In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Adam Patinkin of David Capital for his third appearance—this time for a much-requested update on British homebuilder and regeneration specialist Vistry (RY). Adam originally laid out a bold thesis in early 2024 that Vistry’s transition to a pure-play partnerships business could mirror the NVR success story. But after a string of profit warnings and a collapsing share price, listeners wanted answers. Adam walks through what went wrong, why the company’s current valuation doesn’t match its fundamentals, and why David Capital doubled its position. The discussion probes management credibility, capital allocation, and how UK government policy is now aligning with Vistry’s strategy.______________________________________________________________________[00:00:00] Intro and sponsor message for upcoming AI & finance webinar [00:00:40] Andrew welcomes Adam Patinkin for a follow-up discussion on Vistry [00:01:29] Context and disclaimer before discussing UK-listed stock Vistry [00:02:18] Adam gives a quick overview and update on Vistry's journey in 2024 [00:02:58] Explanation of David Capital doubling their position in Vistry [00:03:59] The original investment thesis in Vistry: value plus catalyst approach [00:04:51] Breakdown of Vistry’s two segments: partnerships vs. housebuilding [00:06:58] Thesis: Transition to a pure-play partnerships business [00:08:34] Discussion on profit warnings and their impact on investor sentiment [00:10:13] Details of Vistry’s missteps and housebuilding write-downs [00:12:29] Analysis of the market's reaction to one-time losses [00:15:29] Third warning due to delayed land sales and management's response [00:16:34] Clarification of misunderstandings around ongoing losses [00:17:57] Adam frames the four-part thesis and which parts still hold [00:19:09] Reaffirmation of medium-term targets for partnerships [00:20:54] Discussion on pace of housebuilding exit and management's actions [00:23:34] Ongoing share buybacks and potential for expansion [00:24:37] Breakdown of customer segments in the partnerships business [00:26:19] UK government's budget and policy impact on affordable housing [00:31:14] Overview of supportive labor government housing initiatives [00:35:05] Cash flow expectations from capital employed reduction [00:36:29] Valuation commentary and mispricing opportunities [00:37:54] Assessment of credibility and investment upside [00:41:51] Discussion on net debt figures and transparency [00:43:40] Capital structure comparisons with other builders [00:46:21] Considerations around lower buybacks vs. future flexibility [00:49:10] Why Vistry still represents compelling value despite concerns [00:52:08] Differentiating Vistry from UK housebuilder peers [00:55:05] Clarification of the NAV not falling due to deferred land sales [00:57:21] Framing margin of safety by cash flows rather than asset base [00:59:54] Summary of company positioning, tailwinds, and outlook Links:Daloopa Webinar: daloopa.com/yavwebinarDavid Capital: https://davidpartners.com/See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Mordechai, head of Focus Capital Advisers, for his third appearance. They unpack what Mordechai calls the greatest acquisition of all time—Valeura Energy's buyout of Gulf of Thailand oil assets. The two deals, acquired at rock-bottom prices, now generate more than their cost in monthly free cash flow. Mordechai explains theasset's unusual geology, the long-tail economics of its reserves, and why the market still doesn't get it. They also cover decommissioning liabilities, NAV versus market cap, and how management might pull off more high-conviction deals in the future.

