Jon Boyar of Boyar Research for an (almost) annual discussion on the “Forgotten 40” — a curated list of 40 overlooked, value-oriented stocks. Jon outlines major 2025 themes including SMID caps and financials, before diving into deep valuations and sale potential for the Atlanta Braves, plus long-term positioning of Uber in an autonomous future. They also touch on media exposure, structural incentives, and the potential for corporate activism to unlock value in overlooked names.

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[00:00:00] Intro to podcast and guest

[00:02:53] History and aim of Forgotten 40

[00:04:14] Turnover and name selection for 2025

[00:05:13] Key 2025 themes: SMID & financials

[00:06:42] Financials overweight rationale explained

[00:08:07] Braves ownership, real estate, and thesis

[00:10:59] Tax code change and sale incentive

[00:12:09] Valuation math for Atlanta Braves

[00:15:13] Media rights and sale timing risk

[00:18:00] Malone incentives and sale complications

[00:22:27] MLB work stoppage risk and reward

[00:25:50] Baseball trends and geographic pull

[00:26:15] MSGS ownership, family dynamics

[00:29:53] Generational control and liquidity questions

[00:30:54] Mark Cuban sale as precedent

[00:33:36] Media names: fewer included this year

[00:35:11] Uber thesis: misunderstood and evolving

[00:37:25] AV risk vs strategic opportunity

[00:39:03] Valuation vs zero-risk scenario

[00:41:01] Eats vs Dash vs Instacart

[00:41:56] Consumer pushback and price sensitivity

[00:45:50] Waymo or Tesla acquisition logic

[00:49:17] Bonus pick: UniFirst & Cintas pursuit

[00:52:05] Activism, family dynamics, and valuation

[00:53:11] Wrap-up and links to Forgotten 40

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/

After a long hiatus, one of the people's most popular guests returns. Randy Baron ventures across the pond to talk about Victoria PLC. Victoria has run into hard times, driven by a bunch of debt and a vicious cyclical downturn, but Randy sees some light at the end of the tunnel and goes into all the ways the company can survive the downturn and the huge potential upside for the common stock if he's right.

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[00:00:00] Podcast and guest introduction

[00:01:59] Reintroducing guest Randy Barron

[00:02:43] Company overview: Victoria PLC

[00:05:16] Stock down 95%, what happened

[00:09:58] Audit issue worsens perception

[00:11:58] UK flooring market fragmentation

[00:15:23] Headlam distress affects Victoria

[00:16:40] Business story vs. distressed debt

[00:19:44] Victoria's debt breakdown

[00:21:04] Coke preferred equity explained

[00:25:54] Coke takeover rules in UK

[00:28:16] Preferred overhang and resolution

[00:30:22] Stock impact from deal structure

[00:33:02] Coke debt buyout possibility

[00:34:07] Cyclical vs. structural downturn

[00:36:36] Housing slowdown impacts demand

[00:37:32] 2028 bonds trade at heavy discount

[00:41:48] Asset sales to pay down debt

[00:43:01] Jeff Wilding's role and strategy

[00:47:28] Chairman’s capital allocation record

[00:48:01] Assessing market misjudgment

[00:50:19] UK market investment case

[00:51:46] UK stamp tax impact

[00:52:19] Making UK more investible

[00:54:38] Macro vs. valuation gap in UK

[00:55:16] Downside risk and cash flow

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/

Judd Arnold from Lake Cornelia Capital joins for a wide ranging discussion of inflection investing, $TOI's unique oncology model, and tons of stuff on risk management and portfolio construction.See Lake Cornelia's Substack here: https://lakecornelia.substack.com/

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[00:00:00] Podcast intro and guest announcement

[00:02:41] Judd on becoming a father

[00:03:40] Judd discusses launching Substack

[00:06:30] Complexity versus simplicity in investing

[00:07:52] Liquidity and investor interest matter

[00:11:06] Inflection investing over valuation focus

[00:15:59] Sector and story versus fundamentals

[00:19:55] TOI scalability and market potential

[00:25:26] TOI business model and economics

[00:31:32] Comparisons with other healthcare models

[00:39:31] Consulting impact on investment process

[00:44:21] Sizing up at inflection points

[00:50:48] Risk profiles in portfolio strategy

[00:53:20] M&A strategy and market perceptions

[00:57:35] Netflix synergies and investor worries

[01:01:45] Warner Bros bidding strategy discussion

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/