18. Kristoffer Lindström of Lind Research on Coffee Stain (COFFEEB)
18. Kristoffer Lindström of Lind Research on Coffee Stain(COFFEEB)
I recently had the opportunity to speak with Kristoffer Lindstrom of Lind Research (https://www.lindresearch.com/) on Coffee Stain. Kristoffer is an expert in the Nordic Gaming industry (both sell side and industry) and has high conviction in his investment thesis on Coffee Stain.
I really enjoyed the conversation and hope you do as well. Here's what we discussed:
0:00 Disclaimer
1:30 Kristoffer shares his extensive experience in the gaming space (industry and sell side)
6:05 Spin-off activity in the gaming space
10:05 Overview of Coffee Stain
15:05 What long term revenue CAGR does Kristoffer expect for Coffee Stain
18:15 When is the last time Coffee Stain launched new IP that generated significant revenue?
21:35 How is Coffee Stain valued and where should it trade?
24:35: How does Kristoffer value Iron Gate?
26:05 Capital allocation: how will Coffee Stain use their cash?
28:55 How Kristoffer views the upside to downside ratio at Coffee Stain’s current valuation
31:35 Does Coffee Stain have any catalysts?
35:40 Nordic gaming companies have fallen out of favor after COVID boom
40:45 Other gaming spin-offs that Kristoffer is watching
46:55: How to get in touch with Kristoffer: LindResearch.com (https://www.lindresearch.com/)
20 Jul 2026
17. Ron Nussbaum of Maverick Value on Comcast (CMCSA)
I recently had the opportunity to speak with Ron Nussbaum ofMaverick Value about his high conviction investment thesis on Comcast (CMCSA). Comcast just announced it's breaking up and will spin-off NBC Universal within 12 months. Ron believes this spin-off will crystallize value. I really enjoyed the conversation and hope you do as well. Here's what we discussed:
0:55 Ron's investment banking background
3:35 How Ron manages the Maverick Value portfolio
6:45 How Ron's approach has changed over time
9:15 Ron discusses his max position size
11:15 Ron shares his Comcast investment case
14:50 Why did Comcast pursue a spin-off?
21:55 What Comcast is worth on a SOTP
23:15 Could Comcast RemainCo be a major dividend payer?
29:15 Is the Spin-off a GoodCo or BadCo?
33:15 How big of a position is Comcast for Maverick Value?
33:50 What are the biggest risks to the Comcast investment case?
35:15 Any risk the spin-off doesn't take place?
37:15 How levered will Comcast RemainCo be?
39:45 How to get in touch with Ron (Ron.Nussbaum@MaverickValue.com (mailto:Ron.Nussbaum@MaverickValue.com))and learn more about Maverick Value
28 May 2026
16. Andrew Walker of Rangeley Capital on Corporate Dark Arts and Lionsgate Studios (LION)
I recently had the opportunity to speak with Andrew Walker of Rangeley Capital (http://rangeleycapital.com/) and Yet Another Value Blog (https://www.yetanothervalueblog.com/) about his Corporate Dark Arts series and his write-up on Lionsgate Studios (LION) (https://www.yetanothervalueblog.com/p/a-hopeless-lion-and-some-dim-strz?utm_source=publication-search).
Here’s what we discussed:
1:25 Andrew’s background and how he got interested in stocks
9:40 Where Andrew sees himself professionally and personally in 10 years
12:35 What are Corporate Dark Arts?
19:30 Why did LION make it into your Corporate Dark Arts series?
24:05 Lionsgate history and why this time might be different.
26:45 Why identifying inflection points is so important in Corporate Dark Arts
32:05 Is the expiration of the LION poison pill important?
32:45 What would LION be worth in an acquisition scenario?