______________________________________________________________________

[00:01:14]Introduction to Mordechai and his advisory work

[00:03:18]Overview of Valeura Energy and its asset transformation

[00:04:38]Initial acquisition of the Wassana oil field from bankruptcy

[00:07:06]Financials and economics of the Wassana deal

[00:08:37]Comparison of Thailand offshore to domestic offshore assets

[00:12:15] Uniquereserve dynamics in the Gulf of Thailand

[00:17:08] Secondacquisition: Mubadala's Gulf assets and deal terms

[00:20:00] Whythe Mubadala acquisition defies logic

[00:24:14]Background on how Valeura got such a favorable deal

[00:27:02] Whydeals done during peak 2022 oil prices still look brilliant

[00:30:50] Whythe market hasn’t fully caught on to Valeura’s upside

[00:33:49]Variance between reported reserves and economic field life

[00:39:13] Datashowing reserve replacement outpaces depletion

[00:42:56]Concession expiration and risks around renewal

[00:46:56] NAVanalysis and investor skepticism

[00:50:26]Updates on decommissioning costs and projections

[00:51:50]Operational improvements and field efficiencies

[00:53:04]Organic growth through field development and platform expansion

[00:57:32]Upcoming catalysts and appraisal-based expansion opportunities

Links:

Focus CapitalAdvisors: https://focuscapitaladvisers.com/home

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

In this episode of the Yet Another Value Podcast Monthly Book Club, host Andrew Walker is joined by Byrne Hobart, author of The Diff newsletter, to discuss Diary of a Very Bad Year: Confessions of an Anonymous Hedge Fund Manager. The conversation explores the book’s candid insights from a hedge fund manager navigating the 2008 financial crisis. Andrew and Byrne dig into the accuracy of predictions made in real time, the psychology of uncertainty, and the relevance of past financial mistakes to today’s AI boom and private credit landscape. This is a thoughtful discussion on expertise, misallocation, and financial memory—both personal and systemic.This month's book on amazon: https://amzn.to/4hUNk8sChapters:[0:00] Introduction + Episode sponsor: AlphaSense[2:00] Overview of Diary of a Very Bad Year: Confessions of an Anonymous Hedge Fund Manager[12:00] Bubbles through a misallocation of resources lens[22:35] History rhymes / Predictions in the book[35:45] Tariffs today versus housing in 2005[45:00] Misallocation of resources if AI is a bubble[56:00] Druckenmiller's Argentinean betToday's sponsor: AlphaSense; Try it free today at alpha-sense.com/YAVPThis episode is brought to you by AlphaSense—the market intelligence platform I rely on for faster, deeper insight.If you’ve used platforms like Tegus, you’ll feel right at home—but AlphaSense takes it further. With over 150,000 expert call transcripts and 450 million+ premium documents, it’s become my go-to resource for both qualitative and competitive research.And now, with Generative AI tools like Gen Search and Gen Grid, AlphaSense makes it easier than ever to accelerate your workflow. Gen Search lets you ask natural-language questions—like “What’s driving margin pressure in semis?”—and instantly surfaces answers pulled from expert calls, earnings transcripts, filings, and more.Gen Grid takes it a step further—automating repeatable workflows by applying multiple prompts across dozens of documents at once. It delivers clean, table-format answers like sales trends, macro commentary, or pricing signals—all with clickable citations so you can trace insights directly to the source.Whether you’re digging into a company, comparing peers, or parsing 10-Ks at scale, AlphaSense gives you a speed and depth advantage. Try it free today at alpha-sense.com/YAVP and experience the future of research.See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Adam Patinkin, CFA, Managing Partner at David Capital Partners, LLC, joins the podcast to discuss his thesis on Lifecore Biomedical, Inc. (NASDAQ: LFCR), a fully integrated contract development and manufacturing organization (“CDMO”).

For more information about David Capital Partners, please visit: https://davidpartners.com/

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:23] Who is David Capital and why $LFCR is interesting to Adam

[6:16] $LFCR history

[12:55] What is a CDMO (Contract Development and Manufacturing Organization) and how ingrained into the regulatory approval process they are; why these businesses are attractive

[21:47] What is Adam seeing with $LFCR that the market is missing

[24:00] $LFCR business

[30:16] Why this management team will change the trajectory of the company

[38:10] Capacity / concern about the speed to fill capacity

[46:45] Trump regulatory tailwinds / RFK headwind

[53:03] What has kept this company from achieving greatness / risk vs. reward with $LFCR

[1:02:33] Management team incentives

[1:04:41] Conversation about the math (valuation)

[1:10:08] Final thoughts

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280

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

Chris Waller, Founder and CIO at Plural Investing, joins the podcast for the third time to discuss his thesis on Seaport Entertainment Group Inc. (NYSE American: SEG), whose focus is to deliver unparalleled experiences through a combination of restaurant, entertainment, sports, retail and hospitality offerings integrated into one-of-a-kind real estate that redefine entertainment and hospitality.

