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Get That Bread - A Value Investing Podcast

Stephen Lee & Mark

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Get That Bread - A Value Investing Podcast
Get That Bread - A Value Investing Podcast

Get That Bread - A Value Investing Podcast

Stephen Lee & Mark

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Followers
0
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About Us

Hey! We’re Get That Bread where we discuss, teach and employ value investing strategies with real-life examples. Our goal is to equip those folks who never went to business school or pursued a career in finance with a common-sense framework that has generated compelling returns for practitioners. We want to give you the tools to analytically breakdown a stock just like the guys and gals on Wall Street. Ultimately, through these episodes, we hope you make better and more informed investment decisions, particularly in the stock market. If you’re feeling a little hungry and willing to make some bread, come join us in the conversation! You can also find more content available on YouTube at bit.ly/2C4xqHP.

Latest Episodes

Episode 10 - Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH)

Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH) Biglari Holdings (tickers: BH-A, BH) is a conglomerate with two distinct lines of businesses: its operating units and its investment arm. The enterprise is led by Chairman and CEO, Sardar Biglari, who owns 55% of the company. Having once been attributed the titled the "Sage of San Antonio," Sardar has previously been likened to the younger version of the more famous Warren Buffett, aka the "Oracle of Omaha." With current valuations at historic lows, Biglari Holdings appears on sale for 50% off its net asset value, not including its four operating units, which include Steak n Shake, Western Sizzlin, First Guard (a property casual insurance company), and Maxim magazine. It also owns ~15% of the restaurant chain, Cracker Barrel Old Country Store (ticker: CBRL). Considering only the company's cash and the carrying value of its investments, net of total debt, Biglari Holdings as of 1Q19 end is worth approximately $392 million. This compares with its current market capitalization, as of the date of recording, of about $196 million, suggesting a possibly 100% upside to current price levels. Is this a value opportunity? You tell me. My purpose of this episode isn't to provide a thesis, but rather to articulate the situation and to invite you to arrive at your own conclusion. It's somewhat of a complicated situation - as value opportunities typically are - but it's nonetheless incredibly interesting, in my opinion. Part of the reason for the ambiguity is because at times there are no clear answers. No one will tell you the appropriate path forward. Yet, referencing the Aeneid, which Ben Graham so appropriately includes in the Intelligent Investor, "Through chances various, through all vicissitudes, we make our way..." Please feel free to leave your thoughts on the company and on whether you believe this is a "value investment." CONNECT WITH US Instagram: www.instagram.com/getbread_official Facebook: www.facebook.com/justmakinbread Twitter: https://twitter.com/justmakinbread Credits: Music: [Cosimo Fogg (201)] https://soundcloud.com/cosimo-fogg/ja...... [VII 초] https://soundcloud.com/viisecs/lo-fi... [rubensoxo] https://soundcloud.com/rubensoxo/chil... [dBrewin'] https://soundcloud.com/darian-brewer-... Find out more on the Get That Bread - A Value Investing Podcast website.

34 MINMAY 27
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Episode 10 - Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH)

Episode 9 - Making Sense of the Stock Market

Episode 9 - Making Sense of the Stock Market This episode's format is slightly different. Instead of discussing particular investment ideas or financial metrics, I bring on a guest - my brother Victor - to touch on some of the underlying mechanics of the stock market and how it could make sense for certain prospective investors. Victor is a business leader of a mid-sized family apparel retail establishment. Although he did graduate from business school with a concentration in organization management and has the means to invest, he harbors certain reservations on the financial markets, which I think are shared by many people today. What exactly are investors owning when they purchase a common stock? Are stocks merely financial "paper" and represent ownership interests in name only? Isn't there an agency problem or disconnect where the interests of retail investors are largely, if not entirely, neglected by the board of directors? I try unpacking these issues and attempt to dispel some of the obscurity and misconceptions that many people may have regarding these questions, and how it all works. CONNECT WITH US Instagram: www.instagram.com/getbread_official Facebook: www.facebook.com/justmakinbread Twitter: https://twitter.com/justmakinbread Credits: Music: [Cosimo Fogg (201)] https://soundcloud.com/cosimo-fogg/ja...... [VII 초] https://soundcloud.com/viisecs/lo-fi... [rubensoxo] https://soundcloud.com/rubensoxo/chil... [dBrewin'] https://soundcloud.com/darian-brewer-... Find out more on the Get That Bread - A Value Investing Podcast website.

