<p>The market has decided YouGov ($YOU.L) is an AI loser and cut it ~50% in a year. Jonathan Cohen of Zipperline Capital thinks it&#39;s an AI winner trading at 6-7x EBITDA, with a 20-year proprietary dataset AI makes more valuable, not less. We spend the first half on the UK as an &quot;emerging market&quot; (corporate governance discounts, why buybacks are finally happening, and why you can never compare UK and US multiples), then go deep on YouGov: the panel, the moat, synthetic data, and why the company is cancelling its dividend to buy back stock.</p><p>This episode is sponsored by my upcoming AI webinar with AlphaSense.</p><p>The AI landscape has never been more crowded — or more confusing. Everyone&#39;s telling you to adopt AI, but almost nobody&#39;s asking the harder question: which tools actually give you an edge?</p><p>I&#39;m sitting down with Dave Wang of Wall Street Prompt and Ben Collins of AlphaSense to break down the modern AI stack for investors — from horizontal platforms like OpenAI and Claude to agentic workflows and finance-specific intelligence tools — and where each one actually fits in a real research process. If you&#39;re trying to build an AI-enabled workflow that sharpens your judgment rather than replacing it, you won&#39;t want to miss this.</p><p>Join us on June 25th - register now: <a href="https://www.alpha-sense.com/resources/webinars/choosing-your-ai-stack-a-framework-for-institutional-investors/?utm_source=pt_YAVP&utm_medium=sponsored&utm_campaign=SWB_DG_06-25-26_IMP-GENAI_CORPFS_YAVP-AI-Solutions" target="_blank" rel="ugc noopener noreferrer">https://www.alpha-sense.com/resources/webinars/choosing-your-ai-stack-a-framework-for-institutional-investors/?utm_source=pt_YAVP&amp;utm_medium=sponsored&amp;utm_campaign=SWB_DG_06-25-26_IMP-GENAI_CORPFS_YAVP-AI-Solutions</a></p><p>Chapters:</p><p>00:00 Why YouGov could be the AI winner the market is misreading</p><p>02:56 Why Jonathan Cohen runs a UK and Europe small/mid-cap book</p><p>08:01 Why you can never compare UK and US multiples</p><p>13:08 What UK analyst coverage actually tells you</p><p>17:37 The shift toward UK buybacks and capital allocation</p><p>22:00 The &quot;buybacks kill liquidity&quot; myth</p><p>25:11 What YouGov really is: a proprietary data business</p><p>31:19 Inside the panel: why people answer, and why retention is the moat</p><p>36:52 Why the market thinks YouGov is an AI loser</p><p>38:19 The bull case: why AI makes YouGov more valuable</p><p>40:55 Synthetic data, and why it breaks</p><p>46:28 Trust as a moat in a world of AI slop</p><p>52:27 Pushback: Chegg, Wix, and the real AI losers</p><p>56:51 Content businesses vs distribution businesses</p><p>01:00:14 Music, media, and what compounds through disruption</p><p>01:05:38 Closing</p><p>Links:</p><p>Yet Another Value Blog - <a href="https://www.yetanothervalueblog.com" target="_blank" rel="ugc noopener noreferrer">https://www.yetanothervalueblog.com</a></p><p>See our legal disclaimer here: <a href="https://www.yetanothervalueblog.com/p/legal-and-disclaimer" target="_blank" rel="ugc noopener noreferrer">https://www.yetanothervalueblog.com/p/legal-and-disclaimer</a></p><p>Production and editing by The Podcast Consultant - <a href="https://thepodcastconsultant.com/" target="_blank" rel="ugc noopener noreferrer">https://thepodcastconsultant.com/</a></p><p><br></p>