Yet Another Value Blog

Yet Another Value Blog applies a modern value investor's eye to quirky special situations and investing.

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Yet Another Value Blog 28 likes 17 May 22
Mark Zuckerberg once called Twitter the clown car that fell into a gold mine. I’ve been laughing internally at that description recently, because Twitter’s deal with Elon Musk has moved them fully from a gold mine into a complete circus. I covered the
Yet Another Value Blog 27 likes 08 May 22
There’s a lot of opportunity out there right now. That’s shouldn’t come as a crazy surprise. Markets are down ~25% over the past six months (and, honestly, it feels a lot more brutal than that!), and it feels like everyone is bear-ish and prepping for a crash (count me out of that camp! I’m very bullish). With a drawdown that heavy generally comes a decent bit of opportunity.
Yet Another Value Blog 27 likes 16 May 22
The market is fearful right now. I don’t say that lightly. I am saying that based on the very scientific approach of going to CNN’s “Fear & Greed Index” and seeing an “extreme fear” reading. I’m just kidding about taking the CNN Index scientifically, but that fear reading matches up with my conversations with other investors. I feel like people are tripping over themselves to be bearish. Pessimism rules the day; I’ve had multiple conversations with very sharp fundamental focused value investors that have included the phrase “I just feel like we’re set up for a crash.”
Yet Another Value Blog 24 likes 15 May 22
Markets have certainly been brutal this year (unless you were invested in energy stocks, then they’ve been a picnic!). Obviously, markets are forward looking; they look past current results to what’s gong to happen in the future. And with energy prices soaring, high inflation, rising interest rates, and geopolitical uncertainty caused by Russia, the markets are looking at the future and saying “Yikes!”
Yet Another Value Blog 18 likes 07 May 22
I’ve mentioned a few times (most recently here) that I’m a little confused by the price of commodity and cyclical companies. The basics of this confusion are simple: commodity prices have absolutely ripped higher, and while many of the commodity stocks have seen their stocks go up, their stocks have not gone up even close to as much as the underlying input’s increase would imply.
Yet Another Value Blog 14 likes 13 May 22
This morning, Elon Musk tweeted his Twitter deal was “temporarily on hold” pending details about fake accounts. The news sent Twitter plummeting to ~$38/share, an enormous spread versus the deal price of $54.20. I’m still processing the news (it’s been less than two hours!), and I’ve got a little egg on my face here, as I’ve been
Yet Another Value Blog 12 likes 10 May 22
Phew, what a month it’s been. I’m always happy to talk offline about any ideas you’re interested in / thinking through, but given the huge market volatility I wanted to quickly provide an update on three premium ideas that reported results recently and have seen their shares (unfairly, IMO) dragged down in the current drawdown despite solid catalysts an…
Yet Another Value Blog 11 likes 02 May 22
Some random thoughts on articles that caught my attention in the last month. Note that I try to write notes on articles immediately after reading them, so there can be a little overlap in themes if an article grabs my attention early in the month and is similar to an article that I like later in the month.
Yet Another Value Blog 7 likes 12 May 22
Chris DeMuth returns to the podcast to discuss the state of the markets in May 2022. Please follow the podcast on Spotify, iTunes, or most other podcast players, as well as on YouTube if you prefer video! And please be sure to rate / review the podcast if you enjoy it, or share it with someone else who would enjoy it (more listeners is a critical part of the flywheel that keeps this Substack and podcast going!).
Yet Another Value Blog 2 likes 22 May 22
Hi all, I’ve had a lot of conversations on premium names over the past two weeks, and I wanted to put out two quick notes on particular areas of interest. Those two stocks are SIGA and FYBR. I’ll start with the easier one: SIGA. SIGA paid out a nice special dividend earlier this month