In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Jingshu from Guinea Value to discuss New Oriental Education (ticker: EDU), a Chinese education services firm. They explore the company’s dramatic fall in 2021 following regulatory crackdowns, its surprising rebound, and its resilience in the face of industry headwinds. Jingshu shares rare firsthand insights from his own experience founding a similar business, giving unique context to New Oriental’s position in the market. Topics range from working capital dynamics and regulatory shifts to capital allocation and AI’s impact on education. Tune in for an in-depth look at one of China's most compelling turnaround stories.

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[00:00:00] Andrew introduces podcast and guest

[00:02:16] Jingshu greets and intro begins

[00:02:55] New Oriental company history overview

[00:05:02] Reasons Andrew invited Jingshu

[00:05:32] Jingshu’s personal edu background

[00:09:41] China edu sector decline insights

[00:10:24] Market misunderstanding and tail risks

[00:16:03] Discussion of regulatory risk

[00:22:25] Cash position and asset value

[00:25:43] Livestream business background

[00:27:26] Capital return strategy discussion

[00:33:57] Michael’s conservative cash mindset

[00:38:28] AI disruption and edtech impact

[00:43:19] Challenges of AI competition

[00:46:06] Superstar teacher dynamics

[00:48:44] 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

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back recurring guest Artem Fokin for a wide-ranging discussion on perfecting the craft of investing. Skipping individual stock pitches, they explore long-term process improvements, the role of AI in research, and how expert calls have changed their approach. Artem and Andrew debate the statistical validity of track records, the impact of conviction borrowing, and the future of market efficiency in an AI-driven world. Listeners will also hear how Artem's investment focus evolved over the past decade, and why understanding customer-level value is now at the core of his process.__________________________________________________________[00:00:00] Andrew introduces episode and Artem[00:03:07] Perfecting the investing craft[00:05:26] Bannister effect in investing[00:06:45] Inspiration from investor track records[00:10:40] Concentration and statistical significance[00:16:45] Bitcoin investor vs. great allocator[00:19:11] Betting on long-term outliers[00:22:43] Power laws and convexity[00:25:17] Will AI dumb down markets?[00:32:37] Market becoming more consensus[00:34:36] AI pricing medium-term alpha[00:39:06] Democratizing research tools[00:46:54] Early edge in illiquid stocks[00:48:55] Artem’s biggest process change[00:52:48] Can customer feedback mislead?[00:56:09] Golf clubs and process analogy[00:59:11] Avoiding groupthink and conviction leaks[01:03:39] Know who’s pitching the idea[01:06:25] IRR-driven sizing pitfalls[01:10:38] Penalizing leverage in rankingsLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this August 2025 edition of Yet Another Value Podcast, host Andrew Walker returns with his signature monthly ramblings. Andrew unpacks the strange dynamics in today’s bifurcated market — where AI giants soar while traditional sectors flounder. He explores whether buybacks post-earnings miss signal strength or delusion, muses on “hot girl marketing” with a focus on Sydney Sweeney’s campaigns, and discusses what drives real ROI in celebrity partnerships. He closes with reflections on sizing up when holding a true edge, and a fascinating challenge trade: Paulson buying Icahn’s full stake in Bausch Health.

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[00:00:00] Intro and episode overview

[00:00:57] Market state and personal screens

[00:05:34] AI stocks outperforming traditional sectors

[00:06:32] Retail sector earnings crash

[00:08:30] Market split explained further

[00:09:36] Buybacks on post-earnings dips

[00:14:27] Sydney Sweeney, HeyDude tie-in

[00:18:38] Swinging when you have edge

[00:24:07] Challenge trades concept

[00:27:47] BHC Paulson-Icahn block deal

[00:30:41] Closing remarks and disclaimer

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer