Yet Another Value Podcast

• Optimist Fund's Jordan McNamee on ThredUp's value proposition $TDUP

  Jordan McNamee, Founder and CIO of Optimist Fund, joins the podcast to share his thesis on ThredUp Inc. (Nasdaq: TDUP, LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories.For more information about Optimist Fund, please visit: https://www.optimistfund.com/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[1:39] What is ThredUp $TDUP and why they are interesting to Jordan[13:45] Why is this going to be a good business in the long-term[18:16] Why are customers choosing $TDUP over eBay or other competitors / why is this enough of an opportunity (from an investment perspective) / comparison to DoorDash[30:50] Growth potential that Jordan sees[35:15] Rhymes of other marketplaces; what's different with $TDUP[41:18] What would break the $TDUP thesis for Jordan[47:17] Insider ownership[53:46] Final thoughts / current stock priceToday's sponsor: DaloopaPost-earnings reports are more than just a data dump—they’re a goldmine of opportunities waiting to be unlocked. And with Daloopa, you can turn those opportunities into actionable insights.Daloopa’s dynamic scenario-building tools integrate updated earnings data, letting you model multiple strategic outcomes, like what happens if a company revises guidance upward. And with automated sensitivity analysis, you can quickly understand the impact of key variables like cost pressures, currency fluctuations, or interest rate changes.This means you’ll deliver more actionable insights for your clients, helping them navigate risks and seize opportunities faster. Ready to enrich your post-earnings narratives? Visit http://daloopa.com/YAV today to get started.

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  59:11
• Simon Kold, Author of "On the Hunt for Great Companies", on what makes a great company

  Simon Kold, Author of "On the Hunt for Great Companies" and Founder & Portfolio Manager at Kold Investments, joins the podcast to discuss what makes a great company based on his research and writing of his new book, "On the Hunt for Great Companies."You can buy your copy of Simon's new book, "On the Hunt for Great Companies" here: https://www.amazon.com/Hunt-Great-Companies-Evaluating-Durability/dp/1394285744Chapters:[0:00] Introduction + Episode sponsor: Fintool[2:30] Why Simon decided to write the book[4:30] Authenticity of communication as an indicator of management passion / deviations from the norm[12:53] Maximizing shareholder value (pretenders vs. reality) / Founder CEOs / Project IRRs vs. buybacks[23:09] Value capture / over-earning vs. over-extraction[33:47] Industries with staying power / longer-term predictability (example of Alcohol industry) / building competitive advantages ($COST example)[44:42] Premise / value add of the book + final thoughtsToday's sponsor: FintoolFintool 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=podcast280See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

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  47:50
• Alex Morris, TSOH & Author of "Buffett and Munger Unscripted", talks 2024 Berkshire Annual Letter

  Alex Morris, Author of "Buffett and Munger Unscripted" and Owner & Analyst at TSOH Investment Research, joins the podcast to discuss the 2024 Berkshire Annual Letter.You can buy your copy of Alex's new book, "Buffett and Munger Unscripted" here: hhttps://amzn.to/4asUWNiChapters:[0:00] Introduction + Episode sponsor: Fintool[2:40] Alex's initial thoughts on Berkshire's 2024 annual letter[4:23] Was there anything different for Alex reading the letter this year (having worked on the Buffett book and spending a lot more time studying him and Berkshire)[6:52] Buffett's macro take on 2024[9:59] Would it shock Alex if this is Buffett's last letter and/or he retires at the annual meeting[14:10] Capital allocation - changing strategy on the horizon[21:17] Discussion on $OXY[24:43] Buffett addressing his mistakes[31:08] Japanese investments[37:22] Results in the insurance business[39:27] Thoughts on Class A / Class B structureToday's sponsor: FintoolFintool 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=podcast280See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

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  48:00
• Advanced Portfolio Management: A Quant's Guide for Fundamental Investors (Fintwit Book Club)

  Welcome to the latest edition of Yet Another Value Podcast's Book Club. Once a month, Andrew and co-host, Byrne Hobart, will discuss their thoughts on the book, "Advanced Portfolio Management: A Quant's Guide for Fundamental Investors" by Giuseppe A. Paleologo.See Byrne's writing at: https://www.thediff.co/"Advanced Portfolio Management: A Quant's Guide for Fundamental Investors" on Amazon: https://www.amazon.com/Advanced-Portfolio-Management-Fundamental-Investors/dp/1119789796Chapters:[0:00] Introduction + Episode sponsor: Fintool[2:24] First thoughts and overall impressions of "Advanced Portfolio Management"[5:54] Which pieces do you use to implement into your investing process that Byrne picked up from this book / how they implement "stop-losses"[19:00] It's not enough to have great ideas / "it only takes one" vs. concentrated portfolio / making good calls over time[29:17] Is there anything to buying things that are classified wrong in order to generate alpha?[32:54] How much are these factor and pod-shop models gameable[40:23] How much does Byrne think matching uncorrelated data is going to be taken over by AI vs. fundamental investors going forward[48:25] Beating the bots / final thoughtsToday's sponsor: FintoolFintool 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=podcast280See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

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  54:01
• Random Ramblings FEB 2025: Libra, changing your mind, lucky vs. unlucky stocks, hands-on research

  Welcome to the February 2025 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: Libra and Argentina, some things you've learned that changed your mind recently, lucky or unlucky stocks and doing hands-on research and personal experience.Chapters:[0:00] Introduction + Episode sponsor: Alphasense[2:45] Libra and Argentina[7:38] Changing your mind[16:32] Lucky or unlucky stocks[18:46] Hands-on research and personal experienceToday's sponsor: AlphasenseIf you’re unfamiliar with AlphaSense, it’s a market intelligence platform with the world’s premier library of proprietary expert insight. For years now, I’ve used Tegus for their expert call transcript library, and with AlphaSense’s acquisition, the depth and breadth of market research content available has expanded significantly.Why I chose AlphaSense?Unparalleled expert insights—access 150,000+ proprietary expert transcripts, growing by 6,000 per month, covering 24,000+ public and private companies.Comprehensive market intelligence—search 450M+ documents, including company filings, analyst research, expert interviews, and more, all connected for deeper analysis.AI-powered research at scale—complete qualitative research 5-10x faster with advanced generative AI, delivering instant, high-confidence insights.Start your free trial now at: https://www.alpha-sense.com/yavp/

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  29:12

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