Welcome to Yet Another Value Blog
Deep work on overlooked equities. Special situations, value, and the occasional macro detour. More than a decade in. By Andrew Walker.
I write Yet Another Value Blog because writing forces me to think harder. Most posts here started as a stock I was considering taking a position in, a company that confused me, or a setup I couldn’t stop staring at. I publish the work I’d want to read.
If you spend your days in the same corner of the market (special situations, value, weird capital structures, busted compounders, and the occasional macro setup that keeps me up at night), this is the most useful thing I can put on your Substack feed.
Before we go any further, a quick story.
A few years ago, when my (now) wife moved in with me, I got “her” some “before-you-go” Poo-Pourri as a joke gift. Six months later, she caught me getting “ready to go” by spraying the Poo-Pourri in the air — yes, that’s right, I thought it was like Febreze. So for six months I had been spraying scented oils into the air on a near-daily basis for no reason (turns out it goes in the water — who knew?), while she’d been wondering why the floors were always so oily.
So ask yourself: is the guy who doesn’t even know how to use Poo-Pourri really someone you want to be taking investing advice from? Probably not — which is a long way of saying that nothing on this blog is investing advice. (If that’s not enough to dissuade you, please also check out our Legal and Disclaimer.)
What you actually get on the paid side
Every month, you get at least one full-length investment write-up…. and on most months, more than that (I’m a bit of a research maniac). Across a year, that works out to roughly twenty premium ideas, plus updates and follow-ups on prior names. The mix:
A full-length investment write-up. Thesis, risks, what I think the market is missing, etc.
An update on prior ideas. Wins, losses, what changed, what I got wrong.
You also get searchable transcripts for every episode of the Yet Another Value Podcast (currently #386 and counting). Faster than skimming!
A few examples of premium positions over the years
CORZ — wrote up the thesis in March 2024 at $3.42. Ended coverage two months later at $5.10 — roughly +50% in eight weeks.
SMC — pitched in February 2024; closed coverage in January 2025 after more than doubling
TDW — pitched in December 2022 as an inflection-point setup; closed coverage in July 2023 after a ~double.
SAGE — pitched in February 2025. The position included a public open letter to the board, and after some successful activism I closed coverage in July 2025.
I chose these names not because they’re the best names I’ve ever pitched (they’re not, though they’re obviously a sample with a very upward bias!). I chose them because they give a nice example of the range of ideas and events I like to cover: post bankruptcy, distressed, catalyst-rich, inflection, or downside protected.
Who this isn’t for
People who want hot stock tips. I’m wrong all the time and the work is the value, not the picks (though I hope and expect those work out well too!).
People who are looking for short-term trading setups. The blog skews longer-duration.
People who think “value” means “thing with a low P/E.” We’re trying to find mispricing, not run a quant book.
What it costs
Free — sample the work before paying.
Monthly — $234.56/mo — kicking the tires.
Annual — $619.16/yr — the default. About 78% cheaper than monthly.
Funding Secured Support — $694.20/yr — if you love memes and support the work.
Frequently asked
How often do you publish on the paid side? At least one full-length premium write-up every month… but (again) I’m a research maniac, so I tend to do come in closer to two ideas per month than one! On top of individual ideas, there are monthly updates and follow-ups on prior ideas.
What if I subscribe and don’t like it? If you’re not getting value, I honestly don’t want to charge you. Email me for a refund (but also please let me know why it isn’t working; I honestly think anyone who is interested in the quirkier side of the markets and events should be subscribing).
Do you offer a team or institutional subscription? Substack does have a group subscription option that will give you seats at a discount, but if you’re looking for a particularly large order email me and we’ll figure something else.
Are you giving investment advice? No. None of this is investment advice. See the Legal & Disclaimer.
About me
I’m Andrew Walker, a portfolio manager at Rangeley Capital and the host of the Yet Another Value Podcast (also on Spotify, Apple Podcasts, and YouTube). You can find me on Twitter.
