Yet Another Value Podcast

A market that refuses to go down, AI coming for the investor's job, and MicroStrategy quietly becoming the entire preferred-equity market. Andrew's monthly ramble across five things he can't stop thinking about: stretched memory valuations, a hyper-concentrated tape, mental flexibility, and the cycle nobody believes can break.
This episode is sponsored by Fiscal.ai. Modern financial data for global equities, with a self-serve API that plugs fundamentals and prices straight into your LLM and updates within minutes of earnings, not days. Get 15% off at https://fiscal.ai/yav
Chapters:
00:00 Five things I'm rambling on this month
01:58 Sponsor: Fiscal.ai
03:16 "We'll never have problems again": a market that won't quit
04:56 Energy and oil: the worries the market keeps shrugging off
06:00 AI, space plays, and stretched memory valuations
09:54 Five stocks, half the S&P's gains
10:51 Is AI coming for the investor's job?
13:08 The counterpoint: 200-IQ machines and more fragile markets
16:10 Mental flexibility: why your old letters predicted your AI take
20:04 Why "the cycle is dead" always worries me
21:42 MicroStrategy is the preferred-equity market now
24:45 The CFO signal: leaving a big company for a small one
Links:
Yet Another Value Blog - https://www.yetanothervalueblog.com
See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Celsius trades at ~20x earnings while growing ~18% a year, cheaper than Monster (~34x) and even Coke (~25x) despite faster growth. The Pershing Square Challenge third-place team makes the long case for $CELH: the market is sleeping on the Alani Nu acquisition, and their 500-person proprietary survey says the brand loyalty is real. Andrew pushes back hard on the Costco/Kirkland private-label threat, the heavy reliance on Pepsi distribution, and whether energy drinks are just the next "protein" fad waiting to be disrupted.
CELH pitch deck: https://www.dropbox.com/scl/fo/rsyotzf7g2efkj9rfmg23/AHHk4_h_6CU12R-dTrAOtH4?rlkey=664lkpggv77rwkzh3rh78826q&e=2&st=0s4tiwjy&dl=0
This episode is sponsored by Trata. Trata is buy-siders interviewing each other; it is the fastest way I know to ramp up on a name. See a sample here: https://www.trata.com/celh
Chapters:
0:00 Why energy drinks (and Celsius) are a passion
1:13 Sponsor: Trata
2:46 Meet team Celsius, third place at the Pershing Square Challenge
4:23 Why they picked Celsius for the pitch
7:19 The setup: ~20x earnings, ~18% growth, an underpriced Alani
8:47 Why the market is discounting Celsius
10:09 The Costco/Kirkland private-label crash, and the rebuttal
12:26 Andrew's pushback: don't loyal buyers just order in bulk?
16:14 The proprietary 500-person survey
18:48 Distribution vs. brand: is the survey actually a bear case?
22:31 The Pepsi relationship: Rockstar, the 11% stake, and the risk
26:08 The Alani acquisition: sugar high or smart capital allocation?
31:24 Are energy drinks the next protein? The fad debate
38:40 Valuation: the Coke and Monster arbitrage
43:38 Wrap-up
Links:
Yet Another Value Blog - https://www.yetanothervalueblog.com
See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Team Baker Hughes, the second-place finishers in the 2026 Pershing Square Challenge, discuss their Baker Hughes thesis and why they believe the market hasn't fully appreciated the company's evolution from a cyclical oil field services business. They discuss how the long runway for the IET business, and they back their thesis up with 30+ expert calls, a trip to the Western Turbine Users conference, and a sum-of-the-parts case that leans on growth, not multiple expansion.
See the team's full pitch deck here
This episode is sponsored by Trata. Check them out at https://www.trata.com
Chapters
0:00 Intro and sponsor
2:21 Meet Team Baker Hughes
4:39 Why they backed into Baker Hughes
6:56 Watching the stock run from $45 to $65 mid-pitch
7:21 The differentiated work: 30+ expert calls and the turbine conference
8:27 The two businesses: oil field services vs. industrial energy technology
10:10 What the market is missing on the IET transformation
12:56 Is this just another cycle? The chart hit $65 three times
13:59 Why this gas turbine cycle is structurally different
17:01 AI as a distraction: onshoring and electrification
17:51 The installed base flywheel and recurring service revenue
21:13 The three turbine segments and the supply chain squeeze
23:34 Honoring 70-year customers vs. mercenary pricing
27:44 Valuation: a sum-of-the-parts story, not a multiple story
29:36 The Chart acquisition: can they really double their money?
34:56 The GE merger history and the GE Aero Alliance today
38:27 Management, alignment, and insider ownership
42:41 The C3 AI anecdote and wrap-up
Links:
Yet Another Value Blog - https://www.yetanothervalueblog.com
See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

