In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Dom St. George from Cayucos Capital about Jardine Matheson, a complex, centuries-old conglomerate currently trading at a discount to its net asset value. Dom shares insights from over a decade of following the company, breaking down its historic roots, complicated structure, and the recent strategic overhaul under fifth-generation leadership. The conversation digs into the potential implications of new private equity hires, the value locked in Hong Kong Land and Mandarin Oriental, and whether simplification or empire-building lies ahead. Tune in for a discussion on the nuances of holdco investing and Asia’s corporate evolution.

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[00:00:00] Andrew introduces Jardine Matheson

[00:02:45] Dom joins and outlines background

[00:03:30] Jardine’s history in opium trade

[00:06:00] Creation of Hong Kong background

[00:07:30] Cross-holdings and structure issues

[00:09:00] Recent disposals and simplification steps

[00:10:24] Current NAV discount and relevance

[00:11:33] Major business segments explained

[00:13:00] Hong Kong Land valuation dynamics

[00:14:06] Debating real estate cap rate fairness

[00:16:36] Hiring private equity insiders

[00:18:12] Risks of reinvestment vs. wind-down

[00:20:46] Goal to raise AUM at Hong Kong Land

[00:22:52] Market discounts family holdcos

[00:24:56] Sell-mode vs. buy-mode question

[00:26:41] Pattern of mistimed investments

[00:27:05] Focus on five-year shareholder returns

[00:29:00] Mandarin Oriental asset repositioning

[00:30:55] Mandarin’s trophy brand potential

[00:32:00] Selling HK hotel land to Alibaba

[00:33:48] Lack of share buybacks questioned

[00:34:52] 1947 Trust and executive incentives

[00:36:50] Potential misalignment in trust structure

[00:38:23] Why Jardine vs. other holdcos?

[00:39:43] Astra International’s complexity

[00:41:48] Subsidiaries: elevators, Pizza Hut, KFC

[00:42:47] Final thoughts and episode wrap-up

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 Byrne Hobart from The Diff for the monthly book club. They discuss Born to Be Wired, the newly released memoir of John Malone. The conversation explores Malone’s strategic mastery, his historical and modern media investments, thoughts on taxation, and media regulation. Andrew and Byrne also reflect on Liberty’s recent underperformance, Malone’s approach to succession, and the evolving media landscape. They close with a playful debate on the future of CNN, potential Saudi buyouts, and what book to read next. Listeners interested in media, cable, and investing will enjoy this deep exploration of Malone's career and legacy.

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[00:00:00] Intro to book and guest

[00:02:52] Malone fit for 1980s market

[00:04:49] AT&T’s dividend inefficiency analysis

[00:08:49] Malone’s era-optimized strategies explained

[00:13:17] Liberty Media’s big split strategy

[00:16:32] Malone’s regulation views criticized

[00:22:02] C-SPAN’s cable subsidization dynamics

[00:24:36] Cable Labs and hostile deals

[00:28:01] Media write-offs and strategic bidding

[00:34:03] Media titan nostalgia and shifts

[00:37:37] Infinite channels end titan era

[00:39:04] Greg Maffei’s underwhelming portrayal

[00:44:13] AI and regulatory survival urgency

[00:45:24] Formula One bullishness and strategy

[00:50:13] Liberty Global optimism despite history

[00:54:31] Timeless themes in cable media

[00:56:18] CNN objectivity vs market demand

[01:00:17] Halloween book club next picks

[01:02:15] Disclaimer and episode wrap-up

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 Steve Gorelik from Firebird Management for a deep dive into Molina Healthcare (ticker: MOH). Together, they explore the sharp drop in Molina's stock despite its long-standing compounder reputation. Steve outlines how Molina operates as a low-cost Medicaid-focused managed care organization, making it uniquely resilient amid rising medical costs and regulatory challenges. They discuss Molina’s competitive advantages, risks tied to healthcare policy, redetermination effects, and its strategic M&A playbook. Tune in to understand why Steve believes Molina remains undervalued and poised to outperform its peers—even as the broader Medicaid sector stumbles.

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[00:00:00] Intro and sponsor mention

[00:02:25] What is Molina Healthcare?

[00:05:31] Medicaid model and revenue growth

[00:06:25] Molina stock chart and July crash

[00:07:13] Industry-wide margin compression

[00:11:28] Why Steve sees alpha in Molina

[00:13:29] ROE vs. cost structure explained

[00:15:04] Admin efficiency as competitive edge

[00:17:04] Molina’s playbook and cost culture

[00:20:16] Medicaid redetermination impact

[00:24:07] Market share gains amid member losses

[00:26:26] What's driving cost inflation now

[00:28:44] Will premiums rise to match costs?

[00:30:26] Regulatory risks in Medicaid

[00:32:19] Medicaid vs. private cost efficiency

[00:33:54] Denials, approvals, and outcomes

[00:37:50] Molina’s denials as cost control

[00:40:42] Tender process and doctor networks

[00:41:43] What keeps Steve up at night

[00:44:41] Acquisitions: model and pipeline

[00:47:18] M&A parallels to John Malone

[00:48:19] CEO incentives and share ownership

[00:50:48] Share buybacks and capital returns

[00:51:19] Could Molina be acquired?

[00:52:57] Long-term compounding vs. exit

[00:53:28] Scooby-Doo investing explained

[00:54:23] Wrapping up the conversation

Links:

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

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