Yet Another Value Podcast

$NTDOY: is Nintendo's flywheel actually there? | Accrued Interest

Nintendo's flywheel is not there. That is Simeon McMillan's call, and it is the one that has media longs emailing me. His case: Switch 2 is the best console launch in his

Ian Cassel on Stock Picker, the book that blew me away | MicroCapClub

Ian Cassel has been picking microcaps for twenty years, and his argument in Stock Picker is that the edge everyone assumes has been arbitraged away is actually coming bac

UK stocks are dirt cheap. Why won't the boards act? $ZIG $CRW | Undervalued-Shares

A quarter of the companies on the London Stock Exchange's main board have disappeared in four years. Private equity keeps paying 50 and 60 percent premiums and still walk

Zack Buckley on $PRTH's take private

In November 2025 Priority Technology's (PRTH, disclosure: long) chairman and CEO offered to take the company private at $6.00 to $6.15 a share, two days after a bad print

$TBBB: Tiendas 3B is Mexico's Aldi. Is it too late to buy? | Fruit Tree Capital

Tiendas 3B has more than 3,700 stores in central Mexico, opens roughly 150 more every quarter, and earns its money back on a new store in about two years. It is the Aldi

$LMB: Limbach missed the data center boom. Is that the opportunity? | 1 Main Capital

Limbach spent three years turning itself from a general contractor into an owner direct services business, and the market loved it right up until this summer. Then organi

$SEE.L: Europe just made this duopoly mandatory. Why is it 11x free cash flow? | Hugo Navarro

Every new car sold in Europe now has to watch the driver's face. Two companies in the world can actually do it, Seeing Machines and Smart Eye, and they spent twenty years

Late August 2026 Random Ramblings

Rates just screamed to 20 year highs and stocks have barely blinked. That looks to me like the mirror image of the mid-2010s, when Treasuries yielded 2%, the math said st

How to win a stock pitch competition | lessons from an Ira Sohn winner

School is starting, which means a dozen college and MBA teams are about to email me asking how to win their stock pitch competition. So I made the answer. The core of it:

$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners

El Al ($ELAL), Israel's flag carrier, has spent three years as close to a monopoly on flying in and out of Ben Gurion as an airline ever gets. Turkish and Pegasus left an

$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital

Nubank ($NU) has 140 million customers, roughly 60% of Brazil's adult population, an efficiency ratio around 20% versus 40-60% at the legacy banks, and ROEs in the 30s. E

$DNOW: the boring distributor that could double on 2029 numbers | Firebird Management

DNOW spun out of National Oilwell Varco at $35 in late 2014. A year later it was $13. Today it is around $16. Steve Gorelik's argument is that ten years of that chart is

$HIMS: Paul Cerro wouldn't trust the CEO to walk his dog. He's still long. Why? | Cedar Grove

Paul Cerro was long Hims & Hers in 2024, short it through the compounded GLP-1 unwind, and covered when the stock broke $14 after Q1. He's long again, and his thesis has

August 2026 Random Ramblings

Strategy filed an 8K this morning: they sold $300 million of stock, sold $100 million of bitcoin, and put the proceeds into buying back roughly $80 million of their own p

Management interviews: the most underdeveloped skill in investing | Ross O'Toole

Management interviews might be the most underdeveloped skill in fundamental investing. Ross O'Toole has been investing for 25 years and read over 500 investment books, an

July 2026 Random Ramblings

Investing is a game of arrogance. The base rate when you buy any stock is that it just does the market return, so every position you hold is a bet that you know something

$LNW: a slot machine oligopoly at half Aristocrat's multiple | Zack Buckley

Light & Wonder ($LNW) is one of three companies in the slot machine oligopoly, with 70%+ recurring revenue, and it trades at 7-8x EBITDA while Aristocrat, its closest pee

$PRKS: SeaWorld, an 8% cash yield, and a possible 80% short squeeze | Hawkins Entrekin

United Parks ($PRKS) owns SeaWorld and Busch Gardens, trades around 8x EBITDA with an 8%+ unlevered cash yield, and is plowing basically 100% of free cash flow into buyba

$CBZ: stop the buybacks and restart the M&A flywheel? | Reference Equity

Ryan Bunn (Reference Equity) has a public proposal for CBIZ ($CBZ): stop buying back stock at 9x earnings and restart the M&A flywheel that compounded revenue at 13%/year

Adam Wyden: buying someone else's pain in Stagwell $STGW and Driven Brands $DRVN | ADW Capital

Adam Wyden runs one of the most concentrated books I know, and he came on to make the case for two stocks the market has basically left for dead: Stagwell ($STGW) and Dri