YAVP hall of famer Jeremy Raper returns to cover a wide range of topics—from Jeremy’s decision to shut down his investment blog to his perspective on underappreciated international markets like Japan and the UK. The episode culminates with an in-depth discussion on Jeremy’s high-stakes activist campaign at HUM Group, a non-bank Australian lender. Jeremy explains why he's pushing for a board overhaul and outlines governance red flags he believes shareholders shouldn't ignore.__________________________________________________________[00:00:00] Podcast and guest introduction[00:02:24] Jeremy reflects on his writing journey[00:05:21] Why Jeremy stopped his pay blog[00:08:58] Loss of inbound connections[00:12:29] State of Japanese event market[00:17:55] Deep value still thrives in Japan[00:19:09] Concerns with UK governance culture[00:25:49] Overview of HUM Group situation[00:30:29] Rejecting undervalued chairman offer[00:36:53] AGM governance failure issues[00:42:43] Call to vote and next stepsLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Adam Buckstein from ASB partners explores Stride Inc. (formerly K12), the largest provider of virtual public schools in the U.S. Adam dives deep into the company's business model, regulatory framework, and competitive position, as well as the company's unique funding structure, post-COVID enrollment growth, market misconceptions, and the complex compliance challenges it faces. The conversation also dives into Stride’s outcomes, criticisms, AI’s future role in education, and the stock’s dramatic drop following an LMS implementation misstep. _____________________________________________________________

[00:00:00] Podcast and guest introduction

[00:03:30] Stride’s virtual school structure

[00:05:34] Funding model vs. for-profit colleges

[00:07:16] Why parents choose virtual schools

[00:09:19] Learning coach growth post-COVID

[00:10:16] Payment structure for Stride

[00:12:22] Outcome debates and challenges

[00:17:38] Competitive landscape with Pearson

[00:21:07] Stickiness of Stride contracts

[00:23:22] Curriculum costs and customization

[00:25:10] Economic sensitivity discussion

[00:28:43] Student acquisition and marketing

[00:32:44] October enrollment drop explained

[00:35:42] LMS transition and enrollment loss

[00:38:22] New Mexico lawsuit context

[00:43:26] Outcome data interpretation issues

[00:45:27] AI impact on Stride’s model

[00:47:17] Financials and cash flow strength

[00:51:10] Market overreaction to issues

[00:54:09] Risks if outcomes lag in-person

[00:56:33] Teachers union and school choice

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

In this solo episode of Yet Another Value Podcast, host Andrew Walker introduces and unpacks his evolving investment concept: the Theory of Weird Markets. Andrew uses analogies from sports, AI, and Rubik’s Cube competitions to argue that traditional strategies in investing are increasingly obsolete. Instead, he suggests that in an age dominated by quant funds, AI, and machine learning, alpha lies at the edges—in unique, weird, or "N of 1" investment opportunities. This episode is part rough-draft, part invitation, as Andrew seeks listener feedback to refine the theory that will underpin much of his investing outlook for 2026.

____________________________________________________

[00:00:00] Introduction and sponsor mention

[00:02:02] Overview of episode structure

[00:03:08] Theory of Weird Markets explained

[00:05:17] Stock market as ultimate competition

[00:09:09] Sports performance evolution examples

[00:10:00] Rubik’s Cube as improvement analogy

[00:13:11] Incentives in Rubik’s vs. investing

[00:15:09] Finance history proves competition

[00:17:30] Counterintuitive strategies dominate at scale

[00:18:42] AI and chess: new strategy insights

[00:20:00] AI poker strategy looks irrational

[00:21:16] Humans must embrace “weird” edge

[00:22:56] AI fails with unexpected variables

[00:23:26] Power demand as under-modeled opportunity

[00:24:35] Spinoffs and unique events as alpha

[00:25:28] Warner Bros. Discovery case study

[00:26:26] Management incentives and market edges

[00:27:10] Writer’s block and theory reflection

[00:28:21] Call for feedback and discussion

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Jon Boyar of Boyar Research for an (almost) annual discussion on the “Forgotten 40” — a curated list of 40 overlooked, value-oriented stocks. Jon outlines major 2025 themes including SMID caps and financials, before diving into deep valuations and sale potential for the Atlanta Braves, plus long-term positioning of Uber in an autonomous future. They also touch on media exposure, structural incentives, and the potential for corporate activism to unlock value in overlooked names.

__________________________________________________

[00:00:00] Intro to podcast and guest

[00:02:53] History and aim of Forgotten 40

[00:04:14] Turnover and name selection for 2025

[00:05:13] Key 2025 themes: SMID & financials

[00:06:42] Financials overweight rationale explained

[00:08:07] Braves ownership, real estate, and thesis

[00:10:59] Tax code change and sale incentive

[00:12:09] Valuation math for Atlanta Braves

[00:15:13] Media rights and sale timing risk

[00:18:00] Malone incentives and sale complications

[00:22:27] MLB work stoppage risk and reward

[00:25:50] Baseball trends and geographic pull

[00:26:15] MSGS ownership, family dynamics

[00:29:53] Generational control and liquidity questions

[00:30:54] Mark Cuban sale as precedent

[00:33:36] Media names: fewer included this year

[00:35:11] Uber thesis: misunderstood and evolving

[00:37:25] AV risk vs strategic opportunity

[00:39:03] Valuation vs zero-risk scenario

[00:41:01] Eats vs Dash vs Instacart

[00:41:56] Consumer pushback and price sensitivity

[00:45:50] Waymo or Tesla acquisition logic

[00:49:17] Bonus pick: UniFirst & Cintas pursuit

[00:52:05] Activism, family dynamics, and valuation

[00:53:11] Wrap-up and links to Forgotten 40

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

After a long hiatus, one of the people's most popular guests returns. Randy Baron ventures across the pond to talk about Victoria PLC. Victoria has run into hard times, driven by a bunch of debt and a vicious cyclical downturn, but Randy sees some light at the end of the tunnel and goes into all the ways the company can survive the downturn and the huge potential upside for the common stock if he's right.