40:25 How AI could help or hurt Lionsgate
43:35 Why Starz also popped up on the Corporate Dark Arts Series
52:15 Corporate Dark Arts Hall of Fame members
10 Mar 2026
15. Chris Waller – Plural Investing on GCI Liberty (GLIBK) and Seaport Entertainment (SEG)
I recently had the opportunity to speak with Chris Wallerof Plural Investing (https://www.pluralinvesting.com/) and Hidden Gems Investing (https://www.hiddengemsinvesting.com/?utm_source=global-search) about two recent spin-offs: GCI Liberty (GLIBK) and SeaportEntertainment (SEG).
Both situations feature strong investor alignment withwell-known investors and have recently completed rights offerings (as Joel Greenblatt famously says: buy all spin-off rights offerings!).
I really enjoyed the conversation and hope you do as well.Here’s what we discussed:
1:50 – Chris shares his background
5:10 – How Chris approaches investing in spin-offs
8:10 – GCI Liberty investment case overview
13:50 – What recent insider purchases by John Malone might signal
17:05 – What GCI Liberty could look like in 12–18 months
22:22 – How much runway John Malone may have
24:40 – Thoughts on constructing a portfolio of investment ideas
26:15 – The biggest risk for GCI Liberty
28:15 – Overview of Seaport Entertainment
34:05 – Will Seaport Entertainment generate profits going forward?
35:50 – Does the Las Vegas stadium have meaningful value?
39:30 – How important this investment may be for Pershing Square and Bill Ackman
45:15 – Why Chris believes Seaport Entertainment could significantly cut costs
48:00 – Where to learn more about Chris, Plural Investing, and Hidden Gem Investing
3 Dec 2025
14. Dominick D'Angelo on TopGolf Callaway (MODG)
Dominick D'Angelo, Head of Research, shares his investment case for TopGolf Callaway, discussing the potential value unlock from the partial sale of Topgolf in this interview.
23 Oct 2025
13. Colin King on NCR Atleos, Aumovio, and Solstice
Colin King of Circle City Capital analyzes NCR Atleos, Aumovio, and Solstice, exploring their financial potential and key catalysts in this interview with the host.
14 Jul 2025
12. Dom St. George of Cayucos Capital on Valterra Platinum
Dom St. George of Cayucos Capital shares his investment insights on Valterra Platinum, a recent spin-off, and discusses the opportunities within emerging market stocks in this interview.
2 Jul 2025
11. Simeon McMillan of Accrued Interest (STRZ, WBD, CMCSA)
Simeon McMillan of Accrued Interest discusses media spin-offs like Starz and WBD with the host, exploring valuation and growth strategies in this interview.
15 Apr 2025
10. My "Dividend as a Catalyst" Playbook
In the episode, I cover my "Dividend as a Catalyst" playbook. I review two case studies and then discuss two live ideas.
Here's what I cover:
1:15 - What is the "Dividend as a Catalyst" Playbook
2:30 - Case Study #1 : Kontoor Brands (KTB)
6:20 - Case Study #2: Jackson Financial (JXN)
9:45 - Current Example #1: Sunrise Communications (SNRE)
13:36 - Current Example #2: Havas N.V. (HAVAS)
19 Mar 2025
9. Colin King on What Spin-offs Look Compelling TODAY
During the episode, we welcome back Colin King of CircleCity Capital. Instead of just diving deep into one spin-off situation, Colin and I share which ideas look particularly interesting today.
1:20 – Rich explains why IAC Inc (IAC) is particularlyinteresting today.
3:35 – IAC’s imminent spin-off of ANGI
6:10 – Colin shares his perspective on IAC and ANGI
9:25 – IAC is finally buying back stock
11:15 – Does IAC actually generate free cash flow?
15:45 – Current IAC SOTP valuation
17:15 – Colin shares his thoughts on the right multiple for DotdashMeredith
20:00 – Colin shares how he thinks about IAC’s valuation
21:55 – Rich explains why Sunrise Communication (SNRE/SUNN)is interesting today
22:45 – “Dividend as a Catalyst” playbook
26:30 – Colin discusses Sunrise’s balance sheet
30:15 – Colin shares why he thinks NCR Voyix (VYX) isinteresting.
