Yet Another Value Podcast

A tour through the media landscape with TSOH's Alex Morris

Host Andrew Walker speaks with Alex Morris of The Science of Hitting about the rapidly shifting media landscape. They examine the failed Netflix bid for Warner Bros. Discovery and Paramount’s winning acquisition, along with the strategic implications for streaming competition. The conversation analyzes Netflix’s long-term positioning, the importance of intellectual property in a streaming ecosystem, and how artificial intelligence could influence media consumption. They also assess the financial pressures facing traditional media companies, challenges around integrating large media platforms, and the evolving economics of sports rights. Finally, they explore Disney’s strategic transition and the broader outlook for streaming platforms and legacy television networks.You can check out the upcoming AlphaSense webinar here: [00:00] Introduction and webinar announcement[00:04:06] Alex Morris investing background[00:06:55] Netflix Warner Brothers bid debate[00:11:19] Netflix strategy and screen time[00:13:18] AI impact on media IP[00:18:54] Netflix content release strategy discussion[00:26:18] Regulatory pushback on Netflix deal[00:28:17] Netflix strategy after losing bid[00:31:13] Paramount acquisition outlook analysis[00:33:09] Linear television financial dependence[00:37:34] Risks integrating Paramount and Warner[00:41:12] Distribution complexity across platforms[00:46:21] Comcast Versant spinoff strategy critique[00:53:20] Disney position in streaming landscape[00:57:28] Sports rights competitive dynamicsLinks: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/

Carriage House's Will Cleary on $FTAI

Host Andrew Walker speaks with Will Cleary of Carriage House Fund about FTAI Aviation and its rapidly expanding jet engine aftermarket platform. Will explains how FTAI transformed from a traditional aircraft leasing company into a vertically integrated provider of engine maintenance, repair, and module swaps for commercial airlines. The discussion examines the economics of engine maintenance, why FTAI’s model reduces costs and turnaround times for airlines, and how its growing ecosystem of engines and modules creates competitive advantages. They also address the Muddy Waters short report, valuation considerations, and FTAI’s new power initiative converting retired jet engines into turbines for data centers. ___________________________________________________________[00:00:00] Andrew introduces guest Will Cleary[00:03:35] Overview of FTAI business model[00:04:05] Vertical integration into engine maintenance[00:05:58] Aviation engine supply shortage context[00:07:05] Why module swap model works[00:09:32] Cost savings from engine module swaps[00:13:58] Network effects in module ecosystem[00:17:15] Adoption by larger airline operators[00:18:41] Strategic capital initiative explained[00:22:35] Risks of off-balance sheet financing[00:25:51] Muddy Waters short report discussion[00:30:23] Evaluating short seller claims[00:32:06] Growth outlook and valuation debate[00:37:09] Framework for valuing FTAI[00:41:21] Data center power turbine initiative[00:43:20] Economics of repurposed jet engines[00:47:05] Potential index inclusion and visibility[00:48:17] Management ownership and alignmentLinks: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/

Roy Swisa on $DJCO

Roy Swisa talks about Daily Journal (DJCO) and the evolving thesis behind its valuation. Roy shares how independent research into Journal Technologies’ court case management systems led to consulting work with the company. They examine the sum-of-the-parts framework, the sizable equity portfolio, and incentives post-Charlie Munger. The discussion also explores vertical software durability, regulatory moats, primary research methods, expert networks, and AI’s impact on niche SaaS businesses. Roy outlines how compliance, proprietary data, and procurement dynamics shape competitive positioning in local government markets. Roy's Substack: https://substack.com/@valuetheelephant?Roy's Linkedin: https://www.linkedin.com/in/rswisa/_________________________________________________________[00:00:00] Introduction to Roy Swisa[00:03:02] Roy’s Daily Journal consulting role[00:03:51] Overview of Daily Journal structure[00:06:13] Vertical software durability thesis[00:12:41] Sum-of-the-parts valuation debate[00:14:02] Equity portfolio and capital allocation[00:25:58] Incentives and balance sheet concerns[00:35:14] Primary research methodology explained[00:42:26] Expert networks versus direct sourcing[00:45:44] SaaS disruption and AI risks[00:48:37] Compliance and proprietary data moats[00:55:57] Where to follow RoyLinks: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/

Investing in Biotech with Verdad Capital

Dan Rasmussen and Greg Obenshain of Verdad Capital discuss their white paper on quantitative investing in biotech. Topics include why biotech’s complexity makes it attractive for systematic investors, how specialist fund ownership serves as a quality signal, and why insider buying and spending-based valuation metrics can outperform traditional financial analysis. The conversation also examines momentum within therapeutic categories, risk management on the short side, and how diversification and rebalancing help address biotech’s event-driven volatility.Verdad paper on investing in biotech: https://t.co/JZ1uDURDG2[00:00:00] Introduction to biotech quant paper[00:02:53] Why biotech attracts value investors[00:05:07] Specialist ownership as quality signal[00:08:24] Defining biotech sector specialists[00:11:29] Acquisition patterns and return drivers[00:19:37] Managing short risk in biotech[00:23:06] Short interest as negative signal[00:27:38] Insider buying predictive power[00:32:44] Spending-based valuation framework[00:40:21] Classifying biotech by clinical trials[00:45:34] Momentum within therapeutic categories[00:48:23] Events versus underlying return drivers[00:51:34] Verdad’s contrarian investing philosophyLinks: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/

Flying through the Volaris thesis with Antipodes' Phillip Namara

Phil Namara of Antipodes discusses Volaris (VLRS), a Mexican low-cost airline with significant domestic exposure and cross-border routes into the U.S. Phil outlines the structural growth opportunity in Mexico’s aviation market, where air travel continues taking share from long-distance buses. The discussion examines industry consolidation, competitive dynamics, grounded aircraft from Pratt & Whitney engine issues, and the proposed merger between Volaris and Viva. They analyze regulatory considerations, potential synergies, and valuation scenarios, framing the investment debate around both standalone fundamentals and merger upside.__________________________________________________[00:00:00] Introduction to Volaris and thesis[00:03:37] Volaris business overview[00:08:42] Airline industry economics explained[00:12:58] U.S. basic economy impact[00:19:08] European vs U.S. competition[00:22:44] Mexico aviation growth story[00:25:54] Volaris and Viva merger[00:31:07] Competitive barriers in Mexico[00:37:21] Regulatory approval considerations[00:42:41] Pratt & Whitney engine grounding[00:48:59] Merger valuation upside[00:50:05] Downside if deal failsLinks: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/