Yet Another Value Blog: Yet Another Value Podcast

Can Sprout Social Survive the SaaSpocalypse with Pernas Research's Deiya Pernas

Andrew Walker — Thu, 30 Apr 2026 10:53:18 GMT

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Deiya Pernas of Pernas Research about Sprout Social (SPT) and the broader SaaS selloff. They examine the company’s platform, competitive positioning, and whether the market is mispricing its long-term potential. The discussion covers API complexity, integrations, AI risks, and shifting perceptions across SaaS. They also address valuation, stock-based compensation concerns, and possible catalysts including governance changes or acquisition interest. The conversation closes with a wider look at the so-called SaaS apocalypse and where opportunities may exist.

This podcast is sponsored by AlphaSense.

Earnings season has always been a test of speed and discipline—but the real challenge isn’t just keeping up. It’s cutting through the noise, tracking what matters across dozens of companies, and turning information into insight before the next call begins. AlphaSense’s AI Playbook for Earnings Season shows how leading investment and corporate strategy teams are using AI-driven workflows to stay ahead—summarizing transcripts instantly, monitoring competitors in real time, and surfacing the metrics that move markets. The difference is how the work gets done. Instead of juggling spreadsheets, notes, and disconnected tools, teams can centralize earnings intelligence, validate consensus with trusted research, and act on signals faster—before opportunities pass. You can download your complimentary copy of The AI Playbook for Earnings Season here. And if you’d like to try AlphaSense for free, request your trial at alpha-sense.com/YAVP.

Please follow the podcast on Spotify, iTunes, or YouTube! And please be sure to rate / review the podcast if you enjoy it, or share it with someone else who would enjoy it (more listeners is a critical part of the flywheel that keeps this Substack and podcast going!).

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Transcript for paid subs begins below (The initial transcript is AI-generated and is replaced with a professionally edited version when available)

Disclaimer: Nothing on this podcast or on this blog is investing or financial advice; please see our full disclaimer here. The transcript below is from a third party transcription service; it’s entirely possible there are some errors in the transcript.

Drilling into LandBridge's value with Chadd Garcia $LB

Andrew Walker — Sun, 26 Apr 2026 12:21:42 GMT

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by returning guest Chadd Garcia to discuss LandBridge and the broader Permian Basin ecosystem. Chadd outlines how land-based royalty models differ from traditional energy investments, highlighting surface rights, produced water, and infrastructure as key drivers. The conversation covers LandBridge’s growth through pore space expansion, strategic land acquisitions, and its relationship with WaterBridge. They also examine valuation differences versus peers like TPL, the role of data centers in West Texas, and why the market may be underestimating future cash flow. The episode concludes with an update on Secure Energy’s acquisition and its implications for the waste infrastructure thesis.

This podcast is sponsored by AlphaSense.

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Transcript for paid subs begins below (The initial transcript is AI-generated and is replaced with a professionally edited version when available)

Investing in the SaaSpocalypse with Heller House's Marcelo Lima

Andrew Walker — Thu, 23 Apr 2026 11:43:15 GMT

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Marcelo Lima of Heller House Capital about the "SaaSpocalypse". After writing two memos on the topic, Marcelo shares his perspective from years of following software companies, arguing that fears around AI disrupting SaaS are overblown. They examine whether AI tools threaten incumbents like Salesforce or instead strengthen them through faster product development. The discussion covers valuation compression, enterprise software moats, customer behavior shifts, and the role of AI as infrastructure. Andrew also raises concerns about disruption risks, insider signals, and workforce changes, leading to a debate on whether this moment represents risk or opportunity.

This podcast is sponsored by fiscal.ai

Fiscal AI is a modern data terminal built for investors who want an institutional-grade platform without the complexity. I use Fiscal AI to research my holdings, find new investment ideas, and deepen my analysis. It’s fast, intuitive, and has genuinely helped my research process. Check it out at fiscal.ai/yav —for two weeks free, plus 15% off any of their paid plans.

Please follow the podcast on Spotify, iTunes, or most other podcast players, as well as on YouTube if you prefer video! And please be sure to rate / review the podcast if you enjoy it, or share it with someone else who would enjoy it (more listeners is a critical part of the flywheel that keeps this Substack and podcast going!).