31:45 – Discussion of NCR Voyix’s (VYX) valuation
32:35 – Why Colin thinks step change leverage reductions canbe profitable investment opportunities’
36:45 – Why Colin thinks Havas N.V. (HAVAS) is attractive
38:50 – Havas’ dividend policy
39:45 – Havas expects to grow consistently over the next coupleof years.
40:15 – Colin discusses the Havas competitive landscape
42:00 – Quick discussion of Canal+ (CAN)
43:55 – Quick discussion of Resolute Holdings (RHLD)
11 Feb 2025
8. Kris Rymer of Safe Harbor Stocks on Amentum (AMTM) and Magnera (MAGN)
During the episode, Kris shares his background and then dives deeply intoAmentum (AMTM) andMagnera (MAGN). We then cover questions aboutMillrose (MLP), Net Lease Office Properties (NLOP) and others.
1:00 – Kris shares his background and experience buying andselling a small business
2:15 – Finance and entrepreneurship runs in Kris’ family
5:10 – How Kris evaluates a spin-off
9:00 – Why spin-offs are a great starting place for a newinvestor
9:55 – Why Amentum (AMTM) looks interesting today
12:50 – What has driven the weakness in the stock?
19:00 – What impact will DOGE have on AMTM?
23:40 – What is fair value for Amentum?
26:25 – How much of an overhang is PE ownership?
28:15 – Magnera (MAGN) overview
34:30 – Margin expansion potential at Magnera
35:30 – Magnera risks
41:15 – Magnera sell side estimates are conservative
44:45 – Thoughts on upcoming Millrose spin-off?
51:40 – What is your favorite spin-off situation on thehorizon?
57:40 – How to get in touch with Kris
4 Feb 2025
7. Peter Smith on International Gaming Technology (IGT)
In this episode, I talk with Peter Smith of Palm Harbour Capital. Peter shares his background and then dives deeply into InternationalGaming Technologies (ITG).
In a nutshell, IGT is interesting because it has agreed to sell its Gaming & Digital business to Apollo. IGT will receive ~$3.6BN of net proceeds, when the transaction closes and the Remaining Lottery business is trading at 5x EBITDA on a pro forma basis (peers trade in the high single digit range). What’s the catch? ITG has a large Italian lottery contract up for renewal in Q2 2025 which investors are worried about.
1:45 – Peter shares his background and how a Texas native ended up in London
3:30 – Palm Harbour overview
4:30 – Peter’s experience backpacking around Europe
4:50 – How Peter landed his first job in Germany
6:45 – How Peter thinks about portfolio construction
8:45 – Why Peter thinks ex-US markets are less competitive
10:30 – Peter’s approach to spin-offs
12:00 - Peter provides an overview of International Game Technology (IGT)
13:45 – Apollo is buying the slot machine side of the business
15:45 – History of IGT’s lottery business
16:00 – Economic resilience of the lottery business
20:00 – Why IGT launched a strategic review
21:30 – Why the market did not like the initial spin-off proposal
23:30 – Overview of Italian lottery renewal
27:30 – Why is the market concerned about the Italian lottery renewal?
35:45 – Why is IGT likely to win the Italian renewal?
40:35 – How important is this contract for IGT?
44:35 – How do you think about IGT’s valuation in a scenario where it loses the Italian contract?
46:45 – What odds is the market implying that IGT is going to lose this contract?
48:10 – How much of Apollo’s $4.05BN bid will be lost to expenses and taxes?
50:20 – How do you view IGT’s management team?
52:05 – Would the RemainCo ever get sold?
54:10 – What is timing of Italian renewal and the Apollo transaction closing?
