Welcome to the July 2024 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: small cap performance, buybacks, stock price drives narrative, CEO changes, due diligence on companies you don't like (i.e. don't like the product or service personally), alternative data and idea dinners.

Posts mentioned during pod:

On the stress of market melt ups: https://www.yetanothervalueblog.com/p/weekend-thoughts-the-stress-of-market

On stock prices driving narrative: https://www.yetanothervalueblog.com/p/weekend-thoughts-bonus-stock-prices Chapters:

[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Tegus

[2:18] Small cap performance, buybacks

[5:15] Stock price drives narrative

[8:35] CEO changes

[10:42] Due diligence on companies you don't like (i.e. don't like the product or service personally)

[16:28] Alternative data

[18:55] Idea dinners

Today's sponsor: Tegus

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Marc Rubinstein, Founder and Editor of the Net Interest Newsletter (link to substack below), is back on the podcast to discuss his article titled, "The Trump Trade" and deep dive on Fannie Mae $FNMA.

For more information about Marc Rubinstein, please visit: https://www.netinterest.co/

Article on Trump Trade: https://www.netinterest.co/p/the-trump-trade

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:40] Background and history of $FNMA

[17:07] Turning point in 2012 (background cont'd.)

[20:19] $FNMA privatization argument from last 10 years

[29:54] "The Trump Trade" and $FNMA

[42:03] Why didn't Trump privatize in first term / if Trump wins 2nd term, what happens if he's going to pursue a privatization plan? / what is the most likely scenario

[53:50] Final thoughts

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John Haskell, CIO at Atla Capital Management, joins the podcast to share his thoughts on international real estate investing, emerging markets and ESR Group Limited ($1821.HK).

For more information about Atla Capital Management, please visit: https://www.atlacap.com/

Chapters:

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

[2:22] International public real estate investing

[11:00] Taxation on global REITs / emerging markets

[17:54] John's most interesting market(s) right now / Vietnam overview

[21:58] ESR Group Limited thesis overview and why interesting to John

[27:12] Why has the stock not worked (since it's high in 2021) / how did John get comfortable with owning ESR

[36:06] Starwood investment / potential ESR buyout / how does John think ESR take out plays out

[45:54] ESR valuation

[55:54] Related party transactions and how do you have faith that they are done in fair value / final thoughts

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