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 dynamics

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

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 alignment

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

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 Roy

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

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 philosophy

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

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 fails

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

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 feedback

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

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 investing

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

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 Methodical

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

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 sale

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

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 tease

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Andrew Walker returns solo for his January 2026 ramblings and discusses the current market euphoria, responses to his “weird markets” thesis, the allure and danger of stepping outside one’s investing edge, how power laws are often misunderstood, and an evolution in his views on societal vices. From geopolitical risk to sports betting regulation, Andrew digs into ideas that may shape investor mindsets in the months ahead.

[00:00:00] January 2026 intro and disclaimers

[00:01:15] Face-ripping rally and market euphoria

[00:04:54] Greenland, tariffs, and taco trade risk

[00:08:50] Weird markets thesis listener pushback

[00:13:02] Misuse of AI in generating alpha

[00:16:29] Slap-worthy portfolio diversification mistakes

[00:20:28] Misreading power laws in indexes

[00:22:52] Shifting stance on cannabis and gambling

[00:25:42] Tail risk in vices and regulation

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/