Yet Another Value Podcast

For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Fundamental Edge

[1:57] Thoughts on markets as we finish up April and head into the Summer months

[3:47] Growth in the largest businesses in the index

[8:27] Anti-trust

[12:36] Capri-Tapestry anti-trust case

[27:38] Capri-Tapestry cont'd - market definition

[38:43] Last 6 months, 3 mergers have been challenged and blocked - ever been another time like this?

Today's sponsor: Fundamental Edge

You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not.

The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint.

But what is the Academy NOT?

It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process.

It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM.

It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst.

To learn more and access a 10% discount code, go to fundamentedge.com/YAVP

$RDDT write-up on Seeking Alpha: https://seekingalpha.com/article/4686257-reddit-julian-lins-top-conviction-idea

Chapters:

[0:00] Introduction + Episode sponsor: YCharts

[1:22] What is Reddit $RDDT and why is it interesting to Julian

[2:58] $RDDT bull case

[14:09] Network effects

[20:46] $RDDT bear case: when will they become profitable? What are they spending R&D on?

[30:45] Valuation

[33:48] $RDDT vs. tier 2 social media platforms (Pinterest, Twitter, SnapChat) / mismanagement

[45:27] Valuation cont'd

[56:53] $RDDT Growth strategy

[1:02:23] $RDDT's Biggest misperceptions

This episode is sponsored by our friends at YCharts

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https://www.bamsec.com/filing/114036124014503/4?cik=1859285

https://www.youtube.com/watch?v=31s6todiuM8

Matt's YouTube Channel: https://www.youtube.com/@given2trade4

Chapters:

[0:00] Introduction + Episode sponsor: Fundamental Edge

[1:53] What's going on with Target Hospitality $TH and why its interesting to Matt

[8:18] $TH Corporate history and why it's important / 2020 letter compared to 2024 letter from Arrow Group

[31:22] History cont'd of $TH with Arrow Group / why this situations reminds Andrew of $HRT situation

[39:11] Government contract / tail risks

[41:54] Bull case / comparables / rollups

[49:13] Additional risks

[58:50] Likelihood of closing and talking through potential buyout prices[1:04:50] Final thoughts

Today's sponsor: Fundamental Edge

You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not.

The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint.

But what is the Academy NOT?

It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process.

It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM.

It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst.

To learn more and access a 10% discount code, go to fundamentedge.com/YAVP

Check out YCharts' all-in-one solution and easily illustrate the value you bring to your clients. Click the link here to start your free YCharts trial and tell them I sent you: https://go.ycharts.com/yet-another-value

For more information and to subscribe to TeraWulf, please visit: https://www.terawulf.com/

Chapters:

[0:00] Introduction + Episode sponsor: Santangel's Review

[1:34] Patrick Fleury's background / difference between oil and gas mining to bitcoin mining at TeraWulf

[6:10] Defining hash rate and hash price

[12:48] Halving

[14:10] ROI for every new bitcoin miner they build

[19:04] Cost of capital / power costs

[24:33] Economies of scale and growth for growth's sake

[28:05] ROI on a 20-year investment in bitcoin miner (when considering halvings happen every 4 years) / cooling / low cost mining strategy

[33:41] What happens if bitcoin price drops (from mining operation perspective)

[38:13] Why issuing shares and directing all cash flows to pay down debt the best use of capital?

[40:15] Valuation and where Patrick thinks bitcoin miners should trade / replacement costs on assets in the ground

[45:38] Mining facilities, power, AI plays, turning over to HFC and AI machines / power capacity, source of power

[54:43] Nautilus facility / bitcoin mining tax / expanding internationally

[100:16] Capital allocation

[1:01:36] M&A / value discrepancies / final thoughts

Today's episode is sponsored by: Santangel's Review

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