1:00 – Where you can go to learn more about Peter Smith and Palm Harbour Capital
27 Jan 2025
6. Christian Ryther of Curreen Capital
In this episode, I talk with Christian Ryther of Curreen Capital. Christian starts off by sharing his experience at Columbia Business School in the Value Investing program, and also how he managed to finish second in a 100
mile race. During the podcast episode, we discuss several spin-offs: Solventum (SOLV), Enhabit (EHAB), Millrose (MRP), Havas (HAVAS), and Pluxee (PLX).
1:35 – Christian’s background including his time in the Columbia Business School Value Investing Program
4:15 – A discussion of how long market cycles (value vs growth, small cap vs. large cap) last.
5:20 – Christian’s experience in the Peace Corps in Morrocco
7:00 – Christian’s experience coming in 2nd place in a 100-mile race
9:30 – Christian discusses his approach to investing in spin-offs
13:20 – A discussion on Solventum (SOLV), the MMM spin-off
15:15 – How Christian thinks about portfolio position size
17:30 – What market cap Christian focuses on
19:45 – A discussion of Enhabit (EHAB)
28:30 – How meaningful Enhabit’s lawsuit win vs. VitalCaring Group
31:45 – Why is United Health (UNH) interested in buying home health companies?
33:15 – A discussion of insider buying at Enhabit (EHAB)
34:20 – Why the Millrose spin-off from Lennar (LEN) pisses Christian off
37:10- Why Christian views the Millrose spin-off as a preferred stock
37:50 – Does this make Lennar (LEN) more interesting?
39:15 – Would Lennar (LEN) ever walk away from its agreement with Millrose?
42:05 – Quick pitch on Havas, the Vivendi spin-off
48:15 – Quick discussion of Pluxee (PLX)
53:05 – How to get in touch with Christian
23 Dec 2024
5. Ameya of Multiples Capital on MGM and Garrett Motion (GTX)
In this episode, Rich Howe interviews Ameya of Multiples Capital.
We discuss Multiples Capital's founding story and why MGM and GTX are two of Ameya's favorite stocks today.
What we covered:
1:15 – Ameya’s background
3:15 – Using Jeff Bezos’ regret minimization framework
4:15 – The formation of Multiples Capital
4:35 – When Ameya immigrated to the United States
5:00 – Multiples Capital performance to date
5:25 – How Ameya approaches managing capital and portfolio
construction
9:35 – How concentrated is the Multiples Capital portfolio
11:26 – MGM Resorts International (MGM) investment case
17:45 – How Ameya thinks about MGM’s debt burden
28:42 – Have there been any rumors that MGM may be taken
private?
29:40 – Why Ameya likes Garrett Motion (GTX)
30:56 – Overview of Garrett Motion’s valuation
33:26 – Why did Garrett Motion go bankrupt
35:17 – Why Garrett’s murky history provides an opportunity
40:02 – 3 catalysts for Garrett Motion
43:57 – How tariffs will benefit Garrett Motion
46:30 – How Ameya views the market today
51:05 – Where to find more information about Multiples Capital
4 Dec 2024
4. Colin King of Circle City Capital Discusses Magnera and his approach to spin-offs.
In this episode, Rich Howe interviews Colin King of Circle City
Capital.
We discuss how Colin built his $28MM holding company, lessons
learned from investing in spin-offs for over a decade and what he thinks of
recent spin-off, Magnera (MAGN).
1:01 – Colin’s background
3:25 – Colin discusses quitting his job to found Circle City
Capital Group
4:27 – How Colin splits his time between public and private
investments
6:47 – How Colin allocates his capital between public and
private investments
8:27 – How Colin things about cash at the holding company
level
11:30 – How Colin things about investing in spin-offs
14:05 – Discussion of Zimvie (ZIMV)
17:03 – Overview of recent spin-off, Magnera (MAGN)
20:03 – What has caused the downturn in the nonwoven
business?
21:50 – Has Magnera’s business bottomed?