For more information about Plural Invest, please visit: https://www.pluralinvesting.com/

Plural Investing/Hidden Gems write up on $SEG: https://www.hiddengemsinvesting.com/p/special-report-seaport-entertainment

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:22] What is Seaport Entertainment and why it's interesting to Chris

[7:40] What is Chris seeing with $SEG that makes Seaport a risk adjusted alpha opportunity

[9:20] Cash burn / is the district really that valuable, good

[17:41] What attracted Andrew to $SEG - how the opportunity came about (spin off from Howard Hughes)

[22:36] Ackman involvement

[27:25] Overview of Pier 17 and the new lease they've got there / Meow Wolf concept

[36:37] Tin Building and the vision for it / kitchen consolidation / competitive analysis

[48:50] Overview of 250 Water and Vegas assets (air rights, Triple A team)

[59:33] Overview of "The Historic District"

[1:02:38] How the $SEG thesis doesn't play out / new management team

[1:06:06] Final thoughts

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280

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

Welcome to the March 2025 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: the market sell off, relationships with management teams - pros and cons, activism and corporate governance, and where to live

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[2:30] The market sell off

[15:45] Developing relationships with management teams

[22:02] Corporate governance and activism

[25:26] Where to live

[28:58] Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub

Today's sponsor: Daloopa

Post-earnings reports are more than just a data dump—they’re a goldmine of opportunities waiting to be unlocked. And with Daloopa, you can turn those opportunities into actionable insights.

Daloopa’s dynamic scenario-building tools integrate updated earnings data, letting you model multiple strategic outcomes, like what happens if a company revises guidance upward. And with automated sensitivity analysis, you can quickly understand the impact of key variables like cost pressures, currency fluctuations, or interest rate changes.

This means you’ll deliver more actionable insights for your clients, helping them navigate risks and seize opportunities faster. Ready to enrich your post-earnings narratives? Visit http://daloopa.com/YAV today to get started.

Jordan McNamee, Founder and CIO of Optimist Fund, joins the podcast to share his thesis on ThredUp Inc. (Nasdaq: TDUP, LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories.

For more information about Optimist Fund, please visit: https://www.optimistfund.com/

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:39] What is ThredUp $TDUP and why they are interesting to Jordan

[13:45] Why is this going to be a good business in the long-term

[18:16] Why are customers choosing $TDUP over eBay or other competitors / why is this enough of an opportunity (from an investment perspective) / comparison to DoorDash

[30:50] Growth potential that Jordan sees

[35:15] Rhymes of other marketplaces; what's different with $TDUP

[41:18] What would break the $TDUP thesis for Jordan

[47:17] Insider ownership

[53:46] Final thoughts / current stock price

Today's sponsor: Daloopa

Post-earnings reports are more than just a data dump—they’re a goldmine of opportunities waiting to be unlocked. And with Daloopa, you can turn those opportunities into actionable insights.

Daloopa’s dynamic scenario-building tools integrate updated earnings data, letting you model multiple strategic outcomes, like what happens if a company revises guidance upward. And with automated sensitivity analysis, you can quickly understand the impact of key variables like cost pressures, currency fluctuations, or interest rate changes.

This means you’ll deliver more actionable insights for your clients, helping them navigate risks and seize opportunities faster. Ready to enrich your post-earnings narratives? Visit http://daloopa.com/YAV today to get started.

Simon Kold, Author of "On the Hunt for Great Companies" and Founder & Portfolio Manager at Kold Investments, joins the podcast to discuss what makes a great company based on his research and writing of his new book, "On the Hunt for Great Companies."