49 MINMAY 3
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Episode 9 - Making Sense of the Stock Market

Episode 8 - Merger Arbitrage (LSC Communications): LKSD

Episode 8 - Merger Arbitrage (LSC Communications): LKSD Please Like, Subscribe and Review to keep us going! Financial Model: http://bit.ly/2DzOg1Q Notes: http://bit.ly/2UYhkLj I discuss a merger arbitrage opportunity involving acquisition candidate LSC Communications (ticker: LKSD). The business is involved with traditional and digital print, and is being acquired by competitor, Quad/Graphics Inc. (ticker: QUAD), in an all-stock transaction anticipated to completed by mid-2019 through a 1 (LKSD) for 0.625 (QUAD) exchange ratio. Given LKSD's current dividend yield of ~15%, as of the date of this recording; the dramatic decline in LKSD's valuation following its merger announcement in October 2018; and the implied upside in the merger arbitrage over the next 2-4 months it appears that no matter the circumstance that unfolds (1. merger is canceled, 2. merger is delayed, 3. merger is completed) LKSD shareholders at current price levels are walking away with a compelling result. Borrowing the words from value investor Mohnish Pabrai, it seems that in this instance "heads you win, and tails you don't lose much" (if any). I typically shy away from merger arbitrage given the inherent risks that are usually involved, but this situation appears unique in my eyes. For the unacquainted, I certainly recommend you to put your thinking-caps on and join me through this analytical walk - even if parts may seem a little complicated. CONNECT WITH US Instagram: www.instagram.com/getbread_official Facebook: www.facebook.com/justmakinbread Twitter: https://twitter.com/justmakinbread Credits: Music: [Cosimo Fogg (201)] https://soundcloud.com/cosimo-fogg/ja...... [VII 초] https://soundcloud.com/viisecs/lo-fi... [rubensoxo] https://soundcloud.com/rubensoxo/chil... [dBrewin'] https://soundcloud.com/darian-brewer-... Find out more on the Get That Bread - A Value Investing Podcast website.

26 MINAPR 27
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Episode 8 - Merger Arbitrage (LSC Communications): LKSD

Latest Episodes

Episode 10 - Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH)

Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH) Biglari Holdings (tickers: BH-A, BH) is a conglomerate with two distinct lines of businesses: its operating units and its investment arm. The enterprise is led by Chairman and CEO, Sardar Biglari, who owns 55% of the company. Having once been attributed the titled the "Sage of San Antonio," Sardar has previously been likened to the younger version of the more famous Warren Buffett, aka the "Oracle of Omaha." With current valuations at historic lows, Biglari Holdings appears on sale for 50% off its net asset value, not including its four operating units, which include Steak n Shake, Western Sizzlin, First Guard (a property casual insurance company), and Maxim magazine. It also owns ~15% of the restaurant chain, Cracker Barrel Old Country Store (ticker: CBRL). Considering only the company's cash and the carrying value of its investments, net of total debt, Biglari Holdings as of 1Q19 end is worth approximately $392 million. This compares with its current market capitalization, as of the date of recording, of about $196 million, suggesting a possibly 100% upside to current price levels. Is this a value opportunity? You tell me. My purpose of this episode isn't to provide a thesis, but rather to articulate the situation and to invite you to arrive at your own conclusion. It's somewhat of a complicated situation - as value opportunities typically are - but it's nonetheless incredibly interesting, in my opinion. Part of the reason for the ambiguity is because at times there are no clear answers. No one will tell you the appropriate path forward. Yet, referencing the Aeneid, which Ben Graham so appropriately includes in the Intelligent Investor, "Through chances various, through all vicissitudes, we make our way..." Please feel free to leave your thoughts on the company and on whether you believe this is a "value investment." CONNECT WITH US Instagram: www.instagram.com/getbread_official Facebook: www.facebook.com/justmakinbread Twitter: https://twitter.com/justmakinbread Credits: Music: [Cosimo Fogg (201)] https://soundcloud.com/cosimo-fogg/ja...... [VII 초] https://soundcloud.com/viisecs/lo-fi... [rubensoxo] https://soundcloud.com/rubensoxo/chil... [dBrewin'] https://soundcloud.com/darian-brewer-... Find out more on the Get That Bread - A Value Investing Podcast website.