23:49 – Discussion of Magnera’s valuation
25:20 – How much free cash flow Magnera will generate
27:20 – The biggest risk factor for Magnera
29:43 – Indiscriminate selling pressure from Berry shareholders
32:43 – How Colin evaluates the management team of a spin-off
35.05 – Quick Discussion of SiteCenter (SITC) RemainCo and
Curbline (CURB) spin-off
37:24 – Where to learn more about Colin
25 Nov 2024
3. Derek Pilecki of Gator Capital Discusses His Approach to Investing in Financial Spin-offs
In this episode, Rich Howe interviews Derek Pilecki of Gator
Capital.
We discuss how Derek approaches spin-offs in the financial sector. He shares lessons learned from Jackson Financial (JXN), BBX Capital (BBXIA), Virtis Investment Partners (VRTS), and Voya Financial (VOYA).
0:54 – How Derek founded Gator Capital
4:40 – Gator Capital current AUM
5:40 – What it was like to start a financials focused hedge fund right before the Great Financial Crisis
7:40 – If Derek had to start his hedge fund from scratch, he would do this differently
10:00 – How Derek Approaches investing in spin-offs
12:45 – Derek’s Jackson Financial (JXN) thesis
17:17 – Is Jackson Financial a “Black Box”?
19:38 – Spin-offs and paired trades
21:54 – Derek shares his BBX Capital investment thesis?
23:36 – Corporate governance at BBX Capital
24:36 – Why Derek is expecting a tender offer for BBXIA relatively soon
27:23 – How Derek uses barebones technical analysis.
31:25 – What was Derek’s thesis with Virtis Investment Partners (VRTS)?
36:16 – Derek shares his Voya Financial (VOYA) investment case?
38:46 – Why weren’t investors interested in the VOYA IPO?
40:18 – Why Derek view secondary share overhangs as nonevents
41:30 – Derek walks through the Primerica IPO from Citigroup and how it was an attractive setup
13 Nov 2024
1. Asif Suria Talks Lions Gate and Western Digital
In the first Stock Spin-off Investing Podcast episode ever, Asif Suria and I talk about Lions Gate Entertainment and Western Digital.
Here's what we cover:
1:18 Asif’s background
5:07: How do you think about spin-offs?
7:57: Discussion of GE / GEV?
9:51: Why are Lions Gate Entertainment (LFGA/LGFB) and Lionsgate Studios (LION) interesting today?
17:18: Insider buying at Lions Gate?
21:46: How confident are you that the Lionsgate Studios spin-off will take place?
23:31: What are the risks to the Lions Gate story?
25:10: What is the Western Digital Investment Case?
30:48: How does flash memory compare to hard drive memory?
31:24: Cyclicality of flash industry and hard drive industry?
32:30: How does Seagate’s HDD business to Western Digitals?
34:23: Is Seagate a good comp to Western Digital on the HDD business?
35:25: Does Western Digital look attractive on a SOTP basis?
40:59: Will AI benefit both of Western Digital’s businesses?
43:00: Where can folks find more information about you and InsideArbitrage?
13 Nov 2024
2. Talking NLOP, CURB, and MAGN with David Bastian of Kingdom Capital
In this episode, Rich Howe interviews David Bastian of Kingdom Capital. We discuss recent spin-offs, Net Lease Office Properties (NLOP), Curbline Properties (CURB), and Magnera Corporation (MAGN).
Who has been a guest on Stock Spin-off Investing Podcast
Names identified in recent episode analyses. Showing up to five guests.
Dominick D'Angelo
Colin King
Dom St George
Simeon McMillan
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YouTube views
4,912
Score snapshot 15 Sept 2025
Apple Podcasts (US)
5.0 / 5
8 ratings
Spotify
5.0 / 5
6 ratings
Podcast Authority Score: 39 / 100
A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.
Quality
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Social presence
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YouTube
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Engagement
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