You can buy your copy of Simon's new book, "On the Hunt for Great Companies" here: https://www.amazon.com/Hunt-Great-Companies-Evaluating-Durability/dp/1394285744

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:30] Why Simon decided to write the book

[4:30] Authenticity of communication as an indicator of management passion / deviations from the norm

[12:53] Maximizing shareholder value (pretenders vs. reality) / Founder CEOs / Project IRRs vs. buybacks

[23:09] Value capture / over-earning vs. over-extraction

[33:47] Industries with staying power / longer-term predictability (example of Alcohol industry) / building competitive advantages ($COST example)

[44:42] Premise / value add of the book + final thoughts

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280

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

Alex Morris, Author of "Buffett and Munger Unscripted" and Owner & Analyst at TSOH Investment Research, joins the podcast to discuss the 2024 Berkshire Annual Letter.

You can buy your copy of Alex's new book, "Buffett and Munger Unscripted" here: hhttps://amzn.to/4asUWNi

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:40] Alex's initial thoughts on Berkshire's 2024 annual letter

[4:23] Was there anything different for Alex reading the letter this year (having worked on the Buffett book and spending a lot more time studying him and Berkshire)

[6:52] Buffett's macro take on 2024

[9:59] Would it shock Alex if this is Buffett's last letter and/or he retires at the annual meeting

[14:10] Capital allocation - changing strategy on the horizon

[21:17] Discussion on $OXY

[24:43] Buffett addressing his mistakes

[31:08] Japanese investments

[37:22] Results in the insurance business

[39:27] Thoughts on Class A / Class B structure

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings.

If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280

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

Welcome to the latest edition of Yet Another Value Podcast's Book Club. Once a month, Andrew and co-host, Byrne Hobart, will discuss their thoughts on the book, "Advanced Portfolio Management: A Quant's Guide for Fundamental Investors" by Giuseppe A. Paleologo.

See Byrne's writing at: https://www.thediff.co/

"Advanced Portfolio Management: A Quant's Guide for Fundamental Investors" on Amazon: https://www.amazon.com/Advanced-Portfolio-Management-Fundamental-Investors/dp/1119789796

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:24] First thoughts and overall impressions of "Advanced Portfolio Management"

[5:54] Which pieces do you use to implement into your investing process that Byrne picked up from this book / how they implement "stop-losses"

[19:00] It's not enough to have great ideas / "it only takes one" vs. concentrated portfolio / making good calls over time

[29:17] Is there anything to buying things that are classified wrong in order to generate alpha?

[32:54] How much are these factor and pod-shop models gameable

[40:23] How much does Byrne think matching uncorrelated data is going to be taken over by AI vs. fundamental investors going forward

[48:25] Beating the bots / final thoughts

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280

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

Welcome to the February 2025 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: Libra and Argentina, some things you've learned that changed your mind recently, lucky or unlucky stocks and doing hands-on research and personal experience.

Chapters:

[0:00] Introduction + Episode sponsor: Alphasense

[2:45] Libra and Argentina

[7:38] Changing your mind

[16:32] Lucky or unlucky stocks

[18:46] Hands-on research and personal experience

Today's sponsor: Alphasense

If you’re unfamiliar with AlphaSense, it’s a market intelligence platform with the world’s premier library of proprietary expert insight. For years now, I’ve used Tegus for their expert call transcript library, and with AlphaSense’s acquisition, the depth and breadth of market research content available has expanded significantly.

Why I chose AlphaSense?

Unparalleled expert insights—access 150,000+ proprietary expert transcripts, growing by 6,000 per month, covering 24,000+ public and private companies.

Comprehensive market intelligence—search 450M+ documents, including company filings, analyst research, expert interviews, and more, all connected for deeper analysis.

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Start your free trial now at: https://www.alpha-sense.com/yavp/