Yet Another Value Podcast December 2025 Random Ramblings
Dec 30, 2025
Andrew reflects on a decade in public-market investing, revealing how markets have become increasingly strange. He draws parallels between market evolution and sports strategies, citing factors like retail trading and quant strategies as drivers of this weirdness. Revisiting his investment beliefs, he questions the reliability of traditional valuation metrics and the implications of buybacks. He emphasizes the importance of reevaluating holdings and underscores the balance between luck and skill in achieving success. A thoughtful discourse on the evolving landscape of investing awaits!
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Markets Are Becoming Stranger Over Time
- Andrew Walker argues markets are getting weirder as efficiency and new participants push strategies to extremes.
- He compares this to basketball and chess where optimization creates specialized, unfamiliar playstyles.
Simple Valuation Edges Are Eroding
- Andrew links zero-day trading, levered ETFs and retail to shorter-term, extreme moves that reduce simple valuation edges.
- He warns pure valuation screens are unlikely to yield outsized alpha in modern markets.
Don't Rely On Yahoo-Finance Screeners
- Avoid relying on screens that any retail investor can run in five seconds to form your core thesis.
- Seek edges beyond simple trailing multiples to capture meaningful outperformance.