Adam Buckstein from ASB partners explores Stride Inc. (formerly K12), the largest provider of virtual public schools in the U.S. Adam dives deep into the company's business model, regulatory framework, and competitive position, as well as the company's unique funding structure, post-COVID enrollment growth, market misconceptions, and the complex compliance challenges it faces. The conversation also dives into Stride’s outcomes, criticisms, AI’s future role in education, and the stock’s dramatic drop following an LMS implementation misstep. _____________________________________________________________

[00:00:00] Podcast and guest introduction

[00:03:30] Stride’s virtual school structure

[00:05:34] Funding model vs. for-profit colleges

[00:07:16] Why parents choose virtual schools

[00:09:19] Learning coach growth post-COVID

[00:10:16] Payment structure for Stride

[00:12:22] Outcome debates and challenges

[00:17:38] Competitive landscape with Pearson

[00:21:07] Stickiness of Stride contracts

[00:23:22] Curriculum costs and customization

[00:25:10] Economic sensitivity discussion

[00:28:43] Student acquisition and marketing

[00:32:44] October enrollment drop explained

[00:35:42] LMS transition and enrollment loss

[00:38:22] New Mexico lawsuit context

[00:43:26] Outcome data interpretation issues

[00:45:27] AI impact on Stride’s model

[00:47:17] Financials and cash flow strength

[00:51:10] Market overreaction to issues

[00:54:09] Risks if outcomes lag in-person

[00:56:33] Teachers union and school choice

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/

In this solo episode of Yet Another Value Podcast, host Andrew Walker introduces and unpacks his evolving investment concept: the Theory of Weird Markets. Andrew uses analogies from sports, AI, and Rubik’s Cube competitions to argue that traditional strategies in investing are increasingly obsolete. Instead, he suggests that in an age dominated by quant funds, AI, and machine learning, alpha lies at the edges—in unique, weird, or "N of 1" investment opportunities. This episode is part rough-draft, part invitation, as Andrew seeks listener feedback to refine the theory that will underpin much of his investing outlook for 2026.

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[00:00:00] Introduction and sponsor mention

[00:02:02] Overview of episode structure

[00:03:08] Theory of Weird Markets explained

[00:05:17] Stock market as ultimate competition

[00:09:09] Sports performance evolution examples

[00:10:00] Rubik’s Cube as improvement analogy

[00:13:11] Incentives in Rubik’s vs. investing

[00:15:09] Finance history proves competition

[00:17:30] Counterintuitive strategies dominate at scale

[00:18:42] AI and chess: new strategy insights

[00:20:00] AI poker strategy looks irrational

[00:21:16] Humans must embrace “weird” edge

[00:22:56] AI fails with unexpected variables

[00:23:26] Power demand as under-modeled opportunity

[00:24:35] Spinoffs and unique events as alpha

[00:25:28] Warner Bros. Discovery case study

[00:26:26] Management incentives and market edges

[00:27:10] Writer’s block and theory reflection

[00:28:21] Call for feedback and 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/

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/