Yet Another Value Podcast

SpaceX is buying Cursor for ~$60B, and one of the early backers was SBF. So was a convicted fraudster also the greatest VC of all time? That's where June's random ramblings start. From there: why I've flipped from AI doom toward AI as a force multiplier, whether deep subject-matter expertise gets MORE valuable as the world fills with AI slop, why legacy brands (KPMG, CBS, People) might actually gain power in an AI world, why "my edge is a long time horizon" is usually a tell for underperformance, and the cracks showing up in Polymarket and prediction markets.
This episode is sponsored by my upcoming AI webinar with AlphaSense. The AI landscape has never been more crowded or more confusing. Everyone's telling you to adopt AI, but almost nobody's asking the harder question: which tools actually give you an edge?
I'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're trying to build an AI-enabled workflow that sharpens your judgment rather than replacing it, you won't want to miss this.
Join us on June 25th - register now: 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
Chapters:
00:00 What's on the menu this month
02:05 Sponsor: my AI webinar with AlphaSense
03:22 Was SBF the greatest VC of all time? (Cursor, SpaceX, Anthropic)
09:48 Do any frauds or blowups hide assets this valuable? (GGP, Enron, EOG)
11:42 Why I flipped from AI doom toward AI as a force multiplier
13:41 Why AI rewards the creative, and the top 0.1% problem
16:18 AI slop and the rising return on deep expertise (Knicks, ABVX)
20:12 KPMG's hallucinated AI report and secondhand hallucinations
21:57 Does brand get MORE valuable in an AI world? (CBS, People, TMZ, ChatGPT licensing)
25:14 Why "my edge is a long time horizon" is usually a lie
28:50 Forced selling, diamond hands, and the seven-years-of-underperformance letter
32:02 My three-year rule
32:53 Polymarket, MicroStrategy, and the limits of the rulebook
35:00 Prediction markets are reflexive: why nobody's waging "Polymarket wars" yet
37:36 Wrap
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/

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'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 "emerging market" (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.
This episode is sponsored by my upcoming AI webinar with AlphaSense.
The AI landscape has never been more crowded — or more confusing. Everyone's telling you to adopt AI, but almost nobody's asking the harder question: which tools actually give you an edge?
I'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're trying to build an AI-enabled workflow that sharpens your judgment rather than replacing it, you won't want to miss this.
Join us on June 25th - register now: 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
Chapters:
00:00 Why YouGov could be the AI winner the market is misreading
02:56 Why Jonathan Cohen runs a UK and Europe small/mid-cap book
08:01 Why you can never compare UK and US multiples
13:08 What UK analyst coverage actually tells you
17:37 The shift toward UK buybacks and capital allocation
22:00 The "buybacks kill liquidity" myth
25:11 What YouGov really is: a proprietary data business
31:19 Inside the panel: why people answer, and why retention is the moat
36:52 Why the market thinks YouGov is an AI loser
38:19 The bull case: why AI makes YouGov more valuable
40:55 Synthetic data, and why it breaks
46:28 Trust as a moat in a world of AI slop
52:27 Pushback: Chegg, Wix, and the real AI losers
56:51 Content businesses vs distribution businesses
01:00:14 Music, media, and what compounds through disruption
01:05:38 Closing
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/

Alex Roepers of Atlantic Investment Management lays out two deeply cheap special situations: Dauch (DCH) and Nomad Foods (NOMD). In both, management is sending "dark arts" signals (an aggressive CEO payout struck well above the current price, heavy insider buying) that point to an inflection the market hasn't paid for yet. We dig into the $300M merger synergies at Dauch, the auto-cycle and leverage risk, the governance red flags, the private-label threat to Nomad's frozen-food brands, and whether the European discount on both is real or just doldrums.
This episode is sponsored by AlphaSense. Join Andrew, Dave Wang of Wall Street Prompts, and Ben Collins of AlphaSense for a webinar breaking down the modern AI stack for investors: where horizontal platforms, agentic workflows, and finance-specific tools each actually fit in a real research process. Recording June 16, live June 25. Register here: https://www.alpha-sense.com/resources/webinars/choosing-your-ai-stack-a-framework-for-institutional-investors/?utm_source=pt_YAVP&utm_medium=sponsored&utm_campaign=SWB_DG_06-25-26_IMP-GENAI_CORPFS_YAVP-AI-Solutions
Disclosure: long DCH and NOMD
Chapters:
0:00 Two cheap special situations and the "dark arts" setup
1:10 Sponsor: AlphaSense and the AI-stack-for-investors webinar
2:29 Alex Roepers, Atlantic Investment Management
3:04 Dauch ($DCH): the GKN, Melrose and Dowlais backstory
7:05 Why Atlantic made $DCH a core position at ~$6
9:03 The governance knock: a company named after a sub-1% CEO
13:42 Dark arts: the PSU grant that only pays above $12
15:11 Underwriting the $300M merger synergies
18:13 Leverage, capital allocation and the path to buybacks
24:42 The auto cycle and why 5x free cash flow caps the downside
29:12 Nomad Foods ($NOMD): the frozen-food bull case
33:14 Nomad by the numbers: 5.5x earnings, 7% yield
35:39 The bear case: private label, Aldi and a new CEO
39:21 Would Martin Franklin ever sell?
41:22 Dividend or buyback at these levels?
43:00 Is Franklin distracted by APi Group?
45:27 The kitchen-sink reset and a fall investor day
47:37 "Addback city": cleaning up the earnings number
50:02 The European discount: real or imagined?
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/

