Welcome to episode 23 of Let's Be Frank the weekly podcast that gives a quick take on US stocks from the perspective of a value investor.

Today is Friday, October 30th 2026 and the NASDAQ faceplanted its way into the weekend today, with a jaw-clenching 3.5% decline. Investors had tried again at the beginning of this week to reignite the AI rally, but for the third week in a row their efforts failed while value prevailed.

Both Google and Amazon declined on news they would continue to spend full blast in 2027.

With value stocks being ignored for so long they trade at much more attractive valuations, and yet their earnings streams are much more predictable and steady. For the third week in a row investors are learning this lesson and paying with brain damage on AI.

That brings us to What Worked in Value:

Portfolio holding Icon Plc ticker ICLR had a spectacular week, appreciating over 15% from a fantastic earnings report.

What didn't work?

Portfolio holding Opera Ltd ticker OPRA lost over 10% this week on what I think is good news. Opera owns about 10% of Opay, which will start trading as an IPO in the US next week.

Next up is On the Hunting Trail for Value

During earnings season I try to comb through as many reports as I can. This gives me a breadth of valuation knowledge on the market as well as insights I can use from one sector to another.

Wrapping Up:

Dip buyers are wounded after several failed attempts. I expect this push and pull to continue until perhaps a large washout and regime change to value. This will change the narrative from the AI economy to the value economy. Thanks for listening and have a great weekend.

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Brian X Account: https://x.com/bfrankvalue

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