Yet Another Value Podcast

Jonathan Boyar and Shrey Patel from the Boyar Value Group discuss their firm's background and their process for finding stocks trading for less than private market value. Then, we dive deep intro four of their favorite stocks: MSGE (owns Madison Square Garden), MSGS (the Knicks and Rangers), IAC (Barry DIller's holding company), and ANGI (homeadvisor + angie's list). Topics include why James Dolan isn't as bad a manager as you think, why MSGE's Sphere expansion might not be a disaster, IAC's pending Vimeo spinoff, and what the market is missing on ANGI.Boyar Website: https://www.boyarvaluegroup.com/Boyar Twitter: https://twitter.com/BoyarValueBoyar Podcast: https://www.boyarvaluegroup.com/world-according-boyar-podcast/Chapters0:00 Intro1:20 Boyar Group Background3:30 2008's market versus 2020's6:10 Why MSGS trades for less than its parts18:30 Why do value investors love IAC?20:30 ANGI bull case36:20 Why IAC is spinning Vimeo42:50 What IAC sees in MGM47:45 Plans for IAC's huge cash balance51:15 Thoughts on IAC's management and succession plan54:05 Thoughts on IAC's other businesses

Mike Melby, Founder and Portfolio Manager at Gate City Capital, comes on to discuss his background and his investment into Amrep (AXR), which his firm owns 18% of.Gate City Capital website: https://www.gatecitycap.com/Show Chapters:0:00 intro1:00 Mike's background22:45 Amrep's history29:30 How Mike thinks about Amrep's land55:15 Walkthrough of Amrep's Sum of the Parts (SOTP)1:12:30 Amrep's recent big repurchase

Ryan O'Connor discusses his bullish thesis on Nintendo, highlighting potential opportunities like licensing games to Microsoft/Sony, subscription business models, expanding IP into theme parks/movies/TV shows, and mobile strategy evolution. Also covers his investing style and success with Gan, emphasizing the strategic shift in Nintendo's business model and future value creation through pro console release.

Stanford Wyatt from August Partners and Rational Research  discusses his background in investing and his investment thesis on Nordstrom and The Tile Shop.Rational Reserach: https://rationalresearch.substack.com/

Abdullah Al-Rezwan from Mostly Borrowed Ideas (https://mbi-deepdives.com/) comes on the pod to talk about his new service and his recent deep dive that left him bullish on Etsy.You can find Abdullah on twitter here: https://twitter.com/borrowed_ideas

Our first threesome was such a success, we decided to do it again! Dan and Matt come back on to discuss all of the updates on the BMY CVR since our first post; in particular, we discuss Dan's due diligence that suggests an FDA inspection is on going. PS- CVR's are risky and nothing on here is investing advice.You can find our first threesome here: https://twitter.com/AndrewRangeley/status/1305835912975261697?s=20My updated take on the CVR here: https://yetanothervalueblog.com/2020/10/bmy-cvr-an-inspection-inflection-bmyrt.htmlTwitter handles: Matt: Given2Tweet (https://twitter.com/given2tweet)Dan: Sheep of Wall Street (https://twitter.com/Biohazard3737)

Edwin Dorsey, the founder of the Bear Cave, comes on to talk about short selling, his new newsletter, and his recent report highlighting the red flags at Celsius. Fun fact: Edwin estimates he represents ~1% of the FOIA requests in the U.S.Edwin's twitter: https://twitter.com/StockJabberBear Cave newsletter: https://thebearcave.substack.com/

Shomick Ghosh (aka Minion Capital), a Principal at Boldstart, talks about his experience as a Venture Capitalist and how he balances investing in both public and private companies. Then we dive deep into the investment case for Shopify (SHOP).Minion Capital twitter: https://twitter.com/MinionCapitalShomick's twitter: https://twitter.com/shomikghosh21Boldstart: https://www.boldstart.vc/

Packy McCormick from Not Boring (https://notboring.substack.com/) comes on to talk about the burgeoning Not Boring empire, his experience in angel investing, and his current investment into Opendoor (IPOB).

Bill Brewster discusses his investment into QRTEA. QRTEA is part of the John Malone / Liberty family and owns HSN and QVC. Currently, QRTEA is undergoing some financial engineering which has some people recalling the classic John Malone special situations discussed in You Can Be a Stock Market Genius (https://amzn.to/32ApFqv). Bill talks about why the market might be overlooking QRTEA and why he's excited by the financial engineering.You can find Bill on twitter @BillBrewsterSCG (https://twitter.com/billbrewsterscg?lang=en). You can also find his write up on QRTEA at https://sullimarcapital.group/2020/09/02/qurate-retail-group/ . I also did a write up on the QRTEA special sit which you can find at: https://yetanothervalueblog.com/2020/09/is-qrtea-a-textbook-malone-special-sit-or-a-classic-value-trap.html .