Yet Another Value Podcast

Judd Arnold from Lake Cornelia Capital joins for a wide ranging discussion of inflection investing, $TOI's unique oncology model, and tons of stuff on risk management and portfolio construction.See Lake Cornelia's Substack here: https://lakecornelia.substack.com/ ___________________________________________[00:00:00] Podcast intro and guest announcement[00:02:41] Judd on becoming a father[00:03:40] Judd discusses launching Substack[00:06:30] Complexity versus simplicity in investing[00:07:52] Liquidity and investor interest matter[00:11:06] Inflection investing over valuation focus[00:15:59] Sector and story versus fundamentals[00:19:55] TOI scalability and market potential[00:25:26] TOI business model and economics[00:31:32] Comparisons with other healthcare models[00:39:31] Consulting impact on investment process[00:44:21] Sizing up at inflection points[00:50:48] Risk profiles in portfolio strategy[00:53:20] M&A strategy and market perceptions[00:57:35] Netflix synergies and investor worries[01:01:45] Warner Bros bidding strategy discussionLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Host Andrew Walker delivers his monthly random ramblings for December 2025, reflecting on a decade of "professional public-market investing". Andrew shares a developing thesis on why markets are becoming increasingly strange, drawing parallels to evolution in sports, chess, and technology. He examines how efficiency, quant strategies, leverage, and speculative behavior have reshaped market dynamics. Andrew also walks through several investing beliefs he’s changed his mind on over the past ten years, including valuation metrics, buybacks, real estate, technical analysis, and holding periods. He closes by reflecting on lessons learned from podcast guests, risk-taking, arrogance, and the role of luck versus skill in generating outsized returns.______________________________________________________[00:00:00] Episode introduction[00:02:19] Monthly solo rambling format[00:04:14] Ten-year investing reflection[00:04:59] Markets growing increasingly strange[00:05:20] Sports and strategy analogy[00:06:45] Market efficiency reaching extremes[00:07:34] Weird situations driving returns[00:09:38] Changing minds over decade[00:10:31] Pure valuation metrics questioned[00:11:36] Buybacks losing importance[00:13:39] Hidden real estate disappointments[00:15:13] Technical analysis partial acceptance[00:16:19] Rethinking long-term holding[00:18:25] Three-year reevaluation rule[00:19:31] Risk management maturation[00:22:12] Podcast shaping investor thinking[00:24:14] Luck versus skill debate[00:26:31] Media deal commentary critique[00:28:45] Looking ahead next decade[00:29:38] Holiday wishes and closingLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Christian Olesen of Olesen Value Funds discusses the opportunities in UK homebuilders. The discussion centers on why the UK equity market remains deeply out of favor and how this pessimism has created compelling value in residential developers. Christian outlines the cyclical dynamics driving depressed demand, explains why Bellway stands out among peers, and explores balance sheet strength, land valuation, and downside protection. The conversation also addresses macro concerns around the UK economy, housing affordability, planning regulations, and management incentives. __________________________________________________________[00:00:00] Episode and guest introduction[00:03:26] UK market deeply discounted[00:05:13] Cyclical demand collapse explained[00:08:20] Bellway valuation framework[00:11:47] UK macro risk debate[00:15:09] Domestic investor pessimism[00:17:37] Quantitative versus qualitative thesis[00:21:15] Land write-down risk discussion[00:26:58] Bellway versus peers[00:30:41] Management incentives concerns[00:32:43] Capital allocation changes[00:38:53] American investor influence[00:41:08] Alternatives within UK market[00:45:23] Planning reform tailwinds[00:46:58] Supply constraints implications[00:49:35] Risk-reward summaryLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Hugo Navarro of Undervalued and Undercovered discusses NCR Atlas (NATL), a company operating at the intersection of legacy cash infrastructure and modern outsourcing economics. The conversation centers on whether ATMs represent a declining business or a misunderstood opportunity, unpacking NCR Atlas’s valuation, free cash flow profile, and competitive positioning within a duopoly market. Hugo outlines the company’s ATM-as-a-service strategy, highlighting scale advantages, incremental margins, and incentives for banks to outsource servicing. See Hugo's NATL write up here: https://smallcaptreasures.substack.com/p/a-127-fcf-yielding-duopoly-growing?utm_source=publication-search___________________________________________________[00:00:00] Podcast and guest introduction[00:04:01] NCR Atlas business overview[00:05:27] Why valuation appears cheap[00:07:05] Cash usage decline debate[00:12:55] ATM-as-a-service thesis[00:16:54] ATM replacement cycle explained[00:19:15] Industry scale and servicing[00:20:56] Why banks outsource ATMs[00:24:07] Incremental margin economics[00:26:37] Long-term ATM demand risks[00:35:51] Declining industry outsourcing logic[00:38:34] Free cash flow drivers[00:41:11] Share gains from banks[00:47:36] Accounting and governance concerns[00:53:22] Diebold competitive comparison[00:56:04] Tariffs and guidance outlook[00:57:33] Interest rate sensitivityLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

A wide-ranging conversation with Lead Edge Capital's Evan Skorpen talking about applying a concentrated, long-term strategy to growth tech investing. Key topics include capital allocation, executive incentives, and investing in "air pockets."[00:00:00] Podcast and guest introduction[00:02:59] Lead Edge strategy overview[00:07:16] AI’s impact on software[00:13:32] How CEOs react to markets[00:24:29] Investor days and messaging[00:30:40] Remitly’s capital allocation shift[00:36:09] Importance of long-term KPIs[00:44:07] Aligning shareholder and board goals[00:46:37] Incentives and externalities discussed[00:51:17] M&A risk versus growth[00:57:49] Lead Edge’s unique investing edge[01:01:53] AI risk to software moatsLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer