Yet Another Value Podcast

February 2026 Random Ramblings

In this episode of Yet Another Value Podcast, host Andrew Walker shares his February monthly random ramblings, recorded on February 12, 2026. He examines the growing AI-driven panic spreading across SaaS, insurance, trucking, office, and other sectors, questioning how exponential technological improvement could reshape business models built on intangible assets. Andrew compares the current selloff to prior panics in banks and biotech, highlighting the challenges of assessing risk when assets lack tangible backing. He also explores the balance between hard assets and software businesses before closing with reflections on investor psychology, updating priors, and balancing arrogance with humility._____________________________________________________________[00:00:00] February monthly random ramblings[00:03:48] AI panic spreading across markets[00:04:18] Office and trucking selloffs[00:06:13] SaaS sector widespread declines[00:09:15] Exponential AI progress concerns[00:14:20] Hard assets as safety trade[00:18:10] Media disruption and SaaS analogy[00:23:05] Updating priors in markets[00:25:00] Arrogance versus humility in investing[00:27:10] Invitation for listener feedbackLinks: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/

How investors can improve at expert calls and AI with AlphaSense's Ryan Fennerty

Host Andrew Walker speaks with Ryan Fennerty of AlphaSense about how investors can improve their use of expert calls and AI tools. Ryan shares practical ways to run better expert interviews, avoid bias, and extract deeper insight from operators. The conversation examines how AI is reshaping research workflows, accelerating earnings analysis, strengthening conviction, and enabling faster synthesis across expert transcripts and internal data. They also address portfolio monitoring, differentiated views, and the evolving skill set required for investors in an AI-driven landscape._____________________________________________________________[00:00:00] Introduction and sponsor message[00:05:37] Framing expert calls around hypotheses[00:07:32] Transcripts versus live expert calls[00:12:36] Echo chambers and bias risks[00:16:37] Managing investor bias in calls[00:20:53] Expert bias and triangulation[00:23:26] Improving expert screening process[00:26:08] Real-time versus long-term insights[00:29:20] Note-taking and AI synthesis[00:31:51] AI’s biggest investing advantage[00:36:31] Differentiated views in AI era[00:41:17] Does AI commoditize research edge?[00:45:18] AI expanding opportunity funnel[00:49:32] Evolving skill sets for investors[00:51:30] AI in portfolio monitoring[00:54:17] Bias across AI data sources[00:56:31] AI transforming expert networks[01:00:17] Corporate use of expert insights[01:02:36] AI, fraud detection, and limits[01:05:47] Future of fundamental investingLinks: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/

Rules based investing with Methodical Investment's David Kaiser

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with David Kaiser, founder of Methodical Investments, a rules-based quantitative investment firm. David shares his journey from qualitative research to systematic value investing, explaining how structure, discipline, and data inform his approach. The conversation explores maintaining consistency amid evolving markets, the limits of AI, how to avoid pitfalls like melting ice cubes and governance traps, and why being different might still deliver alpha. They cover profitability screens, sector exposure, rule creation, and the timeless tension between sticking to principles and adapting to change._____________________________________________________________[00:00:00] Introduction and host's gym mishap[00:03:40] David explains Methodical’s core model[00:04:21] From qualitative to rule-based process[00:06:13] Rules vs. adaptability tension[00:09:46] Quality plus discount over pure cheap[00:12:12] Profitability and portfolio construction[00:14:18] Metrics used: net income adjusted[00:16:14] Avoiding cyclicals and false cheapness[00:18:13] Sector tilts: discretionary, energy, financials[00:19:35] Competitive edge: consistency and patience[00:20:25] Value investing's long underperformance[00:22:09] Governance traps and data screens[00:25:24] Backtest: profitable companies outperform[00:26:26] Annual rebalance and risk control[00:29:08] Quarterly profit reviews to exit losers[00:31:06] Avoiding data errors and outliers[00:34:28] Addressing off-balance sheet risks[00:37:43] Building rules: testing, common sense[00:40:06] Rule relevance and market evolution[00:42:24] Sector constraints: no biotech, limit financials[00:44:43] Avoiding melting ice cubes stocks[00:48:26] AI as risk and potential edge[00:51:26] Fringe alpha in a crowded field[00:53:26] Backtesting across multiple market cycles[00:55:11] Where to find David and MethodicalLinks: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/

Bill Chen's follow up on REITs and $ALX

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Bill Chen for the fastest return in YAVP history. After running out of time in their last chat, Bill returns to dissect Alexander’s Inc. (ALX), exploring its complex debt restructuring, unique real estate portfolio, and intriguing market valuation. The two dive deep into the Bloomberg HQ lease, the nuances of retail space refinancing, and the strategic implications of Steven Roth’s leadership. They also tackle REIT governance concerns, dividend sustainability, and the mystery behind ALX’s high short interest. Bill closes with thoughts on grocery-anchored REITs, White Stone, and REIT buybacks______________________________________________________________________[00:00:00] Andrew introduces returning guest Bill Chen[00:03:13] Overview of Alexander’s history and assets[00:06:57] Complex debt restructuring of Bloomberg retail space[00:10:04] Debt haircut and strategic implications[00:14:47] Asset breakdown: Bloomberg tower, retail, apartments[00:21:37] Share price vs. underlying asset value[00:23:28] Corporate governance: Roth and Vornado dynamics[00:29:09] Dividend risk and short interest discussion[00:34:37] Bloomberg lease escalators and valuation upside[00:37:10] Update on grocery-anchored REIT landscape[00:41:57] Commentary on REIT share buybacks[00:47:50] Special dividend catalyst: Rego potential saleLinks: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/

Bill Chen on the current set up for REITs

Host Andrew Walker welcomes back Bill Chen for a wide-ranging discussion centered on the world of REITs. Though the conversation was intended to focus on one stock, the duo instead explores why REITs have underperformed in recent years, capital cycle dynamics, governance issues, and where Bill sees current opportunities. They dive deep into the theoretical and practical aspects of REIT investing, dissect recent REIT liquidations, and discuss portfolio construction and leverage in event-driven opportunities.______________________________________________________________________[00:00:00] Intro and sponsor message[00:02:20] Launching into REIT investing theory[00:04:38] Cap rates vs. real estate value[00:08:03] Rent growth, leverage, and returns[00:11:06] Why REITs have lagged recently[00:15:51] Capital cycle theory in real estate[00:17:55] Governance issues with public REITs[00:22:23] Share buybacks vs. reinvestment[00:25:18] Griffin case study and alternatives[00:30:35] Takeouts and market inefficiencies[00:33:37] Where Bill sees dislocation now[00:36:11] Using leverage in liquidations[00:40:14] REIT liquidation downside surprises[00:42:00] Asset quality and bid dynamics[00:45:25] Legal risks in revised estimates[00:47:11] Unique REIT liquidation wave[00:49:31] Navigating current REIT opportunities[00:50:01] Wrap-up and next time teaseLinks: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/