Transcript for paid subs begins below (Note: in order to get these up quickly, I post an AI generated transcript alongside the podcast. A professionally edited transcript comes a few days later; I replace the AI generated transcript once the professional one is available)

Why DraftKings might not be a big gamble with Aganju's Tolu Bukola $DKNG

Andrew Walker — Sun, 19 Apr 2026 13:03:26 GMT

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Tolu Bukola from Aganju Capital about DraftKings (note: you can see Tolu’s DKNG write up here) and the growing threat from prediction markets. Tolu explains DraftKings’ business model, highlighting both sports betting and the expanding iGaming segment. The discussion focuses heavily on regulatory risks, including how prediction markets operate and why they may face legal challenges. They examine potential outcomes if regulation changes, how market share could shift, and what that means for DraftKings’ long-term economics. The episode also covers valuation perspectives and the role of government intervention in shaping the industry’s future.

This podcast is sponsored by Trata

I already know you’re going to like trata. Why? Because you’re reading this blog post, meaning you’re interested in this podcast. And trata is just like this podcast (though without the handsome host!). Trata is anonymized transcripts of buysiders discussing stocks they are following and what they really think will drive the stock. I’ve been mentioning it on the podcast for months, and the most frequent complaint I hear from people who check it out is they wish trata had more content on more of their stocks. Plus, if you’re interested in DKNG, you can see the transcript I used to prepare for this podcast here.

April 2026 Random Ramblings

Andrew Walker — Thu, 16 Apr 2026 11:17:06 GMT

In this episode of Yet Another Value Podcast, host Andrew Walker shares his April monthly ramblings, covering a range of investing topics top of mind. He examines the recent selloff in SaaS companies and why they may not be as attractive as they appear. Andrew explores the idea of hedging against AI disruption using large-cap tech options, while also questioning how AI and pattern recognition could reshape investing. He reflects on the balance between experience and laziness in decision-making and closes with a personal discussion on the mental challenges of missing major investment opportunities.

This podcast is sponsored by fiscal.ai

Guinea Value's Jingshu Zhang on Fiserv $FISV

Andrew Walker — Fri, 10 Apr 2026 11:32:15 GMT

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Jingshu Zhang from Guinea Value about Fiserv (FISV) and the broader payments sector. They examine the recent drawdown across payment companies, addressing concerns around AI disruption, regulation, and macro pressures. Jingshu outlines Fiserv’s business structure across financial institutions and merchant solutions, while detailing the impact of leadership changes and operational missteps under prior management. The discussion highlights the ongoing strategic reset, new executive hires from JPMorgan, and extensive on-the-ground research into Clover’s positioning. They also debate capital allocation, insider alignment, activist involvement, and valuation, exploring whether Fiserv represents a turnaround opportunity or a declining legacy asset.

This podcast is sponsored by Trata

I already know you’re going to like trata. Why? Because you’re reading this blog post, meaning you’re interested in this podcast. And trata is just like this podcast (though without the handsome host!). Trata is anonymized transcripts of buysiders discussing stocks they are following and what they really think will drive the stock. I’ve been mentioning it on the podcast for months, and the most frequent complaint I hear from people who check it out is they wish trata had more content on more of their stocks. Plus, if you’re interested in FISV, you can see the transcript I used to prepare for this podcast here.

Avory's Sean Emory on Clear Security $YOU

Andrew Walker — Thu, 02 Apr 2026 13:06:11 GMT

Sean Emory of Avory & Co analyzes Clear Security, a biometric identity platform operating in airports nationwide. They examine the company’s subscription model, competitive positioning against TSA and airlines, and the impact of recent TSA disruptions on demand. The discussion covers Clear’s pricing power, partnerships with credit card providers like Amex, and the durability of its airport footprint. Sean also outlines a developing enterprise identity segment and its potential role in future growth. The conversation addresses valuation, risks, and whether Clear’s moat can sustain long-term returns.

This podcast is sponsored by Trata

I already know you’re going to like trata. Why? Because you’re reading this blog post, meaning you’re interested in this podcast. And trata is just like this podcast (though without the handsome host!). Trata is anonymized transcripts of buysiders discussing stocks they are following and what they really think will drive the stock. I’ve been mentioning it on the podcast for months, and the most frequent complaint I hear from people who check it out is they wish trata had more content on more of their stocks. They’ve been particular great for parsing through the recent SaaS sell off; see this free transcript on WIX for just one example.

