Shomik Ghosh, Partner at Boldstart Ventures, joins the podcast for the second time to discuss his thesis on Kelly Partners (ASX: KPG / OTCQX: KPGHF), a specialist chartered accounting network established in 2006 to provide a better service to private clients, private businesses & their owners, and families.

For more information about Shomik Ghosh and Boldstart Ventures, please visit:https://boldstart.vc/

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[2:20] Who is Kelly Partners and why they are so interesting to Shomik

[5:31] What is Shomik seeing that the market is missing with Kelly Partners

[9:09] $KPG's secret sauce for rolling up accounting firms / incentive risks / back office secret sauce that $KPG can do that PE firm can't

[23:36] International expansion / is there enough growth runway of acquisitions

[30:27] Why not relist in US from Australia?

[37:10] Expanding into other areas outside accounting / AI tail risk

[46:49] Management

[52:13] Why are they so focused on McDonald's

[55:22] Final thoughts

[57:26] What does Shomik think would be the cause for the thesis breaking with Kelly Partners / how does Shomik look at fair value here

[1:02:24] Quick thoughts on Match Group

Today's sponsor: Daloopa

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Aaron Chan, Founder and Managing Partner at Recurve Capital LLC, joins the podcast to discuss his thesis on Carvana Co. (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars.

For more information about Aaron Chan and Recurve Capital, please visit: https://recurvecap.com/

Carvana - Recurve’s Response to Hindenburg’s Short Attack (article): https://recurvecap.com/insights/carvana-recurves-response-to-hindenburgs-short-attack

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:20] What is Carvana and why are they so interesting to Aaron

[5:00] What is Aaron seeing with $CVNA thesis that that the market is missing; differentiated view on CVNA

[9:39] Why the volatility and addressing that fear; factors for the wild swings

[16:49] Competitive analysis - why is no one copying the $CVNA model

[22:44] How much of an advantage is the national level of $CVNA's exposure

[26:47] Brand building / advertising

[30:30] $CVNA economics

[37:09] Why are so many short sellers attracted to $CVNA

[52:18] What Aaron thinks would be the reason $CVNA thesis doesn't work 3-5 years from now; downside risks to thesis

[57:05] Can $CVNA profitably serve rural places and discussion on valuation

[1:03:50] Why isn't every used car dealer dead and final thoughts

Today's sponsor: Daloopa

Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can.

Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition.

Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.

Yaron Naymark, Founder of 1 Main Capital, is back for the fifth time on the podcast to provide an update on his thesis for International Workplace Group plc (LSE: IWG), and how he overcomes the general investor skepticism associated with the company.

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

Yaron's original YAVP appearance talking $IWG.L: https://www.youtube.com/watch?v=QmVjVOoG6Sc

Yaron's last YAVP appearance talking $IWG.L (June 2024): https://www.youtube.com/watch?v=FkZng2PSdxM

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:31] Overview of $IWG.L and why it's interesting to Yaron

[10:36] Valuation

[13:42] Franchisees happiness levels with IWG / IWG's "secret sauce"; competitive advantage

[21:44] Funding is an obstacle? / RevPAR

[33:00] Overcoming general investor skepticism

[44:36] Recent transactions in the IWG (shared space) industry, and what that means for IWG valuation / why doesn't Regis own WeWork right now

[53:15] Valuation

[57:02] What the most likely reason Yaron thinks the thesis doesn't play out / final thoughts

Today's sponsor: Daloopa

Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can.

Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition.

Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.

Rory Wallace, Chief Investment Officer at Outerbridge Capital, joins the podcast to discuss his thesis on Allot Ltd. (NASDAQ: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide.

For more information about Rory Wallace and Outbridge Capital, please visit: https://www.outerbridgecapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:06] What is Allot $ALLT and why is it so interesting to Rory

[7:22] What is Rory seeing with $ALLT thesis that that the market is missing

[12:11] Fundamental question RE: vendors and vendor stickiness with Verizon partnership

[20:51] Why are customers signing up for Verizon security service vs. something else

[27:34] What drove $ALLT run in stock price in last couple months

[30:44] What is different this time with the $ALLT pitch vs. past write-ups on VIC

[34:55] Management

[39:10] Is there a chance that AT&T would use the same CCAS provider as Verizon (Allot)

[43:36] Shareholder mindset of the company

[46:07] $ALLT valuation

[48:22] Competitive landscape

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280

Alex Morris, Author of "Buffett and Munger Unscripted" and Owner & Analyst at TSOH Investment Research, joins the podcast to discuss his first book, "Buffett and Munger Unscripted."

You can buy your copy of Alex's new book, "Buffett and Munger Unscripted" here: https://amzn.to/4asUWNi

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[3:03] Why Alex decided to write "Buffett and Munger Unscripted"

[7:53] When did the repetition build up (speaking to organization of the book)

[10:23] Incentives and ethical guardrails

[21:10] Biggest differences about Buffett over the last 20-30 years

[29:53] Nike

[39:14] Is there an industry that Berkshire hasn't really invested in after all of Alex's research

[41:56] Wal-Mart and Costco

[45:27] Predictability and cyclical businesses

[49:11] Alex's view of Buffett's thoughts on the market these days

[51:55] Parallels between Berkshire to Markel

[55:42] Banks

[1:04:22] Andrew's thoughts on Academy Sports + Outdoors, and the space in general

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280

In this bonus episode, Andrew and Byrne Hobart from The Diff discuss the 2008 book More Than a Numbers Game See Byrne's writing at: https://www.thediff.co/ More Than a Numbers Game on amazon: https://amzn.to/4ajREfe

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In today's episode of the Yet Another Value Podcast, Host, Andrew Walker, shares his thesis and presentation on the YAVB 2025 Idea of the Year: Full House Resorts $FLL, owns, leases, develops and operates gaming facilities throughout the country.

For more information and to subscribe to the Yet Another Value Substack, please visit: https://www.yetanothervalueblog.com/

Disclosure: long FLL

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:35] Introduction to the Idea of the Year of 2025

[3:07] Quick overview of YAVB Idea of the Year: Full House Resorts $FLL and how to win at regional gaming case study

[18:11] Why $FLL interesting/unique opportunity to Andrew

[23:38] Why did $FLL invest in Chamonix

[25:52] $FLL portfolio casino: American Place

[28:22] Upside / what are we playing for

[30:39] Why does the $FLL opportunity exist

[36:06] The new markets already ramping: American Place and Chamonix

[40:53] Risks: Chamonix Ramp, American Place Lawsuit

[50:50] Unlocking Value in $FLL: sale leasebacks

[56:47] Unlocking Value in $FLL: M&A

[1:01:11] Synergies (if a strategic were to buy $FLL)

[1:02:57] Final thoughts

Today's sponsor: Daloopa

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Welcome to the December 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: Yet Another Value Empire, reflecting on investing focus for 2025, Parallels between Athletics and Investing and Incentives.

Chapters:

[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Fintool

[2:34] Yet Another Value empire and reflecting on investing focus for 2025

[11:32] Parallels between athletics and investing

[18:16] Incentives

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280