Excess Returns 10 Cents on the Dollar | Gary Mishuris on Mispriced Fear and Lessons from Warner Brothers
Jan 21, 2026
Gary Mishuris, an MIT-trained investor and CIO of Silver Ring Value Partners, dives into the intricacies of value investing. He shares valuable lessons from his experiences with legends like Peter Lynch and explores the mispricing of Warner Bros. Discovery. Gary discusses how spin-offs can create hidden value and why understanding option use is crucial in investing. He also highlights the transformative role of AI in research, making a case for integrating new technologies without losing critical judgment.
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Episode notes
Peter Lynch Lunch That Changed Beliefs
- Gary Mishuris recalls a lunch with Peter Lynch where Lynch told him "just cheap doesn't work."
- That moment shattered his early Ben Graham-style belief and shaped his deeper approach to value investing.
The Silver Ring That Wasn't Gold
- Gary describes emigrating from the Soviet Union and buying a cheap ring in Italy that turned out to be silver plated.
- That childhood episode taught him that surface cheapness demands investigation and isn't proof of value.
Good Co + Bad Co Masks True Value
- Warner Bros. combined a high-quality IP business with a declining cable business, producing a misleading single valuation.
- Splitting the good and bad businesses can unlock standalone value and re-rate the attractive asset.
