We Study Billionaires - The Investor’s Podcast Network TIP782: The Search for Mispriced Stocks w/ Clay Finck
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Jan 9, 2026 Clay Finck reviews 'Hidden Investment Treasures' and highlights how passive investing has distorted market price discovery. The conversation reveals the growing discrepancies between price and value, especially in overlooked markets. Clay underscores the advantages for disciplined value investors in the current environment and discusses case studies like Markel and NVR. He also emphasizes the importance of sound capital allocation and managing investment risk through a clear competence circle.
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Passive Investing Widens Price–Value Gaps
- Passive investing has reduced active price discovery, widening gaps between price and intrinsic value.
- Clay Finck argues this creates fertile ground for disciplined value investors to find mispriced stocks.
Indexing Turned Markets Less Efficient
- Gladys says passive funds can become price makers rather than price takers, increasing market inefficiency.
- Clay Finck highlights that this shift can make active value investing more rewarding today.
Markel’s Three-Engine Story
- Clay recounts Markel's three engines: insurance, investment float, and Markel Ventures.
- He notes Markel's conservative underwriting and diversified equity portfolio as Berkshire-like strengths.
