In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Darren McLean of Muddy Waters about investing in the mining sector. Darren shares how informational edges and a deep understanding of data can yield outsized returns in a space often overlooked by generalists. They discuss the inefficiencies in mining markets, the value of unconventional data analysis, and why mining offers compelling alpha for those willing to do the work. Darren also explores the evolution of mining capital, the brain drain in the industry, and the outsized rewards of discovering and developing world-class assets. Tune in to uncover the realities of resource investing and how expertise can change the game.

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[00:00:00] Andrew introduces podcast and Darren McLean

[00:03:15] Why Darren sees alpha in mining

[00:04:50] Examples of unconventional data collection

[00:07:46] Darren discovers major inefficiency firsthand

[00:10:23] Lack of diligence in asset qualification

[00:15:51] The post-China supercycle mining collapse

[00:20:57] Why mining offers inevitable investment returns

[00:24:03] The Bre-X scandal and manipulation

[00:27:42] Why supermajors avoid early-stage projects

[00:31:26] When site visits are essential

[00:38:47] Brain drain and generational void in mining

[00:39:18] Can generalists invest in mining successfully?

[00:43:17] Montage Gold: A re-rate case study

[00:46:17] Value of strong reputations and strategic entry

[00:51:13] Darren’s track record and strategy success

[00:53:36] Why mining gives clear investment feedback

Links:

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 Nic Bustamante, founder of FinTool, an AI-powered platform designed for equity analysts and investors. They probe how AI is transforming investment workflows, from memo creation to screening and qualitative analysis. Nic shares examples of institutional adoption, discusses nuanced challenges like bias in management conversations, and forecasts how AI could evolve investor roles. Whether you're deeply entrenched in AI or just starting out, this episode provides grounded insights into its growing role in finance.

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[00:00:00] Andrew introduces podcast and guest

[00:01:50] Nic explains AI task delegation

[00:04:10] Home Depot memo AI example

[00:06:59] Uploading memos to train AI

[00:08:13] Pattern matching with past investments

[00:10:39] Small sample size challenges

[00:13:10] Buffett’s approach vs. LLM potential

[00:16:08] Investing skill shifts with AI

[00:18:00] Qualitative work amplified by AI

[00:21:19] Gumshoe research vs. AI insights

[00:23:21] Amplifying analyst strengths with AI

[00:25:59] AI freeing up research time

[00:27:37] Future of autonomous investment agents

[00:30:10] Training AI with personal track record

[00:31:59] Data diversity needed for edge

[00:33:38] Qualitative investing with AI portfolios

[00:36:02] AI advantages in news trading

[00:37:36] Losing insight through automation

[00:39:21] Hybrid strategy using AI summaries

[00:41:40] Identifying non-standard compensation

[00:42:53] Spotting off-cycle stock grants

[00:45:36] Edge cases needing human oversight

[00:47:48] Tesla and extreme market narratives

[00:49:22] Fragility of company valuations

[00:51:16] Reliability of company filings

[00:53:31] Expanding Fintool’s data sources

[00:54:11] When and why to upload documents

[00:56:25] Private data and unique uploads

[00:58:14] Bias risk from selective inputs

[00:59:38] Recording calls for richer context

[01:00:23] Generating insightful questions with AI

[01:01:35] Framing management conversations for AI

[01:02:49] Extracting insight through competitor focus

[01:03:46] Using peers to understand companies

[01:04:43] Keeping pace with fast AI evolution

[01:07:02] AI as necessary but not sufficient

Links:

Yet Another ValueBlog: https://www.yetanothervalueblog.com

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

FinTool:https://fintool.com/

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Doug Garber, founder of the Pitch the PM podcast, to dissect Mammoth Energy (TUSK). They explore TUSK's mammoth (pun intended) cash holdings relative to its market cap, past challenges including fracking and Puerto Rico operations, and the implications of recent asset sales. Doug shares insights into TUSK's business segments, corporate governance under Wexford, and potential capital allocation strategies. They also discuss the strategic outlook with the upcoming CEO transition.______________________________________________________________________[00:00:00] Podcast introduction and episode setup[00:02:06] Doug Garber joins the discussion[00:02:51] Overview of Mammoth Energy's business[00:05:14] Settlement cash inflow explained[00:06:59] Market mispricing and cash outlook[00:10:00] Investor skepticism around Puerto Rico[00:14:07] Corporate governance and Wexford's role[00:18:02] Discussion on capital allocation strategy[00:24:32] Business transition from energy to industrial[00:30:24] Aircraft purchase controversy analyzed[00:34:16] Interim CEO and leadership transition[00:36:51] Expectations for new CEO direction[00:42:06] Valuation from appraised asset values[00:45:35] Wexford's investment performance evaluated[00:46:00] Downside protection and risk assessment[00:50:21] Final thoughts and wrap-upLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer