Yet Another Value Podcast

“What is [company] and why do you find it so interesting?”

A common opening to get the guest's high-level investment thesis on the table.

“The market seems to be scared of [X risk]. What's your take?”

He often frames the core of the bear case as a direct challenge to the guest's thesis.

“My biggest worry is [specific governance or business risk]. What do you think?”

Uses this to voice his own, specific research-backed concerns, often about management.

“Is the bet at this point all about whether it gets a [black box warning, catalyst, etc.] or not?”

He uses this to distill a complex thesis down to its single most important variable.

“How do you think about capital allocation and the go-forward path here?”

This question probes for how shareholders will be rewarded in the future via buybacks, dividends, or M&A.

“Do you feel comfortable with the add-backs in their earnings?”

A technical question used to scrutinize the quality of a company's reported financials.

“What is your read on the M&A angle for this company?”

As a special situations investor, he frequently explores the likelihood of a sale or takeover.

“Do you think [key person, e.g. founder/CEO] would actually let go and sell the company?”

This question targets the human element and incentives that could block or enable a value-unlocking event.

“How do you think about where we are in the [macro] cycle as it relates to this investment?”

He asks this to place the company-specific thesis within the broader economic context.

“Why don't we start with [company] and the recent news?”

A direct way he sets the agenda at the start of the interview.

“What are your overall thoughts on the [UK, etc.] market and why do you focus there?”

Often asked at the beginning to understand the guest's broader strategy before diving into specifics.

“Between the ideas we've discussed, which do you think is more mispriced right now?”

A signature closing question to elicit a final, comparative judgment from the guest.