Night Watch's Roderick van Zuylen on Marex $MRX

Andrew Walker — Fri, 27 Mar 2026 11:00:03 GMT

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Roderick van Zuylen (twitter here) of Night Watch and KEDM to analyze Marex (MRX), a futures commission merchant operating in a consolidated financial infrastructure space. Roderick explains how Marex facilitates derivatives trading for clients like airlines and hedge funds, while benefiting from rising trading volumes and industry consolidation. The discussion covers Marex’s strong returns on equity, acquisition-driven growth strategy, and competitive positioning versus peers like StoneX. They also address risks, including credit exposure, interest rate sensitivity, and a recent short report. The episode highlights why Marex may continue compounding earnings through both organic and inorganic growth.

This podcast is sponsored by fiscal.ai

March 2026 Random Ramblings

Andrew Walker — Wed, 25 Mar 2026 11:03:51 GMT

In this episode of Yet Another Value Podcast, host Andrew Walker returns with his monthly solo ramblings covering several themes shaping current markets. He starts by discussing recent volatility and why markets feel inconsistent despite relatively modest index declines. Andrew then explores how long-term tailwinds in software and growth investing may have influenced investor track records over the past decade. He also revisits his three-year rule for evaluating stagnant investments, examining its limitations in cyclical sectors. The episode closes with a discussion on position sizing, emphasizing the need to re-underwrite positions after large price moves and avoid inertia when fundamentals change.

This podcast is sponsored by fiscal.ai

Adam May on investing in biotech $NKTR $ABVX

Andrew Walker — Mon, 23 Mar 2026 11:36:32 GMT

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Adam May, a physician, dermatologist, and biotech investor, about how he built an edge in small- and mid-cap biotech. Adam walks through his path from medical school investing to launching a small biotech fund during the 2021 peak, then explains how he sources ideas, studies trial data, and looks for situations where the market is missing something important. The conversation focuses on NKTR and ABVX, including trial design, maintenance data, market skepticism, buyout setups, and how Adam thinks about risk, beta, and asymmetric upside in biotech.

This podcast is sponsored by Trata

I already know you’re going to like trata. Why? Because you’re reading this blog post, meaning you’re interested in this podcast. And trata is just like this podcast (though without the handsome host!). Trata is anonymized transcripts of buysiders discussing stocks they are following and what they really think will drive the stock. I’ve been mentioning it on the podcast for months, and the most frequent complaint I hear from people who check it out is they wish trata had more content on more of their stocks. They’ve been particular great for parsing through the recent SaaS sell off; see this free transcript on WIX for just one example.

Chris Paryse on Ferrellgas's big conversion $FGPR

Andrew Walker — Fri, 20 Mar 2026 11:43:31 GMT

Chris Paryse (see his twitter here) breaks down Ferrellgas (FGPR), a propane distributor emerging from a complex post-bankruptcy structure. The conversation focuses on the recently completed Class B to Class A unit conversion, which significantly increases free float and simplifies the capital structure. Chris explains how the company generated cash flow to eliminate legacy obligations and outlines a potential path toward reinstating dividends. They also discuss leverage, preferred securities, and the opportunity for valuation re-rating through relisting and improved liquidity. The episode highlights both the financial engineering aspects and the operational realities of a stable but low-growth propane business.

This podcast is sponsored by fiscal.ai

Accrued Interest's Simeon McMillan on $VSNT and the evolving media space

Andrew Walker — Sat, 14 Mar 2026 20:42:14 GMT

Simeon McMillan of Accrued Interest discusses the shifting media landscape and recent industry restructurings. Simeon brings experience from inside major media companies, offering a perspective on how traditional networks, streaming platforms, and sports rights are shaping valuations across the sector. The conversation examines Comcast’s Versant spin-off, the positioning of assets like Bravo and other entertainment channels, and how investors should think about cable decline versus streaming economics. Andrew and Simeon also discuss incentives behind corporate restructurings, the quality of assets being separated, and what could drive value creation or destruction. Throughout the discussion they analyze media strategy, market narratives, and how investors can interpret these evolving industry dynamics.

