Yet Another Value Podcast Lake Cornelia Capital's Judd Arnold on $TOI and a bunch of other stuff
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Jan 8, 2026 Judd Arnold, founder of Lake Cornelia Capital and a savvy investor focusing on inflection investing, shares insights on $TOI's innovative oncology model. He discusses the nuances of merging liquidity with unique investment opportunities. Judd emphasizes the importance of identifying stories at inflection points and contrasts simplistic valuation approaches with complex, high-potential investments. He also dives into risk management strategies and the role of consulting in shaping his investment decisions, making this a must-listen for finance enthusiasts.
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Substack Changed His Investment Process
- Substack freed Judd from needing to be uniquely contrarian and improved his idea flow.
- He now publishes more broadly and uses it to develop high-conviction inflection ideas.
Liquidity Trumps Pure Valuation
- Liquidity often determines whether a cheap idea becomes profitable in practice.
- Judd prefers names that will become liquid because that lets his ideas scale and monetize.
Invest Around Inflections And Right Tails
- Judd shifted from strict valuation to inflection and story-driven investing.
- He targets right-tail outcomes and sizes positions based on liquidity and conviction.