Julian Lin, Founder of Best of Breed Growth Stocks, an investment newsletter, joins the podcast to discuss his thesis on Reddit, Inc. (NYSE: RDDT).

$RDDT write-up on Seeking Alpha: https://seekingalpha.com/article/4686257-reddit-julian-lins-top-conviction-idea

Chapters:

[0:00] Introduction + Episode sponsor: YCharts

[1:22] What is Reddit $RDDT and why is it interesting to Julian

[2:58] $RDDT bull case

[14:09] Network effects

[20:46] $RDDT bear case: when will they become profitable? What are they spending R&D on?

[30:45] Valuation

[33:48] $RDDT vs. tier 2 social media platforms (Pinterest, Twitter, SnapChat) / mismanagement

[45:27] Valuation cont'd

[56:53] $RDDT Growth strategy

[1:02:23] $RDDT's Biggest misperceptions

This episode is sponsored by our friends at YCharts

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Matt Turk joins the podcast to discuss his thesis on Target Hospitality Corp. (NASDAQ: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services.

Links:

https://www.bamsec.com/filing/114036124014503/4?cik=1859285

https://www.youtube.com/watch?v=31s6todiuM8

Matt's YouTube Channel: https://www.youtube.com/@given2trade4

Chapters:

[0:00] Introduction + Episode sponsor: Fundamental Edge

[1:53] What's going on with Target Hospitality $TH and why its interesting to Matt

[8:18] $TH Corporate history and why it's important / 2020 letter compared to 2024 letter from Arrow Group

[31:22] History cont'd of $TH with Arrow Group / why this situations reminds Andrew of $HRT situation

[39:11] Government contract / tail risks

[41:54] Bull case / comparables / rollups

[49:13] Additional risks

[58:50] Likelihood of closing and talking through potential buyout prices[1:04:50] Final thoughts

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Scott Miller, CIO of Greenhaven Road, joins the podcast to discuss his thesis on PAR Technologies (NYSE: PAR), where more than 70,000 restaurants in more than 110 countries use PAR’s restaurant point-of-sale, digital ordering, loyalty and back-office software solutions as well as industry-leading hardware and drive-thru offerings (according to the company's website).

Voss Capital write-up: https://vosscapital.substack.com/p/pars-path-to-80-redux

Greenhaven Road Q4 investor letter ($PAR mentioned): https://static1.squarespace.com/static/5498841ce4b0311b8ddc012b/t/65bd570c0ba5792db938f9a6/1706907404785/Greenhaven+Road+-+2023+Q4+FINAL_.pdf

For more information about Greenhaven Road, please visit: https://www.greenhavenroad.com/

Chapters:

[0:00] Introduction + Episode sponsor: YCharts

[1:30] Overview of PAR Technologies $PAR and why Scott is excited about the idea

[4:18] What are the "haters" missing with $PAR

[7:54] Burger King customer win

[9:42] Competitive landscape

[15:20] Why $PAR more than a Point of Sale play; additional verticals

[19:04] How do they win more customers / cloud-based vs. not-cloud based point of sale matter

[25:28] $PAR recent acquisitions, execution risk / convenience stores

[33:55] Growth runway / what keeps Scott up at night about $PAR

[38:24] Lumpiness of customer wins/announcements

[41:30] Final thoughts on $PAR

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