Yet Another Value Podcast

Greg Obenshain, partner at Verdad Capital who builds biotech-specific quantitative signals, and Dan Rasmussen, partner and contrarian value researcher, discuss quantitative investing in biotech. They cover specialist fund ownership as a quality signal. They explore insider buying, spending-based valuation metrics, momentum within therapeutic categories, and short-side risk management through diversification and rebalancing.

Phil Namara, an Antipodes investment professional known for airline and small/mid-cap research. He unpacks Volaris and Mexico’s shift from buses to air travel. Conversation covers industry economics, the Volaris–Viva merger and regulatory hurdles, Pratt & Whitney engine groundings, and valuation scenarios tied to merger upside and standalone fundamentals.

A tour of the spreading AI panic hitting SaaS, office REITs, trucking and more. Discussion of why software with intangible assets feels vulnerable as models improve rapidly. Exploration of hard assets as a perceived safe haven and whether they can withstand AI disruption. Reflections on updating priors, investor psychology, and balancing conviction with humility.

Ryan Fennerty, Head of Financial Services Sales at AlphaSense and expert networks veteran. He discusses running hypothesis-driven expert calls, spotting and managing bias, and how transcript libraries changed call economics. He explains AI’s role in fast synthesis, earnings analysis, and mass triangulation across experts while reshaping investor workflows and required skills.

David Kaiser, founder of Methodical Investments and a rules-based, data-focused value investor. He explains systematic value strategies, portfolio construction, profitability screens, sector tilts, and risk controls. They discuss balancing strict rules with market adaptation, avoiding governance and “melting ice cube” traps, and how consistency and data integrity create a potential edge.

Bill Chen, REIT-focused analyst known for deep dives into special-situation real estate, returns to unpack Alexander’s complex debt restructuring and unique asset mix. He explains the Bloomberg HQ lease, lender haircuts and strategic motives, governance and dividend risk, and why a Rego sale or buybacks could spark a special payout.

Bill Chen, investor at Rise Up Partners focused on real estate and REIT strategies, joins to analyze why REITs have lagged and how capital cycles shaped that gap. He breaks down cap rates, rent growth, leverage and governance. They explore recent REIT liquidations, tactical event-driven opportunities, and sectors showing the biggest dislocations right now.

A solo rant about January market euphoria and headlines that may be inflating risk. He revisits a 'weird markets' thesis and listener pushback on alpha versus beta. There is skepticism about AI as a sustainable edge and critiques of investors straying from their core skills. He also rethinks power laws in indexes and admits a changing view on regulation of cannabis and mobile gambling.

Jeremy Raper, an investor and aviation-leasing specialist who led an activist-style campaign in Ovation (AVAP). He recounts sourcing a 20% block via Twitter, buying at deep discounts to tangible book, and leveraging a large stake to negotiate with stakeholders. He also discusses the operational grind of activist work and the complexities of exiting as aircraft values rose.

In this engaging discussion, Jeremy Raper, an influential investor known for his deep-value and activist investing, shares insights on his transition from writing to activism. He highlights the overlooked deep-value opportunities in Japan's smaller firms and addresses concerns around the UK’s governance culture. The conversation pivots to his campaign at HUM Group, where he advocates for board renewal and critiques governance failures. Jeremy’s candid perspectives on rejecting an undervalued takeover offer make for compelling listening, especially for concerned shareholders.