___________________________________________________________

[00:00:00] Podcast and guest introduction

[00:01:59] Reintroducing guest Randy Barron

[00:02:43] Company overview: Victoria PLC

[00:05:16] Stock down 95%, what happened

[00:09:58] Audit issue worsens perception

[00:11:58] UK flooring market fragmentation

[00:15:23] Headlam distress affects Victoria

[00:16:40] Business story vs. distressed debt

[00:19:44] Victoria's debt breakdown

[00:21:04] Coke preferred equity explained

[00:25:54] Coke takeover rules in UK

[00:28:16] Preferred overhang and resolution

[00:30:22] Stock impact from deal structure

[00:33:02] Coke debt buyout possibility

[00:34:07] Cyclical vs. structural downturn

[00:36:36] Housing slowdown impacts demand

[00:37:32] 2028 bonds trade at heavy discount

[00:41:48] Asset sales to pay down debt

[00:43:01] Jeff Wilding's role and strategy

[00:47:28] Chairman’s capital allocation record

[00:48:01] Assessing market misjudgment

[00:50:19] UK market investment case

[00:51:46] UK stamp tax impact

[00:52:19] Making UK more investible

[00:54:38] Macro vs. valuation gap in UK

[00:55:16] Downside risk and cash flow

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Judd Arnold from Lake Cornelia Capital joins for a wide ranging discussion of inflection investing, $TOI's unique oncology model, and tons of stuff on risk management and portfolio construction.See Lake Cornelia's Substack here: https://lakecornelia.substack.com/

___________________________________________

[00:00:00] Podcast intro and guest announcement

[00:02:41] Judd on becoming a father

[00:03:40] Judd discusses launching Substack

[00:06:30] Complexity versus simplicity in investing

[00:07:52] Liquidity and investor interest matter

[00:11:06] Inflection investing over valuation focus

[00:15:59] Sector and story versus fundamentals

[00:19:55] TOI scalability and market potential

[00:25:26] TOI business model and economics

[00:31:32] Comparisons with other healthcare models

[00:39:31] Consulting impact on investment process

[00:44:21] Sizing up at inflection points

[00:50:48] Risk profiles in portfolio strategy

[00:53:20] M&A strategy and market perceptions

[00:57:35] Netflix synergies and investor worries

[01:01:45] Warner Bros bidding strategy discussion

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Host Andrew Walker delivers his monthly random ramblings for December 2025, reflecting on a decade of "professional public-market investing". Andrew shares a developing thesis on why markets are becoming increasingly strange, drawing parallels to evolution in sports, chess, and technology. He examines how efficiency, quant strategies, leverage, and speculative behavior have reshaped market dynamics. Andrew also walks through several investing beliefs he’s changed his mind on over the past ten years, including valuation metrics, buybacks, real estate, technical analysis, and holding periods. He closes by reflecting on lessons learned from podcast guests, risk-taking, arrogance, and the role of luck versus skill in generating outsized returns.

______________________________________________________

[00:00:00] Episode introduction

[00:02:19] Monthly solo rambling format

[00:04:14] Ten-year investing reflection

[00:04:59] Markets growing increasingly strange

[00:05:20] Sports and strategy analogy

[00:06:45] Market efficiency reaching extremes

[00:07:34] Weird situations driving returns

[00:09:38] Changing minds over decade

[00:10:31] Pure valuation metrics questioned

[00:11:36] Buybacks losing importance

[00:13:39] Hidden real estate disappointments

[00:15:13] Technical analysis partial acceptance

[00:16:19] Rethinking long-term holding

[00:18:25] Three-year reevaluation rule

[00:19:31] Risk management maturation

[00:22:12] Podcast shaping investor thinking

[00:24:14] Luck versus skill debate

[00:26:31] Media deal commentary critique[

00:28:45] Looking ahead next decade

[00:29:38] Holiday wishes and closing

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Christian Olesen of Olesen Value Funds discusses the opportunities in UK homebuilders. The discussion centers on why the UK equity market remains deeply out of favor and how this pessimism has created compelling value in residential developers. Christian outlines the cyclical dynamics driving depressed demand, explains why Bellway stands out among peers, and explores balance sheet strength, land valuation, and downside protection. The conversation also addresses macro concerns around the UK economy, housing affordability, planning regulations, and management incentives. __________________________________________________________

[00:00:00] Episode and guest introduction

[00:03:26] UK market deeply discounted

[00:05:13] Cyclical demand collapse explained

[00:08:20] Bellway valuation framework

[00:11:47] UK macro risk debate

[00:15:09] Domestic investor pessimism

[00:17:37] Quantitative versus qualitative thesis

[00:21:15] Land write-down risk discussion

[00:26:58] Bellway versus peers

[00:30:41] Management incentives concerns

[00:32:43] Capital allocation changes

[00:38:53] American investor influence

[00:41:08] Alternatives within UK market

[00:45:23] Planning reform tailwinds

[00:46:58] Supply constraints implications

[00:49:35] Risk-reward summary

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/