In this episode, Andrew Walker, a portfolio manager at Rangeley Capital and author of Yet Another Value Blog, dives into the world of value investing. He reveals how he transitioned from traditional strategies to focusing on unique opportunities, including a standout bitcoin miner leveraging AI after emerging from bankruptcy. Andrew also discusses promising real estate spinoffs, highlighting a Manhattan property with no debt, boosted by Bill Ackman’s significant stake. Listeners gain insights into how to navigate the competitive investment landscape.
59:32
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
question_answer ANECDOTE
Early Investing
Andrew Walker's investing journey began at 14 after a negative experience with a broker.
This led him to discover value investing through books like "Investing for Dummies."
insights INSIGHT
Evolving Value
Value investing has become more competitive, requiring investors to adapt and look beyond simple metrics.
Those who embraced change and considered new factors like growth potential have performed well.
insights INSIGHT
SPACs Revival
SPACs are regaining appeal due to fewer competitors and potential for high returns in growing sectors like crypto and AI.
Walker finds the risk-reward attractive, especially with experienced sponsors and a demand for these types of companies.
Get the Snipd Podcast app to discover more snips from this episode
Uncover the Secret Hiding Places of Stock Market Profits
Joel Greenblatt
This book provides a highly accessible guide to the stock market, focusing on special situations that portfolio managers and investment experts often miss. It includes case studies, important background information, and tools for individual investors to exploit opportunities in areas like spin-offs, restructurings, merger securities, rights offerings, recapitalizations, bankruptcies, and risk arbitrage. Greenblatt, who has been beating the Dow with returns of 50 percent a year for over a decade, shares his expertise to help readers become successful stock market investors.
On this week's Stansberry Investor Hour, Dan and Corey welcome Andrew Walker to the show. Andrew is a portfolio manager at value-oriented hedge fund Rangeley Capital and author of Yet Another Value Blog. He focuses on microcap, deep-value, and special-situations investments.
Andrew kicks off the show by sharing how he got his start as an investor and what inspired him to focus on value investing. He says that while value investing has gotten more competitive over the years, investors can still do well in this space if they think outside of the box. Andrew also discusses his renewed interest in special purpose acquisition companies ("SPACs") and whether de-SPACs are worth wading through for winners. (1:47)
Next, Andrew names a couple of companies he invested in and gives his reasoning for each play. The first is a bitcoin miner that emerged from bankruptcy. As Andrew explains, there are a multitude of problems with bitcoin mining, but this miner has managed to curtail some of those and stand out from the pack with its integration of AI. Andrew also talks about the revival of spinoffs, including one particular real estate investment trust that he likes thanks to its huge margin of safety. (15:43)
Finally, Andrew discusses another spinoff he has invested in – a company that owns prime real estate in Manhattan. It has a lot of cash and no debt on its balance sheet. And with legendary investor Bill Ackman's hedge fund owning nearly 40% of the company, Andrew believes there's much more upside ahead and that a turnaround is likely. (38:39)
Stansberry Investor Hour 