Abivax posted maybe the best ulcerative colitis data anyone's seen, then crashed 60% on a cancer signal Adam May argues is statistical noise. We dig into whether $ABVX is now a mispriced takeout: the maintenance efficacy that beat Rinvoq, how the scary "seven cancer cases" collapse to two, the blackbox question, the Crohn's skew, and the part two safety data due within weeks. Then a quick look at Nectar (NKTR), its alopecia areata data, and the Eli Lilly lawsuit.
This episode is sponsored by AlphaSense, and specifically Andrew's upcoming AI webinar with them: breaking down the modern AI stack for investors with Dave Wang (Wall Street Prompts) and Ben Collins (AlphaSense). Goes live June 25. Register here.
Chapters:
00:00 Intro and disclosure (long ABVX and NKTR)
01:03 Sponsor: AlphaSense AI webinar for investors
02:33 The biotech "GOAT" returns
03:33 Abivax setup: induction vs maintenance, the stakes
06:38 The bar: clinical remission and Rinvoq
10:14 Blowout maintenance data, and endoscopic remission that doubles Rinvoq
14:23 The data drops, then a 60% crash
16:31 The cancer scare, taken apart case by case
24:45 Why it's statistical noise: mechanism, clustering, base rates
28:50 Adverse-event capture and the phase 2 safety database
33:57 Bear case: hasn't the market had time to digest this?
38:00 Blackbox or no blackbox, and does it matter at $100
40:32 The Crohn's readout and the skew
45:36 M&A: timing, the new CCO, what Adam wants them to do
47:38 Part two safety data due within weeks
54:46 The cash question: secondary vs sale
57:49 Nectar: strong data, then an unexplained selloff
59:54 The Eli Lilly lawsuit and the jury-trial angle
01:03:26 Ox40 read-through and the Q32 Bio overhang
01:06:07 Most mispriced pick, targets, and the CEO's Cincor parallel
01:12:10 Wrap
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/
Disclosure: Long ABVX and NKTR

Amadeus $AMS is down roughly 25% because the market lumped it in with the SaaS names AI is supposed to gut. Team Amadeus, Pershing Square Challenge finalists, argue it's the opposite: a deterministic, mission-critical monopoly that AI makes more valuable, not less. We dig into the 50-year-old systems that planes literally can't take off without, why the GDS is the wrong job for an LLM, the Sabre and Constellation Software angle, and what the stock is actually worth.
Full pitch deck (~75 pages): https://www.dropbox.com/scl/fi/5bwef8mz2kplx2sub598w/PSC_AMS_LONG_vSent.pdf?rlkey=x5g0v7t1qk8hpg00ewix95hn3&st=rq9nzl4h&dl=0
This episode is brought to you by Trata. Trata is two investors who get on an anonymized call and talk through the real issues in a stock, bull-to-bull, bear-to-bear, or just getting up to speed. If you like this podcast, you'll like Trata. Check it out at trata.com
Chapters:
00:00 Why Amadeus landed on my radar
01:00 Sponsor: Trata
02:39 Meet Team Amadeus (Pershing Square Challenge finalists)
05:20 What Amadeus actually does: the toll booth on global travel
09:07 The AI fear that broke the stock
11:13 Is it actually cheap? Valuation and stock comp
15:26 Why Amadeus tops the AI-risk matrix
16:32 Air IT Solutions: the SAP of airlines
22:59 The Microsoft AI director who bet against AI eating this
24:15 Tech-debt pushback and the JFK field trip
29:09 Sabre, Constellation Software, and the monopoly complaint
33:16 How Amadeus won share during COVID
34:21 The air-distribution network effect
35:22 Why LLMs are the wrong tool for the GDS
39:50 The $1B biometrics acquisition
43:03 Google, Gemini, and the uptime math
45:47 Fair value and the bull case nobody's pricing
49:01 Amadeus as an AI beneficiary
51:02 Closing thoughts
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/