This podcast is sponsored by a replay of my AlphaSense media Webinar:

If you like this podcast (or this blog), I suspect you’re going to like this webinar! WE discussed all things media, including the fall out from the PSKY / WBD / NFLX bidding war, the VSNT spin, and what’s likely to happen as the NFL rights come up for bidding. You can sign up for a replay here.

A tour through the media landscape with TSOH's Alex Morris

Andrew Walker — Tue, 10 Mar 2026 10:57:10 GMT

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.

This podcast is sponsored by my upcoming live AlphaSense Webinar:

The media landscape is moving quickly; join us for a discussion of the fallout of the NFLX / WBD / PSKY bidding war, what’s going on with sports rights, and all things TMT.

Carriage House's Will Cleary on $FTAI

Andrew Walker — Mon, 09 Mar 2026 12:07:03 GMT

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.

This podcast is sponsored by my upcoming live AlphaSense Webinar:

The media landscape is moving quickly; join us for a discussion of the fallout of the NFLX / WBD / PSKY bidding war, what’s going on with sports rights, and all things TMT.

Roy Swisa on $DJCO

Andrew Walker — Tue, 03 Mar 2026 16:45:44 GMT

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Roy Swisa 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. (note: you can find Roy’s substack here and linkedin here)

This podcast is sponsored by my upcoming live AlphaSense Webinar:

The media landscape is moving quickly; join us for a discussion of the fallout of the NFLX / WBD / PSKY bidding war, what’s going on with sports rights, and all things TMT.

Investing in Biotech with Verdad Capital

Andrew Walker — Tue, 24 Feb 2026 11:54:23 GMT

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.

This podcast is sponsored by Trata

I already know you’re going to like trata. Why? Because you’re reading this blog post, meaning you’re interested in this podcast. And trata is just like this podcast (though without the handsome host!). Trata is anonymized transcripts of buysiders discussing stocks they are following and what they really think will drive the stock. I’ve been mentioning it on the podcast for months, and the most frequent complaint I hear from people who check it out is they wish trata had more content on more of their stocks. They’ve been particular great for parsing through the recent SaaS sell off; see this free transcript on WIX for just one example.

Flying through the Volaris thesis with Antipodes' Phillip Namara $VLRS

Andrew Walker — Fri, 20 Feb 2026 20:57:28 GMT

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.

This podcast is sponsored by fiscal.ai

February 2026 Random Ramblings

Andrew Walker — Tue, 17 Feb 2026 20:20:51 GMT

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.

This podcast is sponsored by fiscal.ai

How investors can improve at expert calls and AI with AlphaSense's Ryan Fennerty

Andrew Walker — Sun, 15 Feb 2026 17:37:40 GMT

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.

This podcast is sponsored by AlphaSense.

Expert calls have always been one of the best ways to build conviction—but great calls are about more than access. They’re about asking consistent questions, comparing perspectives, and turning raw signal into decisions before the market moves.

AlphaSense AI-Led Expert Calls pairs the experts you choose with a knowledge-base-informed AI interviewer to conduct high-quality conversations on your behalf—acting as a trusted extension of your team.

The difference is what happens next. Transcripts flow natively into AlphaSense, instantly searchable, comparable, and citable—so primary insights plug directly into earnings prep, diligence workstreams, and pitch books with zero tool-switching.

AI for coverage and efficiency. Humans for complexity and conviction. It’s the institutional edge that scales research without scaling headcount.

Learn more at alpha-sense.com/YAVP.

Bill Chen's follow up on REITs and $ALX

Andrew Walker — Thu, 05 Feb 2026 14:45:07 GMT

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.

This podcast is sponsored by AlphaSense.

One of the hardest parts of investing is seeing what’s shifting before everyone else does. For decades, only the largest hedge funds could afford extensive channel research programs to spot inflection points before earnings and stay ahead of consensus. Meanwhile, smaller funds have been forced to cobble together ad-hoc channel intelligence or rely on stale reports from sellside shops.

But channel checks are no longer a luxury - they’re becoming table stakes for the industry. The challenge has always been scale, speed, and consistency. That’s where AlphaSense comes in.

AlphaSense is redefining channel research. Instead of static, point-in-time reports, AlphaSense Channel Checks deliver a continuously refreshed view of demand, pricing, and competitive dynamics, powered by interviews with real operators - suppliers, distributors, and channel partners - across the value chain.

Check it out for yourself at alpha-sense.com/yavp