Adam Wyden runs one of the most concentrated books I know, and he came on to make the case for two stocks the market has basically left for dead: Stagwell ($STGW) and Driven Brands ($DRVN). On Stagwell, his pitch is that this is not a dying ad agency but a marketing-services and data business compounding toward $700M of EBITDA by 2028, sitting at a 20%+ free cash flow yield because it came public through a no-fanfare reverse merger and carried a dual-class and TRA overhang that kept institutions out. On Driven, he thinks the sum of the parts (Collision, Autoglass, and a 50-year-old franchise stub around Take Five) is worth far more than a low-teens stock, and he has been loud enough about it that the company started disclosing numbers within 48 hours of one of his letters.I push back on both. On Stagwell I keep coming back to the agency model itself: WPP, IPG and the rest have trailed the S&P for 20 years because the human capital walks out the door every night and takes the economics with it, and AI arguably makes that worse. On Driven I press him on why a business this cheap has stayed cheap for four years running, and whether the corporate cost and the leverage ever get fixed without a private-equity owner. Adam's answer, more or less: the market doesn't care until it cares, and the best money he has ever made is buying someone else's five-year pain right before the aha moment.This episode is sponsored by fiscal.ai: https://fiscal.ai/yav. Fiscal.ai is a modern financial data provider for global equities and one of the leading data connectors for Claude and ChatGPT, so you can pipe real-time fundamental data straight into your LLM. I signed up with my own money to plug it into my Claude cowork setup: more than 20 years of statements, ratios, segments and KPIs, updated within minutes of earnings, not days. Use my link fiscal.ai/yav for 15% off.Chapters:

Intro: Adam Wyden and two names, Stagwell and Driven

Stagwell $STGW: the bull case on a marketing-services roll-up

Mark Penn and how modern Stagwell came together

Does AI break the ad agency model?

The data moat and Stagwell's agentic operating system

Is Stagwell a jockey bet on Mark Penn?

Free cash flow, buybacks, and a stock priced to die

Undervalued for four years: what is the market missing?

Adam's activist stake and the August 14th tease

Driven Brands $DRVN: the auto aftermarket bull case

EVs vs ICE and why the aftermarket keeps compounding

Sum-of-the-parts: Collision, Autoglass, and the franchise stub

Activism at Driven, Roark, and where this business belongs