The Acquirers Podcast Gary Mishuris on $PHIN and $WBD, options and intrinsic value investing | S08 E01
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Jan 15, 2026 Join Gary Mishuris, founder of Silver Ring Value Partners and behavioral value investing expert, as he shares his insights on concentrated quality businesses. He discusses his strategy for investing in spinoffs like Finia, navigating the uncertain EV market, and utilizing options for risk management in stocks like Warner Bros. Gary emphasizes the importance of understanding auction dynamics and the behavioral aspects of investing. Learn about the balance between managing diverse ideas and concentrating on confirmed winners, while avoiding imitation of other investors' styles.
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Buying A Spinoff During EV Fear
- Gary bought spinoff Finia during EV fear because its aftermarket business was steady and undervalued.
- He bought at ~15% free cash flow yield and still holds a small position after rerating.
The Price Asks The Question
- The price you pay dictates which questions you must answer about a business's future.
- Lower prices reduce the need to solve long-term uncertainties because short-term cash recovers capital.
Choose Time Horizon To Fit Your Pattern
- Match your time horizon to the investment pattern you pursue, like turnarounds or compounders.
- Don't copy others; choose strategies within your circle of competence.