Brizo Capital's Ben Isaac and I dig into the stuff we've bonded over for years: why the cavalry isn't coming to save value investors, the opportunity set in the UK, how investors can work with boards to improve governance and alignment, and whether relisting to the US actually creates value. We also get into how the analyst role is evolving as AI keeps improving.This episode is sponsored by Trata: https://www.trata.comTrata hosts anonymized calls between two buy-side investors on a stock they're thinking about, then publishes the transcript. If you like this podcast, you're going to like Trata.Chapters:

Intro and Trata sponsor

Welcome Ben Isaac

Columbia, AI and the leg press problem

Hiring analysts: compliance, Copilot and Claude

Hallucinations and why AI expands demand for analysts

Trade shows, scuttlebutt and the student superpower

Load-bearing facts vs. the CFO's cat

Corporate governance: the cavalry isn't coming

Why the UK: global businesses at cheap prices

Working behind the scenes with UK boards

The US relisting debate

What the data says on relistings

Pushback: sugar high or buy back stock?

Signal or selection bias? CRH and Trian

The Walmart of Kenya and cost of equity

Spread over the local cost of equity: Brazil and the Selic

Are US markets really well functioning?

UK take-privates and private equity