The winners of the Pershing Square Challenge 2026 discuss their Doordash pitch, including why the growth story still has room to run (and the 90 primary research calls they made to back up that call). We get into durable US restaurant growth, why new verticals and international could inflect to profitability earlier than the street models, the underappreciated opex leverage, their proprietary Wolt case study, the Tony Xu bet, and why they think the Citrini AI-agent thesis on DoorDash is overblown.
This episode is sponsored by Trata. Check out their DASH transcript at https://www.trata.com/dash
Team DASH presentation:
ZK's LinkedIn
Aaron's LinkedIn
Elliot's LinkedIn
Chapters
00:00 The Pershing Square Challenge and team DoorDash
01:14 Sponsor: Trata
02:50 Meet the team: ZK, Elliot, and Aaron
05:40 Why they picked DoorDash out of the screen
10:10 The bull case in three parts
11:20 US restaurant growth: still the middle innings?
13:20 Demographics as a tailwind
17:50 Order frequency and the China comp
21:00 Valuation: $70B cap, adjusted EBITDA, and the path to $320
25:35 The real downside: competition, Amazon, bundled memberships
29:50 The ~90 primary research calls
33:35 New verticals and the grocery economics
38:10 A DoorDash bet or a Tony Xu bet?
41:40 Management comp and alignment
43:45 International: the Wolt case study and Deliveroo
47:00 The tech-stack reinvestment cycle
51:00 Sylvie makes her podcast debut
51:20 Citrini and the AI-agent threat
56:20 Wrap
Links:
Yet Another Value Blog - https://www.yetanothervalueblog.com
See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

James Elbaor of Marlton makes the case that $PSUS will trade at a premium to NAV instead of the typical closed-end fund discount and that $PS will ultimately trade at a premium multiple to peers like Blackstone, KKR, Apollo and Carlyle given its lean team and advantaged fee structure. We push on every part of that, including whether Ackman's portfolio is just an expensive S&P hug, why London still doesn't fully credit him, and whether Spark gives Pershing a real path into Universal Music Group.
Sponsor: Fiscal.ai. Real-time fundamental data for global equities, plus one of the leading data connectors for Claude and ChatGPT. Get 15% off at fiscal.ai/yav
Chapters:
0:00 Intro and the divergent thesis
1:05 Sponsor: Fiscal.ai
2:20 Marlton's lens on closed-end funds and UK trusts
5:00 $PSUS: scale, structure, why it's already the largest US equity CEF
7:30 The case for a premium to NAV instead of a 15 to 20% discount
12:30 $PSUS vs $PSH London: who can own what, and why it matters
15:20 The 40-Act book and Ackman's macro hedging history
17:50 Track record with and without the COVID hedge
22:00 Why London still does not fully credit Bill
23:50 "But isn't it just Google, Amazon, Meta?" — the index-hug pushback
26:00 Can Pershing get private assets (Spark, HHH-style deals) into $PSUS
29:00 $PSCM valuation: 30x FRE and the bridge from $300M to $550 to $590M
36:00 Why $PSCM should deserve a premium multiple to KKR, Apollo, Carlyle, Blue Owl
42:30 Preferred performance fees and why the income statement is cleaner
45:30 Alignment: insiders own 85%+
48:00 Permanent capital vs six-year "permanent" capital at the alts
49:40 50 employees at $PSCM vs 2,200 at Carlyle
52:00 Keyman risk on Bill and Ryan Israel's role
58:30 What's next: $UMG, Vincent Bolloré, and Spark as the vehicle
1:02:00 Wrap
Links:Yet Another Value Blog - https://www.yetanothervalueblog.com
See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/