Yet Another Value Podcast

The cavalry isn't coming: UK stocks, relistings, and AI analysts | Ben Isaac, Brizo Capital

1.6K views · 1w ago · 1:03:30

Brizo Capital's Ben Isaac and I dig into the stuff we've bonded over for years: why the cavalry isn't coming to save value investors, the opportunity set in the UK, how investors can work with boards to improve governance and alignment, and whether relisting to the US actually creates value. We also get into how the analyst role is evolving as AI keeps improving.

Topics: Welcome Ben Isaac · Columbia, AI and the leg press problem · Hiring analysts: compliance, Copilot and Claude · Hallucinations and why AI expands demand for analysts · Trade shows, scuttlebutt and the student superpower · Load-bearing facts vs. the CFO's cat

October 2026 Random Ramblings

1.5K views · 2w ago · 33:24

Starbucks and Chipotle might be the merger with the fewest synergies two companies in the same industry could possibly have: different supply chains, different kitchens, you can't even put them under one roof. The only synergy is one man. Brian Niccol ran Chipotle and now runs Starbucks, so the deal only makes sense if you think he is uniquely talented enough that both brands are worth more under him.

Topics: What I'm rambling about this month · M&A brain teaser: SOLS calls off its merger · Starbucks and Chipotle: a merger with zero synergies · The only synergy is Brian Niccol · SBUX and CMG since Niccol switched · State of the markets: indices up, investors despondent

$TPB: can Turning Point Brands be the third player in nicotine pouches? | Saberpoint Capital

2.2K views · 1mo ago · 1:18:44

Guest: Saberpoint Capital

Nicotine pouches might be the best new consumer category in decades: cheap to make, high margin, and sticky once someone gets hooked, the same traits that made Philip Morris a 16.5% a year compounder for close to a century.

Topics: Welcome, and 11 years of following TPB · TPB's history: Zig-Zag, Stoker's, vapor and Standard General · The pouch launch: FRE and the Alp JV with Tucker Carlson · Why nicotine pouches look like the new tobacco · Brand loyal like cigarettes, or fickle like energy drinks? · ZYN, Velo, and where TPB fits

September 2026 Random Ramblings

1.5K views · 1mo ago · 31:30

The 10 year has gone from 4.2% at the start of the year to 4.6% in late August to 5.1% today, and the S&P is still basically touching all time highs. Interest rates are financial gravity, but I wonder if gravity works on a lag. Consumers and allocators are slow to move money from stocks to bonds, and corporates termed out a lot of 3.5% debt in 2021 to 2023 that starts rolling in 2028 to 2031. Today's free cash flow is flattered by that spread.

Topics: What I'm rambling about this month · Two stories: Muse and rates · Interest rates are financial gravity · Does gravity work on a lag? The coming debt refi wave · Index highs, pain underneath: housing, small caps, biotech · Rates and special situations: merger arb isn't free money anymore

$FOUR: Shift4 at 6.5x EBITDA. Is the organic growth real? | Emeth Value Capital

2.8K views · 1mo ago · 1:06:44

Guest: Emeth Value Capital

I push back on the two things that keep value investors out of this name. First, the growth wall: the easy share gains from mid-sized restaurants running 1999-era on-prem systems are supposedly gone, and once that funnel empties you are in a churn fight with Toast and Square.

Topics: Why Shift4 keeps attracting value investors · What Shift4 is: restaurants, hotels, stadiums, luxury retail · Payments has been a value investor graveyard · Isaacman leaves for NASA. Is the magic gone? · Card present, card not present, and what integrated payments means · Restaurants: how Shift4 assembled the vertical

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

1.7K views · 1mo ago · 1:07:26

Guest: Accrued Interest

I push back hard. Ocarina of Time is going to be a top five selling game in the world and it is a remake, which is the old Buffett line about Disney being an oil well where the oil seeps back in. Simeon's answer is that Disney kept buying new IP to refill the well and Nintendo has not, and that two to three movies a year and a dozen parks would change his mind.

Topics: The quarterly media check-in · Why Simeon is bearish on Nintendo · Remakes: is Ocarina of Time the oil well? · Memory costs and the first mid-cycle price hike · The attach rate and the Mario Kart bundle · Nintendo margins, and whether 40% is real

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

3.3K views · 1mo ago · 55:01

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 back. Not the spreadsheet edge. The one that comes from getting on a plane, spending a full day with a CEO instead of an hour, and learning to sense when something is wrong before the numbers say so.

