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

Asif Suria, Author of "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market" and Founder and CEO at Inside Arbitrage, joins the podcast for the second time to discuss his thesis on Pebblebrook Hotel Trust $PEB, as well as his thoughts on insider activity post-election.

You can buy your copy of Asif's new book, "The Event-Driven Edge in Investing: Six Special Situation Strategies to Outperform the Market" here: https://www.amazon.com/Event-Driven-Edge-Investing-Strategies-Outperform-ebook/dp/B0CN3PF1SW?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.1zuikMLb5MN1aQVWodj1ww.Nui4P_rilsWES5p1FNmoTnd5v0myqxSeQautyazGgno&qid=1715709920&sr=8-1&linkCode=sl1&tag=andrew613880e-20&linkId=376c305fd243b22988ebba35edf5ecee&language=en_US&ref_=as_li_ss_tl

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:13] What is Pebblebrook Hotel Trust and why are they interesting to Asif

[6:18] Insider purchases at Pebblebrook Hotel Trust

[9:44] What Asif is seeing with Pebblebrook Hotel Trust that the market is missing

[13:56] $PEB portfolio

[18:56] Management claim on 11-14% ROI growth investment / NAV numbers from their November 2024 investor presentation

[23:20] Competitive landscape - why $PEB over other hotel companies / Share buybacks

[28:07] What keeps Asif up at night about his $PEB thesis and investment

[29:50] Management incentives

[36:12] AirBnB risk?

[37:59] Special Situations in general: What have insiders been looking at post-election / sectors Asif is seeing a lot of insider buying currently and elevated insider selling

[44:28] Spin-offs

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

Jake Barfield, Founder & Portfolio Manager at Asheville Capital Management, joins the podcast to share his thesis on InPost Group, Europe’s leading e-commerce logistics enabler.

Jake Barfield's write-up on InPost: https://jakebarfield.substack.com/p/inpost-inpst-investment-thesis

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:23] What is InPost and why are they interesting to Jake

[4:24] What Jake is seeing with InPost that the market is missing

[5:46] Push back on Jake's thesis + European parcel delivery differences to US

[14:48] Relationship with Allegro

[20:27] Why aren't landlords sticking it to InPost

[23:55] Competitive analysis

[34:32] Market penetration; Polish market and how they are trying to gain market share in UK and France

[45:06] Valuation

[55:26] Call options and gamification of customer experience

[1:00:56] Advent involvement; how does Jake think about empire building risk

[1:05:45] What would have to happen for InPost thesis to not work and final thoughts

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/**.

Eric Speron, Managing Director of Equities, PM of First Foundation Total Return (FBBYX) at First Foundation, Inc., joins the podcast to share his thesis on Lagardere SA (MMB.PA), an international group with operations in more than 40 countries worldwide. The Group focuses on three divisions: Lagardère Publishing (Books, E-Books, Partworks, Stationery, Board Games and Mobile Games), Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion and Dining) and Lagardère News (Le Journal du Dimanche, JDNews and the Elle brand licence). The Group’s operating assets also include Lagardère Live Entertainment and Lagardère Paris Racing.

Eric Speron's Linkedin: https://www.linkedin.com/in/eric-speron-cfa-09925a3/

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[2:31] What is Lagardere SA (MMB.PA) and why is it so interesting to Eric

[6:12] What is Eric seeing with Lagardere SA (MMB.PA) that the market is missing

[8:54] Vivendi's spin off of ownership stake in Lagardere in December

[13:21] Publishing business and growth catalysts

[28:25] Travel retail business and the opportunity here

[36:28] What does the sum of the parts look like; valuation question

[41:07] How does Eric think the spin off will play out

[47:44] Final thoughts

Today's sponsor: Daloopa

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Welcome to the November 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: Quick thoughts on the election, polymarket, what investors do to stay on top of their game, Investing blind spots: financial engineering and existential risks.

Chapters:

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

[1:57] Quick thoughts on the election, market reactions

[6:35] Polymarket

[9:48] What do top investors do that mirrors NBA players that spend millions on their body management to stay at the top of their games

[13:20] Investing blind spots: financial engineering, existential risks

Today's sponsor: Daloopa

Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa.

Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style.

Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research.

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Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Focused Fund, joins the podcast for his third appearance to share his thesis on SECURE Energy Services Inc. (TSX: SES), a leading waste management and energy infrastructure company.

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:48] What is Secure Energy Services $SES.TO and why is it interesting to Chadd

[4:56] What is Chadd seeing with $SES.TO that the market is missing

[6:46] $SES.TO's recent run-up, catalysts, acquisitions

[15:53] Risk that Western Canada is drilling a lot less oil in the future

[19:15] Capital allocation / changing the corporate name

[24:58] Continue aggressive buy-backs or focus on tuck-in acquisitions

[29:30] Customer insourcing potential

[31:40] Waste processing facilities, waste businesses; why haven't people picked up on this aspect of the story thus far

[36:00] Bought a lot of assets in distress; what has happened that drives those assets in distress that's not a risk here?

[37:46] Separation of businesses argument

[40:55] Scenarios for why $SES.TO thesis doesn't work out / final thoughts

Today's sponsor: Daloopa

Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa.

Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style.

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Todd Wenning, CFA, President and CIO at KNA Capital Management, joins the podcast to discuss his thesis on Ecolab Inc. (NYSE: ECL), a global sustainability leader offering water, hygiene and infection prevention solutions and services.

For more information about KNA Capital Management, please visit: https://www.kna-capital.com/

To subscribe to Todd's newsletter, Flyover Stocks, on Substack, please visit: https://www.flyoverstocks.com/

You can Follow Todd Wenning on Twitter/X @ToddWenning: https://x.com/ToddWenning

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:24] What is Ecolab $ECL and why is it interesting to Todd

[3:38] What is Todd seeing that the market is missing with $ECL

[6:30] $ECL achilles heel and how they are addressing that / understanding the upside

[12:33] $ECL business and major drivers for growth

[20:11] Water vertical / why Ecolab's products and services are critical to data centers, hospitals

[26:29] Does it make sense for $ECL to have all these businesses under one roof?

[29:22] Cintas comparison: market penetration / has $ECL ever lost a QSR?

[36:18] Insider ownership and incentives / Bill Gates investment, starting to sell through Cascade

[45:47] Debate on AI and automation with Ecolab

[51:37] Difference between Ecolab and Cintas or Costco

[57:16] What would cause $ECL to regress to the mean

[1:00:57] $ECL Final thoughts

Today's sponsor: Daloopa Hey there, fundamental analysts - Are you tired of the endless grind of updating financial models, scrubbing documents, and hard coding? Let’s talk about something that could transform your workflow—Daloopa.

Daloopa delivers perfect historicals for thousands of public companies. That means every KPI, operating data, financial metric, adjustment, and guidance—all at your fingertips. And here’s the best part: Daloopa updates your models in near real-time, which is especially important during earnings season, tailored to your modeling format and style.

Imagine never having to update your models again. With Daloopa, you can reclaim your time and focus on what really matters—analysis and research.

Want to learn more? Create a FREE account at Daloopa.com/YAV

Welcome to the October 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: being in the room with good investors, geopolitical risks, oil & energy shortages and follow up to September 2024 ramblings on probabilities.

Chapters:

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

[2:29] Being in the room with good investors

[6:35] Geopolitical risks

[11:16] Oil/energy shortage

[15:06] Follow up to September 2024 ramblings on probabilities

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

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