Yet Another Value Podcast

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. ___________________________________________________________________
[00:00:00] Andrew introduces Clear Security debate
[00:03:54] Clear explained: biometric airport platform
[00:07:11] Growth limits and line congestion[
00:10:00] TSA PreCheck economics and strategy
[00:14:04] Competition from TSA and airlines
[00:18:15] Airport partnerships and revenue sharing
[00:23:12] Market missing enterprise identity opportunity
[00:28:48] Debate on enterprise business significance
[00:34:11] TSA disruption impact on stock
[00:39:36] Valuation and growth assumptions
[00:43:24] Pricing power and customer behavior
[00:49:21] Amex partnership risks and dynamics
[00:56:12] Capital allocation and cash usage
[01:00:56] Long-term identity and AI implications
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/

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Andy Summers, CIO of Summers Value, to discuss Theravance (TBPH; disclosure: long). Both share their perspectives as shareholders while examining the company’s setup following a failed Phase 3 trial. They break down Theravance’s remaining asset, the COPD drug Yupelri, and its long-term royalty potential. The discussion covers the company’s balance sheet strength, cost reductions, and ongoing strategic review process. Andy outlines valuation assumptions, including U.S. royalties, China opportunity, and tax attributes, while also assessing potential buyers and deal dynamics. They also explore downside scenarios if a sale does not occur and why the situation presents an asymmetric risk-reward profile.
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[00:00:00] Podcast introduction and sponsor mention
[00:02:41] Overview of Theravance business model
[00:05:02] Phase three failure stock decline
[00:06:56] Activist involvement and ownership concentration
[00:09:01] Strategic review process and acceleration
[00:09:49] Breakdown of balance sheet and cash
[00:12:49] Discussion on downside protection and sizing
[00:14:11] Yupelri drug positioning and growth
[00:15:59] Patent protection timeline through 2039
[00:17:13] Valuation of royalty stream
[00:18:08] Sum-of-parts valuation discussion
[00:18:49] China opportunity and royalty upside
[00:24:22] Strategic buyers and acquisition dynamics
[00:28:22] Concerns about limited bidding competition
[00:30:57] Potential alternative buyers and synergies
[00:35:08] What market may be missing
[00:35:57] Ireland tax asset potential value
[00:38:03] Scenario if company not sold
[00:41:30] Potential management change outcomes
[00:43:22] Asymmetric risk reward summary
[00:44:24] Timing expectations for potential deal
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/

In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Roderick van Zuylen of Nightwatch 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.
Roderick's twitter: roojoo3
Night Watch's website: NightWatchIM.com
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[00:00:00] Podcast introduction and guest overview
[00:03:56] What Marex actually does
[00:05:05] Industry consolidation and competitors
[00:07:43] Credit risk and downside scenarios
[00:10:06] FCM role explained simply
[00:11:49] Why ROEs are high
[00:13:57] Acquisition-driven growth strategy
[00:15:12] Market mispricing and valuation
[00:17:24] Private equity overhang concerns
[00:19:21] M&A execution and integration
[00:22:28] Switching costs and customer stickiness
[00:24:24] Why acquisitions are cheap
[00:26:31] Industry structure and limited buyers
[00:28:19] Volatility and revenue dynamics
[00:29:46] Goldilocks volatility discussion
[00:32:59] Buybacks and capital allocation
[00:34:32] Short report overview
[00:35:11] Key allegations addressed
[00:38:29] Cash flow concerns explained
[00:41:10] Company response to short report
[00:42:28] Real-world business validation
[00:43:41] Valuation and upside potential
[00:45:43] Key risks and interest rates
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/

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.
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[00:00:00] Introduction and volatile market overview
[00:00:47] Software investing and track record concerns
[00:01:40] Three-year rule and exceptions
[00:01:56] Position sizing after major moves
[00:05:08] Markets feel inconsistent and strange
[00:08:04] SaaS and growth investing tailwinds
[00:09:43] Track records shaped by favorable cycles
[00:13:49] Revisiting and questioning three-year rule
[00:15:58] Cyclical tailwinds impacting outcomes
[00:17:00] Value creation versus timing importance
[00:19:49] Position sizing mistakes and inertia
[00:22:52] Re-underwriting after losses
[00:24:15] Risk management and cost limits
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/

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.
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[00:00:00] Andrew introduces Adam
[00:02:44] Adam’s biotech investing background
[00:07:16] Alpha versus biotech beta
[00:09:51] Finding edge in biotech
[00:17:01] How Adam sources ideas
[00:20:49] Handling concentrated biotech positions
[00:22:59] Biotech drawdown created opportunities
[00:24:49] NKTR thesis and setup
[00:27:53] Lilly data analysis mistake
[00:29:34] Why drugs miss patients
[00:30:34] Eczema need remains large
[00:33:55] Trial nuance drove conviction
[00:36:11] Reverse split scared investors
[00:37:14] NKTR rerating after data
[00:41:21] Why maintenance data mattered
[00:43:32] Buyout versus commercialization path
[00:45:17] Alopecia setup in NKTR
[00:52:25] ABVX background and skepticism
[00:55:00] Maintenance data built conviction
[00:58:54] The killer ABVX slide
[01:01:50] Why ABVX looks acquirable
[01:08:11] ABVX maintenance data ahead
[01:11:27] Andrew closes the episode
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/