Topics: Welcome, and why this book landed · Why Ian wrote Stock Picker · The personal book: his mother, money, and the myth of the stoic investor · Where the chapter-opening stories come from · John Madden, Vince Lombardi, and knowing one thing cold · Is the microcap playbook describing a market that no longer exists?

📚 Book mentioned: Buy the book

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

3.6K views · 1mo ago · 56:58

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 walking away with a bargain, because the starting valuations are broken. Swen Lorenz of Undervalued-Shares has spent the last few months writing open letters to UK boards telling them to stop waiting to be rescued and start pulling the levers they already have.

Topics: Swen Lorenz, Undervalued-Shares · A quarter of the LSE has disappeared · If the only exit is a takeout, is that alpha? · The levers boards refuse to pull · Boards, funds, or shareholders: who is to blame? · Active outflows everywhere, so why is the UK uniquely cheap?

Zack Buckley on $PRTH's take private

1.4K views · 1mo ago · 39:22

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 knocked the stock from seven to five. Zack Buckley wrote a public letter opposing it. His sum of the parts gets to roughly $17 a share, a simpler multiple analysis gets to $19, and the June sale of a comparable payments business at 8.3x EBITDA implies $12 against a stock trading around $5.50.

Topics: Welcome, and why I own this one · What Priority Technology is and why Zack thinks it is mispriced · The three segments, and why Treasury is the whole story · Finxera, CFTPay, and the enterprise distribution model · The payments-pocalypse: is this a melting ice cube? · The Q2 print, the guide, and the accounting complexity

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

1.5K views · 1mo ago · 48:45

Guest: Fruit Tree Capital

Topics: Alberto Vadia, Fruit Tree Capital · What is Tiendas 3B, and the Aldi playbook · Why they own it: no debt, management, compounding · What is the market missing? · Private label, 900 SKUs, and beating Walmart on ibuprofen · The stock has run: have we missed it?

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

3K views · 2mo ago · 50:54

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 organic revenue went down mid single digits, EBITDA fell 30%, guidance came down from $90m to $80m, and the stock lost half its value. Yaron Naymark of 1 Main Capital pitched me this name in June 2023, watched it 6.5x, sold most of it, and is back buying it after a 75% drawdown.

Topics: Yaron Naymark, back for round six · What Limbach is and why he is double dipping · Enron, a SPAC, and the shift from general contracting to owner direct · Called a data center winner when management said otherwise · The air pocket: tariffs, Medicaid cuts, and paused projects · Why the stock is down 50% when EBITDA is down 30%

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

3.6K views · 2mo ago · 52:03

Guest: 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 and hundreds of millions of dollars getting there.

Topics: The setup: a duopoly Europe just made mandatory · Why Hugo kept pitching this one · What Seeing Machines does, and why DMS is harder than it looks · The math: fixed opex, Europe now, Japan and the US later · The seatbelt manufacturer analogy · My pushback: what stops a new entrant or an in-house build?

Late August 2026 Random Ramblings

1.4K views · 2mo ago · 25:40

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 stocks should trade for 25x, and they sat in the mid-teens instead because the equity risk premium quietly widened from 4% to 6%. If the premium can widen when rates fall, why would it not widen again when rates rise?

Topics: What is on my mind this month · Rates screamed higher and stocks did not listen · Should the equity risk premium rise with rates? · Rising rates meet the AI data center buildout · What a 15 year data center lease is really betting on · Does higher for longer start crowding out AI capex?

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

2.5K views · 2mo ago · 29:27

Fair warning: I had AI build the slides, so do not hold the exact wording on any of them against me. If you are pitching to get hired rather than to win a contest, the companion episode is here Yet Another Value Blog

Topics: Why I made this one alone, with a deck · Why this matters even if you never enter a contest · Who am I to talk about stock pitches · Why a pitch is a free lottery ticket · Rule one: know the game you are playing · Know your judges: concentrated books, event funds, pod shops

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

1.3K views · 2mo ago · 49:44

Guest: 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 and aren't coming back, Ryanair lost its Terminal 1 slots, Delta and United keep pushing their return, and El Al has used the windfall to go from a levered balance sheet to net cash, buy nine planes off lease, and start returning capital. It trades at about 2x EBITDA.

Topics: Adam Buckstein / ASB Partners joins · What is El Al: flag carrier, October 7, a monopoly on Ben Gurion · What the market is missing: underfollowed, delevered, Turkish and Ryanair gone · My pushback: delevering on wartime profits, and the customer-float problem · The balance sheet: $2B liquidity, air traffic liability, 2023 as the clean year · Valuation: net cash, owned planes, loyalty program vs a $2B EV