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Yet Another Value Blog
Everything we have picked from this writer, newest first.
ai Did Situational Awareness inflate the AI bubble?
Situational Awareness’s reported 85–90% drawdown and South Korean margin calls test whether forced AI-stock selling creates bargains or…
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activism Burn the boats meets the dark arts (premium idea)
A premium idea combines heavy activism with aggressive special-situations tactics.
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portfolio management July 2026 Random Ramblings
Value investing confronts a three-year no-progress rule, decade-long fund underperformance, and the benchmark risk of not owning Nvidia.
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corporate governance A (quickie premium) springload
Spring-loaded equity awards let executives profit from favorable news not yet disclosed to the market.
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business models $LNW: a slot machine oligopoly at half Aristocrat's multiple | Zack Buckley
Light & Wonder trades at 7–8x EBITDA versus roughly double for Aristocrat despite 70%+ recurring revenue, H2 game launches, and…
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business models It’s the jockey, stupid.... right?
Investing outcomes depend on price, business economics and management: cheap commodity companies favor valuation, while tech can reward…
Yet Another Value Blog asset management July 2026 (Premium) Update
July 2026 premium update thanks subscribers and invites questions or idea discussions.
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buybacks $PRKS: SeaWorld, an 8% cash yield, and a possible 80% short squeeze | Hawkins Entrekin
United Parks trades around 8x EBITDA with an 8% unlevered cash yield, aggressive buybacks and roughly 80% effective short interest, despite…
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corporate governance Would I have been the patsy at $QVCPQ? $QVCAQ
QVC’s confirmed bankruptcy plan lets operating-company creditors take holdco assets and wipes out preferreds that traded above $5 before…
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balance sheets $CBZ: stop the buybacks and restart the M&A flywheel? | Reference Equity
CBIZ's proposed shift from buybacks to equity-funded bolt-on M&A targets renewed revenue compounding after the $2.3 billion Marcum deal and…
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corporate governance Corporate dark arts: the strangest 8-K I've ever seen $DMRC
DMRC’s incoming CEO can earn more than $40 million if shares rise roughly fivefold, despite an 8-K warning of substantial doubt about the…
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advertising Adam Wyden: buying someone else's pain in Stagwell $STGW and Driven Brands $DRVN | ADW Capital
Adam Wyden pitches Stagwell’s 20%+ free-cash-flow yield and Driven Brands’ breakup value, arguing both can re-rate after years of market…
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balance sheets The market is pricing $MSTR distress everywhere... except the stock
Strategy’s $216 million bitcoin sale and $2.55 billion cash reserve signal preferred and debt stress, while MSTR stock still trades at an…
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corporate governance Is insider buying a signal if the insiders are always wrong? $LILAK
LILAK’s canceled GCI Liberty deal, preferred-stock distribution, and $1.7 million of insider buying revive governance concerns around John…
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ai Four trades that could look obvious in hindsight
Four prospective trades test when widely understood themes can still generate alpha, using Apple, AI and Buffett’s IBM loss to frame the…
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emerging markets $VEON: a busted EM telecom hiding a 4x? | Samit Umatiya, UIG Funds
VEON’s 84% Kyivstar stake and JazzCash underpin a sum-of-the-parts case for 4x upside, despite its sanctioned shareholder, capital…
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business models Pershing Square Challenge 2026 finalists on MSA Safety: a hidden quality compounder? $MSA
MSA Safety’s Pershing Square Challenge finalists pitch gas-detection subscriptions, mandated SCBA replacement cycles and a 2023 liability…
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filings When is "obvious" actually alpha?
2X leveraged ETF decay can mask tail risk: short positions lose badly when the underlying stock goes parabolic.
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advertising $FOX dropped 25% buying $ROKU. Is the market wrong? | Simeon McMillan, Accrued Interest
Fox’s $22 billion Roku deal cut FOXA 25%, but Simeon McMillan argues Roku’s streaming-TV reach, advertising upside and synergies make the…
Yet Another Value Blog asset management June 2026 Premium Update
June 2026 Premium Update announces subscriber updates and availability for reader questions.
Yet Another Value Blog