In this episode of the Yet Another Value Podcast, host Andrew Walker welcomes back Brian Laks of Old West Management for his third appearance on the show. Brian shares deep insights into uranium, copper, gold, and the broader metals market. They revisit Old West’s early uranium thesis and how it has evolved, assess copper’s growing strategic importance, and examine gold’s unique demand drivers. The conversation covers supply-demand imbalances, government involvement in critical minerals, tariffs, and how AI’s energy demands tie back to metals. Brian also explains how Old West balances long-term macro views with valuation discipline and opportunistic trading within metals and mining.______________________________________________________________________[00:00:00] Andrew introduces guest Brian Laks.[00:03:08] Uranium thesis from early investments.[00:05:38] Riding valuation cycles in uranium.[00:09:05] Spot vs. long-term uranium prices.[00:12:43] Sentiment extremes create buying opportunities.[00:17:16] Market still underestimating uranium demand.[00:21:24] Uranium vs. other metal exposures.[00:26:20] Copper becomes major portfolio focus.[00:27:27] Gold’s demand harder to forecast.[00:32:54] Why metals hitting all-time highs.[00:36:56] Copper’s strategic demand and supply gap.[00:42:30] Prices needed for copper expansion.[00:44:44] Tariffs’ effect on copper valuations.[00:48:27] Government support for critical minerals.[00:53:44] Old West’s broader investment outlook.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 Chris Waller, founder of Hidden Gems Investing, for his third appearance. Chris shares his deep research into Judges Scientific, a UK-listed serial acquirer of niche scientific instrument businesses. The discussion covers Judges’ disciplined acquisition strategy, historical returns, and competitive advantages in attracting founder-led businesses. They examine the challenges of scaling acquisitions, lessons from Geotech, the impact of recent headwinds like US college spending cuts, and long-term growth prospects. Chris also addresses management succession risks, valuation considerations, and the cultural nuances behind the company’s dividend policy. The conversation blends analysis of market misperceptions with insights into capital allocation, operational philosophy, and how to sustain high returns in a specialized sector.

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[00:00:00] Introduction and guest background

[00:02:07] Chris on Hidden Gems Investing

[00:02:57] Overview of Judges Scientific

[00:06:43] Example acquisitions and product types

[00:07:47] Market misperceptions and headwinds

[00:09:32] Acquisition pricing discipline and competitors

[00:13:44] Reputation advantages over new entrants

[00:15:39] Acquisition pace and scaling challenges

[00:18:43] Geotech acquisition scale and risks

[00:20:07] Geotech’s business model and setbacks

[00:23:53] Expedition delays and revenue impact

[00:25:48] Halma example for scaling runway

[00:29:17] Management succession considerations

[00:32:51] Sale likelihood and culture preservation

[00:33:30] US college spending cuts and guidance

[00:36:56] Recovery scenarios and uncertainty impact

[00:39:21] Potential acquisition opportunities in downturn

[00:41:05] Valuation framework and growth assumptions

[00:43:34] Business quality vs. peer acquirers

[00:44:20] EPS target changes in compensation plan

[00:45:37] Dividend policy and UK investor culture

[00:48:35] Post-acquisition integration philosophy

[00:51:14] Closing thoughts and R&D discipline

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 is joined by Orel Levy of Anek Capital to discuss Cellebrite (ticker: CLBT). The conversation explores Cellebrite’s digital forensics tools, from cracking phones to managing and analyzing data. Orel provides a comprehensive overview of Cellebrite's business model, competitive positioning, and potential for growth. Topics include their shift to a SaaS model, the federal sector's role, AI integration, competitive threats like Palantir, and the company’s broader strategic outlook. They also touch on risks, including execution challenges, management turnover, and potential M&A speculation. Tune in to understand why Cellebrite is at the intersection of technology, law enforcement, and investing.

If you're interested in the CLBT trata call mentioned during the podcast, see: https://www.trytrata.com/clbt____________________________________________________________

[00:00:00] Podcast intro and sponsor mention

[00:03:13] Cellebrite's history and pivot

[00:06:08] Phone cracking explained

[00:07:18] R&D moat and customer stickiness

[00:08:40] Valuation versus growth peers

[00:09:52] SPAC history and misunderstood model

[00:13:41] iPhone cracking and misconceptions[00:15:03] Apple, Google cooperation risk

[00:16:29] Growth potential and market size

[00:21:27] Management turnover and CEO plans

[00:27:38] Sale speculation and strategic fit

[00:30:49] Mission-critical usage example

[00:31:51] Federal budget and deployments

[00:33:52] Event-driven budget growth potential

[00:37:47] Guardian, Pathfinder, cloud ramping

[00:42:58] Long-term risks: execution concerns

[00:50:43] AI: neutral impact for now

[00:53:39] Suncorp ownership and sale pressure

[00:57:46] Ethics and private sector risks

[01:00:00] Wrap-up and future conversations

Links:If you're interested⁠ in the CLBT trata call mentioned during the podcast⁠, see: https://www.trytrata.com/clbt

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

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