valuation of $SCHW

[1:07:36] Earnings issue, not liquidity issue

[1:09:27] Are we underestimating how profitable banks will be coming out of this banking crisis?

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/