Yet Another Value Blog $200 / month

Yet Another Value Blog offers insights into value investing, focusing on special situations, market inflections, and critiques of popular investment strategies and leadership in large firms. It emphasizes understanding business fundamentals over quantitative models, explores opportunities in changing markets, and evaluates the impact of management decisions and market conditions on investment prospects.

Value Investing Market Analysis Investment Strategies Corporate Governance Banking and Financial Markets Cryptocurrency Investor Psychology Content Creation and Podcasting

The hottest Substack posts of Yet Another Value Blog

And their main takeaways

Weekend thoughts follow up: $NYCB insider buying and mea culpa

1395 implied HN points • 10 Feb 24
💰 Finance Investing Banking Stocks Economy Insider trading
  1. The loan book for NYCB is in worse shape than expected, potentially facing huge losses due to rent-regulated properties and increasing expenses.
  2. Despite the challenges, NYCB has over $7 billion in tangible equity, which could help the bank navigate through the crisis.
  3. Insider buying at NYCB following a special update call shows confidence in the institution, highlighting efforts to stabilize the stock amid a tough situation.

Why the low multiple series: Rental Car companies edition, part 1

2103 implied HN points • 10 Jan 24
💰 Finance Investing Stocks Earnings
  1. The rental car companies Avis and Hertz are trading at extremely low multiples compared to their earnings.
  2. Investors have concerns about the sustainability of the earnings of rental car companies due to potential overearning from increased rental prices and undervaluation of depreciation from high used car prices.
  3. Despite the record earnings of rental car companies, there are serious bear cases to consider, such as inflated earnings potentially dropping significantly in the future.

Introducing the "Why the low multiple" series

1985 implied HN points • 08 Jan 24
💰 Finance Investing Markets Stocks Earnings
  1. Companies trading at low multiples may face market doubts about the sustainability of their earnings.
  2. Low multiples can present interesting opportunities if a company's earnings hold up longer than expected.
  3. Industries like tobacco and coal can trade at low multiples, but still create value before their 'inevitable' demise.
Get a weekly roundup of the best Substack posts, by hacker news affinity:

Why the low multiple series: Rental Car companies edition, part 2

1631 implied HN points • 11 Jan 24
💰 Finance Investing Companies Market Analysis Economic Trends Financial Strategy
  1. Rental car companies are currently trading at low multiples, making them a potentially cheap investment.
  2. Despite the persuasive bear case, the bull case for rental car companies includes aggressive capital returns to shareholders and potential for sustained earnings.
  3. Structural improvements in the rental car industry, such as consolidation and disciplined supply, could support profitability even if current high levels are not completely sustainable.

Weekend thoughts: Buffett's Wells Fargo Opportunity Cost $WFC

1159 implied HN points • 27 Jan 24
💰 Finance Investing Stocks Valuation
  1. The concept of an opportunity cost stock is important in investing for making trade offs and decisions.
  2. Buffett's choice of Wells Fargo as his opportunity cost stock highlights the importance of timeless industries and consistent returns.
  3. Flexibility and adaptability are crucial in managing opportunity cost stocks as circumstances and information change.

Banks banks banks (redux)

1022 implied HN points • 23 Oct 23
💰 Finance Banking Investing Economics Markets Earnings
  1. If you're looking at banks below tangible book value, you don't need to worry much about hidden disasters on their balance sheets.
  2. Even though there are concerns like a potential commercial real estate crisis or a recession, banks seem well-prepared and overcapitalized.
  3. Rising interest rates could actually make banks more profitable due to their interest rate sensitivity.

Finishing an overdue (premium) process

157 implied HN points • 08 Feb 24
💰 Finance Investing
  1. The best investors quickly respond to new information without being swayed by share price changes.
  2. Event-driven investors are known for their ability to adapt to new information.
  3. Paid subscribers get access to premium content on this blog.

Weekend Thoughts: Coinbase $COIN

1159 implied HN points • 19 Jun 23
💰 Finance Cryptocurrency SEC Regulation Competition Investing
  1. Coinbase is facing serious challenges posed by an SEC suit that could potentially put the company out of business.
  2. The primary defense of Coinbase against the SEC is the hope that Congress will change laws to save them, but this could lead to increased competition and challenges for the company.
  3. Even if Congress were to change laws to make crypto trading legal, it could have negative consequences for Coinbase's business by opening the door to strong competition and impacting its unique revenue streams.

January 2024 premium update

98 implied HN points • 30 Jan 24
💰 Finance Investing
  1. The post is a January 2024 premium update on a blog.
  2. The post is for paid subscribers only.
  3. The author encourages subscribers to reach out with questions and thoughts.

Can a company orchestrate a short squeeze? $SCLX $SRNE

1100 implied HN points • 07 Feb 23
  1. The situation at SCLX/SRNE involves strange corporate actions and press releases
  2. SRNE might be orchestrating a short squeeze through a complex dividend strategy
  3. There are potential risks and uncertainties involved in dealing with these small, illiquid, and risky stocks