34 MINMAY 27
Comments
Episode 10 - Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH)

Episode 9 - Making Sense of the Stock Market

Episode 9 - Making Sense of the Stock Market This episode's format is slightly different. Instead of discussing particular investment ideas or financial metrics, I bring on a guest - my brother Victor - to touch on some of the underlying mechanics of the stock market and how it could make sense for certain prospective investors. Victor is a business leader of a mid-sized family apparel retail establishment. Although he did graduate from business school with a concentration in organization management and has the means to invest, he harbors certain reservations on the financial markets, which I think are shared by many people today. What exactly are investors owning when they purchase a common stock? Are stocks merely financial "paper" and represent ownership interests in name only? Isn't there an agency problem or disconnect where the interests of retail investors are largely, if not entirely, neglected by the board of directors? I try unpacking these issues and attempt to dispel some of the obscurity and misconceptions that many people may have regarding these questions, and how it all works. CONNECT WITH US Instagram: www.instagram.com/getbread_official Facebook: www.facebook.com/justmakinbread Twitter: https://twitter.com/justmakinbread Credits: Music: [Cosimo Fogg (201)] https://soundcloud.com/cosimo-fogg/ja...... [VII 초] https://soundcloud.com/viisecs/lo-fi... [rubensoxo] https://soundcloud.com/rubensoxo/chil... [dBrewin'] https://soundcloud.com/darian-brewer-... Find out more on the Get That Bread - A Value Investing Podcast website.

49 MINMAY 3
Comments
Episode 9 - Making Sense of the Stock Market

Episode 8 - Merger Arbitrage (LSC Communications): LKSD

Episode 8 - Merger Arbitrage (LSC Communications): LKSD Please Like, Subscribe and Review to keep us going! Financial Model: http://bit.ly/2DzOg1Q Notes: http://bit.ly/2UYhkLj I discuss a merger arbitrage opportunity involving acquisition candidate LSC Communications (ticker: LKSD). The business is involved with traditional and digital print, and is being acquired by competitor, Quad/Graphics Inc. (ticker: QUAD), in an all-stock transaction anticipated to completed by mid-2019 through a 1 (LKSD) for 0.625 (QUAD) exchange ratio. Given LKSD's current dividend yield of ~15%, as of the date of this recording; the dramatic decline in LKSD's valuation following its merger announcement in October 2018; and the implied upside in the merger arbitrage over the next 2-4 months it appears that no matter the circumstance that unfolds (1. merger is canceled, 2. merger is delayed, 3. merger is completed) LKSD shareholders at current price levels are walking away with a compelling result. Borrowing the words from value investor Mohnish Pabrai, it seems that in this instance "heads you win, and tails you don't lose much" (if any). I typically shy away from merger arbitrage given the inherent risks that are usually involved, but this situation appears unique in my eyes. For the unacquainted, I certainly recommend you to put your thinking-caps on and join me through this analytical walk - even if parts may seem a little complicated. CONNECT WITH US Instagram: www.instagram.com/getbread_official Facebook: www.facebook.com/justmakinbread Twitter: https://twitter.com/justmakinbread Credits: Music: [Cosimo Fogg (201)] https://soundcloud.com/cosimo-fogg/ja...... [VII 초] https://soundcloud.com/viisecs/lo-fi... [rubensoxo] https://soundcloud.com/rubensoxo/chil... [dBrewin'] https://soundcloud.com/darian-brewer-... Find out more on the Get That Bread - A Value Investing Podcast website.

26 MINAPR 27
Comments
Episode 8 - Merger Arbitrage (LSC Communications): LKSD

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