Andrei Stetsenko from Gymkhana Partners explores the investment case for Indian holdcos in general and Maharashtra Scooters in particular. Andrei outlines why he isn't just looking for a discount to NAV; he talks about how he breaks down the underlying NAV and incentives of the key players when assessing an Indian holdco, and how he believes the control of the Bajaj Group can create long term value.

Gymkhana Partners website: www.gymkhanapartners.com

Gymkhana's Q3 letter: https://www.gymkhanapartners.com/investor-letters/gymkhana-partners-q3-2025-quarterly-letter

Post on financialization of Indian savings: https://www.gymkhanapartners.com/dispatches/the-equitization-of-indian-savings

Doug's Alphasense webinar: ______________________________________________________________________

[00:00:00] Podcast and guest introduction

[00:02:57] Indian holdcos and Bajaj group

[00:05:47] Maharashtra Scooter NAV breakdown

[00:06:45] Growth prospects in Bajaj firms

[00:09:03] Insurance and lending discipline

[00:12:45] Risks of investing abroad

[00:15:25] India research and diligence

[00:17:03] India-dedicated fund strategy

[00:19:08] India’s economic transformation

[00:22:20] Attractive Indian holdcos overview

[00:25:36] Holdco incentive and structure

[00:28:50] SEBI reforms and catalysts

[00:29:41] Parallels with Japan’s reforms

[00:32:58] Professionalization and buyback signs

[00:33:46] Shareholder alignment and liquidity

[00:36:48] Family dynamics and governance

[00:39:23] NAV reliability and fundamentals

[00:42:03] Buybacks, dividends, and hurdles

[00:43:59] Governance: India vs US

[00:47:06] Potential unlock mechanisms

[00:49:56] Past performance and future growth

[00:52:33] Closing thoughts and blog posts

Links:

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

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

Doug O’Loughlin of Fabricated Knowledge and SemiAnalysis returns to the podcast in to dive into all things AI, Power, and Corporate Governance. On the AI side, they discuss where we are in the cycle, if AI is a bubble, and what will drive the next leg of growth. On the corporate governance side, they discuss using signals like off-cycle PSU grants to reflexive incentive structures to find investments, as well as diving into some topical examples. (PS- Doug’s last appearance was podcast #166 on AppLovin $APP, which doubles as the best performing pitch in YAVP history).

Links

• Doug's AppLovin $APP podcast appearance
• Doug's Webinar with AlphaSense
• Fabricatated Knowledge:

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[00:00:00] Podcast intro and Doug’s background

[00:02:36] AI sector partying vs. value sadness

[00:04:06] AI’s capital cycle and bubble setup

[00:07:04] Oracle’s shift to debt-fueled capex

[00:09:45] Why capital intensity changes multiples

[00:11:48] TPU vs. Nvidia: a real challenger

[00:13:07] Google’s evolving TPU go-to-market

[00:16:02] AI scaling walls and RL progress

[00:18:24] Reinforcement learning and Dota AI

[00:20:15] Token economics and GPU monetization

[00:22:02] OpenAI, profitability, and token resale

[00:24:00] AI’s deflationary impact and services

[00:26:51] Revisiting the power bottleneck thesis

[00:27:44] Power grid constraints and worker shortages

[00:31:33] Industrials benefiting from AI buildout

[00:32:22] Generalist vs. specialist investor gaps

[00:33:47] Specialist traps in relative valuation

[00:36:36] Doug’s obsession with board behavior

[00:38:19] Do boards game investors with PSUs?

[00:41:12] Reflexive incentives at Broadcom example

[00:42:17] Mimification and pump incentives at Opendoor

[00:44:46] Performance incentives vs. job requirements

[00:46:19] Biotech boards failing shareholder alignment

[00:46:42] PSU timing around Target Hospitality’s drop

[00:52:09] ICE contracts and bed shortage opportunity

[00:56:54] Housing workers for Texas data center boom

Links:

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

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

In this month’s episode of Yet Another Value Podcast, host Andrew Walker reflects on key investing themes from October 2025. He probes Warren Buffett’s late-stage performance, introducing a concept called “risk riding” and considers the unseen risks that may have shaped Buffett’s recent success. Andrew also critiques excessive investor relations spending, explores a tweet on the underappreciated value of averaging up, and questions the mindset behind stocks being “cheaper today than yesterday.”

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[00:00:00] Intro, Buffett, risk riding

[00:02:45] Returns vs risk over time

[00:06:30] Buffett aging, investment impact

[00:12:30] Investor relations overspending

[00:16:55] Gifts, wasteful IR practices

[00:21:20] Tweet on averaging up

[00:24:00] Cheaper today vs yesterday

[00:25:10] Personal update

Links:

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

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