In this episode of Excess Returns, we sit down with Gary Mishuris, Managing Partner and CIO of Silver Ring Value Partners, to explore how deep fundamental analysis, behavioral insight, and disciplined process come together in real-world investing. Gary shares formative lessons from his early career at Fidelity during the post-tech bubble period, including firsthand experiences learning from legends like Peter Lynch, and connects those lessons to how he evaluates value, quality, and mispricing today. The conversation spans a detailed case study on Warner Bros. Discovery, portfolio construction under uncertainty, selective use of options, and how artificial intelligence is reshaping the research process for long-term investors.
Topics covered in this episode
• Lessons from Peter Lynch and Fidelity on why “just cheap” does not work
• The Silver Ring origin story and how early life experiences shaped a value investing mindset
• Warner Bros. Discovery as a good business plus bad business mispricing case study
• How hated stocks, spin-offs, and catalysts can unlock hidden value
• Conviction, position sizing, and staying rational when the market disagrees
• When and why options can be used in a value investing framework
• Auctions, ego, and why prices can overshoot intrinsic value
• The role of mental models like reflexivity, activation energy, and lollapalooza effects
• How AI fits into an investment research process without replacing judgment
• What average investors should understand about incentives and simplicity
Timestamps
00:00 Introduction and why “just cheap” does not work
02:20 Early career at Fidelity and lessons from Peter Lynch
07:40 The Silver Ring story and learning what real value means
12:00 Warner Bros. Discovery and the good company bad company problem
18:30 Conviction, mispricing, and maintaining discipline in hated stocks
26:40 Using options selectively and managing portfolio-level risk
34:10 Auctions, ego, and when price can detach from intrinsic value
44:30 Entertainment, media disruption, and evergreen demand for content
49:50 How AI is changing equity research and idea generation
55:40 What AI can see that humans often miss
01:00:30 One lesson for the average investor
