Yet Another Value Podcast

Zack Silver, an analyst at B. Riley, recaps what happened at Liberty Media's Investor Day, including Liberty's bullishness for tech companies, Liberty's plan to launch a SPAC, and how Liberty has handled the pandemic overall. Then, we discuss his newest coverage, CuriosityStream (CURI), a new streaming service that recently went public through a SPAC.

Chapters
0:00 Intro and Background
3:30 What separates the best buy-siders Zack interacts with
7:00 Shentel (SHEN): the most interesting stock in Zack's universe
9:20 WideOpenWest (WOW): the most undervalued name in his coverage
11:30 Takeaways from Liberty Investor Day
14:20 Liberty SPAC discussion
21:40 Does Liberty have tech platform envy?
23:10 How did Liberty respond to the pandemic? Were they aggressive enough?
25:50 Zack's bull case for SiriusXM (SIRI)
28:00 Brief technical issues causes Andrew to slightly panic
28:45 Technical issues end, panic stops, SIRI bull case resumes
36:59 CuriosityStream (CURI) background and overview
40:34 Why would someone pay for CURI when they have Netflix?
44:30 Is CURI better as an acquisition target than standalone?
51:41 Can CURI succeed if Discovery gets more serious about D2C?
56:50 Is Zack more worried about Discovery or Netflix competing with CURI?
1:02:10 If CURI works, what do they look like three to five years from now?

Tim Bergin is a value investor and the founder of On Beyond Investing (https://onbeyondinvesting.com/). In this episode, he discusses his background, why he sees value in the banking space and specifically in the First Citizen (FCNCA) / CIT merger, and how consolidation could drive upside in the Irish banking market

Tim's Twitter: https://twitter.com/onbeyondinvest
On Beyond Investing: https://onbeyondinvesting.com/

Chapters
0:00 Intro
1:35 Tim's Background (and cold water swimming)
5:35 Tim's evolution from credit analyst to value investing
8:50 Seeing value in financials and mining / commodity stocks
17:40 How to spot uninvest-able bad banks
27:55 Tim's Favorite Uranium Stocks
30:05 First Citizen's (FCNCA) / CIT merger overview
37:00 Synergies from the merger and why it's so accrettive
44:00 Could a large bank spin off a high multiple fintech company?
47:30 Overview of the Irish banking market and why consolidation could benefit investors

On November 10th, Great Canadian Gaming (GC) announced a deal to sell themselves to Apollo (APO) for $39/share. On the subsequent earnings call, shareholders immediately revolted, with several of GC's largest shareholders telling the company they would not vote for the deal because they thought the deal substantially undervalued the company.

One of those shareholders was Chris Colvin from Breach Inlet Capital. In this episode, Chris comes on to discuss why he sees so much value in GC, why he thinks shareholders should vote this deal down, and what comes next for GC if the Apollo deal is voted down.

Chapters
0:00 Intro
1:15 Chris and Breach Inlet's background
3:55 How Chris approaches shorting
7:40 Why Chris sees value in timeshares and Canadian companies
12:00 Great Canadian overview and background
20:10 Why Chris thinks GC can earn $6/share in the near future
28:30 How the company signaled they were undervalued pre-COVID
30:30 Why Apollo's "big premium" bid isn't that big
43:15 Why the Apollo deal seems designed to low ball shareholders
52:30 GC's economic sensitivity (or lack thereof)
55:00 Timeline for Apollo deal and expectations for how it plays out
1:00:45 How GC could structure a deal that Chris would vote for

Breach Inlet website: http://www.breachinletcap.com/

Jonathan Boyar and Shrey Patel from the Boyar Value Group discuss their firm's background and their process for finding stocks trading for less than private market value. Then, we dive deep intro four of their favorite stocks: MSGE (owns Madison Square Garden), MSGS (the Knicks and Rangers), IAC (Barry DIller's holding company), and ANGI (homeadvisor + angie's list). Topics include why James Dolan isn't as bad a manager as you think, why MSGE's Sphere expansion might not be a disaster, IAC's pending Vimeo spinoff, and what the market is missing on ANGI.

Boyar Website: https://www.boyarvaluegroup.com/
Boyar Twitter: https://twitter.com/BoyarValue
Boyar Podcast: https://www.boyarvaluegroup.com/world-according-boyar-podcast/

Chapters
0:00 Intro
1:20 Boyar Group Background
3:30 2008's market versus 2020's
6:10 Why MSGS trades for less than its parts
18:30 Why do value investors love IAC?
20:30 ANGI bull case
36:20 Why IAC is spinning Vimeo
42:50 What IAC sees in MGM
47:45 Plans for IAC's huge cash balance
51:15 Thoughts on IAC's management and succession plan
54:05 Thoughts on IAC's other businesses

Mike Melby, Founder and Portfolio Manager at Gate City Capital, comes on to discuss his background and his investment into Amrep (AXR), which his firm owns 18% of.

Gate City Capital website: https://www.gatecitycap.com/

Show Chapters:
0:00 intro
1:00 Mike's background
22:45 Amrep's history
29:30 How Mike thinks about Amrep's land
55:15 Walkthrough of Amrep's Sum of the Parts (SOTP)
1:12:30 Amrep's recent big repurchase

Ryan O'Connor, founder of Above Average Odds Investing and Crossroads Capital, discusses his bull thesis on Nintendo. Our discussion focuses on all of the optionality Nintendo has, including what would happen if Nintendo licensed their games to Microsoft or Sony, how Nintendo cold roll out a subscription style business, and the upside as Nintendo continues to expand their IP into theme parks, movies, and TV shows. We also talk about the company's mobile strategy and how the continued evolution of Mario Kart World Tour could lead to a huge hit.

We also discuss his background and his investing style, including his big win this year investing in Gan.

You can find Crossroads Capital 2018 Annual Letter (which includes its Nintendo bull case) here: https://bit.ly/34pKpSR

Stanford Wyatt from August Partners and Rational Research  discusses his background in investing and his investment thesis on Nordstrom and The Tile Shop.

Rational Reserach: https://rationalresearch.substack.com/

Abdullah Al-Rezwan from Mostly Borrowed Ideas (https://mbi-deepdives.com/) comes on the pod to talk about his new service and his recent deep dive that left him bullish on Etsy.

You can find Abdullah on twitter here: https://twitter.com/borrowed_ideas

Our first threesome was such a success, we decided to do it again! Dan and Matt come back on to discuss all of the updates on the BMY CVR since our first post; in particular, we discuss Dan's due diligence that suggests an FDA inspection is on going. 

PS- CVR's are risky and nothing on here is investing advice.

You can find our first threesome here: https://twitter.com/AndrewRangeley/status/1305835912975261697?s=20

My updated take on the CVR here: https://yetanothervalueblog.com/2020/10/bmy-cvr-an-inspection-inflection-bmyrt.html

Twitter handles: 
Matt: Given2Tweet (https://twitter.com/given2tweet)
Dan: Sheep of Wall Street (https://twitter.com/Biohazard3737)

Edwin Dorsey, the founder of the Bear Cave, comes on to talk about short selling, his new newsletter, and his recent report highlighting the red flags at Celsius. Fun fact: Edwin estimates he represents ~1% of the FOIA requests in the U.S.

Edwin's twitter: https://twitter.com/StockJabber
Bear Cave newsletter: https://thebearcave.substack.com/