Yet Another Value Podcast

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.”

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[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 update

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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.

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[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 chat

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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.

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[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-up

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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.

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[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-up

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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.

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[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 conversation

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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.

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[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 reflections

Links:

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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

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[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 remarks

Links:

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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

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[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 remarks

Links:

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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/

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[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 catalyst

Links:

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