Jeremy Raper returns for a deep-dive postmortem on his high-conviction investment in aviation leasing company AVAP. From sourcing the deal via Twitter, to acquiring a ~20% block at well below book value, to negotiating with key stakeholders and navigating operational hurdles, Jeremy recounts the challenges and victories of shareholder activism in a niche sector. This case study sheds light on the realities of unlocking value in the public markets and the grind behind executing a thesis, even when the setup looks ideal on paper.
This podcast is sponsored by AlphaSense.
One of the hardest parts of investing is seeing what’s shifting before everyone else does. For decades, only the largest hedge funds could afford extensive channel research programs to spot inflection points before earnings and stay ahead of consensus. Meanwhile, smaller funds have been forced to cobble together ad-hoc channel intelligence or rely on stale reports from sellside shops.
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