Yet Another Value Podcast

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/

Driven Brands ($DRVN) puked on a February accounting restatement. Kyle Mowery (GrizzlyRock Capital) walks through why Take 5 remains a crown jewel and could be worth the entire EV of the company (making the franchise and autoglass businesses a free option). We also dig into how the April and May 8-Ks took the scary left-tail risks off the table, why Roark Capital (65% owner) might run a sale process later this year, and the bear case (corporate cost bloat, weakness in the non-Take-5 brands).
disclaimer: Andrew is long DRVN
Kyle's late 2024 DRVN podcast: https://www.yetanothervalueblog.com/p/grizzlyrock-capitals-kyle-mowery?utm_source=publication-search
[00:00:00] Intro and disclosures
[00:03:23] What is Driven Brands today
[00:05:14] Why the car wash divestiture sold so cheap
[00:09:19] Why Take 5 is the crown jewel
[00:11:15] EV risk and the US ICE car park
[00:13:21] Franchisee demand and unit growth
[00:15:31] Take 5 vs. Valvoline[00:18:13] The addbacks problem
[00:20:57] Inside the accounting restatement
[00:23:22] The cash adjustment
[00:28:50] The ATI revenue recognition issue
[00:30:12] Reading the April and May 8-Ks
[00:32:40] Debating adjusted EBITDA
[00:34:55] Corporate cost bloat
[00:37:54] Is this fraud? No
[00:39:49] Weakness in the non-Take-5 brands
[00:43:45] Sum-of-the-parts: Take 5 covers the debt
[00:46:30] Why public markets misprice the franchise brands
[00:48:04] Durability of franchise cash flows[00:50:14] Timing the resolution
[00:53:26] Roark Capital's strategic options
[00:57:40] Labor Day or Halloween?
[01:00:00] Capital cycle stories Kyle's watching
[01:03:02] Chinese supply pressure on industrials
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/

Rich Howe of Stock Spin-Off Investing makes the bull case for Liberty Global ($LBTYK): cheap on a sum-of-the-parts, an upcoming Ziggo spin to crystallize value, and a hidden ventures portfolio. Andrew pushes back hard on Malone, Fries, and Liberty's long history of value that never quite shows up.
Chapters:
00:00 Introduction and Liberty Global thesis
01:44 Sponsor: AlphaSense earnings season
04:49 Rich's bull case for $LBTYK
07:46 Andrew on management credibility
09:05 Why a spin can unlock value
11:57 Buybacks: are they actually working?
15:19 Debt structure and the deleveraging path
17:14 Operational deterioration risk
19:52 Ziggo's subscriber losses
24:09 Malone and Fries: the track record
27:46 The Liberty Global board problem
31:22 The growth investment portfolio
32:59 Why Rich haircuts the portfolio
36:43 Formula E and venture exposure
38:35 The empire-building risk
40:55 Virgin Media O2 restructuring
42:11 Other spin-off setups worth a look
43:40 Ziff Davis sum-of-the-parts
46:52 Andrew on distressed SaaS ideas
48:22 Lionsgate and media consolidation
51:53 Lionsgate as an acquisition target
Links:
Yet Another Value Blog: https://www.yetanothervalueblog.com
Stock Spin-Off Investing (Rich Howe): https://www.stockspinoffinvesting.com
Legal disclaimer: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Production and editing by The Podcast Consultant: https://thepodcastconsultant.com/