Host Andrew Walker welcomes back Bill Chen for a wide-ranging discussion centered on the world of REITs. Though the conversation was intended to focus on one stock, the duo instead explores why REITs have underperformed in recent years, capital cycle dynamics, governance issues, and where Bill sees current opportunities. They dive deep into the theoretical and practical aspects of REIT investing, dissect recent REIT liquidations, and discuss portfolio construction and leverage in event-driven opportunities.

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[00:00:00] Intro and sponsor message

[00:02:20] Launching into REIT investing theory

[00:04:38] Cap rates vs. real estate value

[00:08:03] Rent growth, leverage, and returns

[00:11:06] Why REITs have lagged recently

[00:15:51] Capital cycle theory in real estate

[00:17:55] Governance issues with public REITs

[00:22:23] Share buybacks vs. reinvestment

[00:25:18] Griffin case study and alternatives

[00:30:35] Takeouts and market inefficiencies

[00:33:37] Where Bill sees dislocation now

[00:36:11] Using leverage in liquidations

[00:40:14] REIT liquidation downside surprises

[00:42:00] Asset quality and bid dynamics

[00:45:25] Legal risks in revised estimates

[00:47:11] Unique REIT liquidation wave

[00:49:31] Navigating current REIT opportunities

[00:50:01] Wrap-up and next time tease

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Andrew Walker returns solo for his January 2026 ramblings and discusses the current market euphoria, responses to his “weird markets” thesis, the allure and danger of stepping outside one’s investing edge, how power laws are often misunderstood, and an evolution in his views on societal vices. From geopolitical risk to sports betting regulation, Andrew digs into ideas that may shape investor mindsets in the months ahead.

[00:00:00] January 2026 intro and disclaimers

[00:01:15] Face-ripping rally and market euphoria

[00:04:54] Greenland, tariffs, and taco trade risk

[00:08:50] Weird markets thesis listener pushback

[00:13:02] Misuse of AI in generating alpha

[00:16:29] Slap-worthy portfolio diversification mistakes

[00:20:28] Misreading power laws in indexes

[00:22:52] Shifting stance on cannabis and gambling

[00:25:42] Tail risk in vices and regulation

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

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.

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[00:00:00] Andrew introduces Jeremy and episode topic

[00:02:11] Investment is a postmortem of AVAP

[00:04:01] Jeremy's background in aviation leasing

[00:09:41] Block purchase strategy and rationale

[00:12:01] Purchase price details and thesis

[00:13:45] Value from being largest shareholder

[00:15:01] Behind-the-scenes work and learning

[00:17:27] Complexity of executing activist strategies

[00:23:46] Monetizing intangibles and aircraft rights

[00:25:01] Shareholder base and interest after stake

[00:28:24] Exiting AVAP and evaluating outcome

[00:30:02] Final thoughts on learning from postmortems

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

This podcast was sponsored by https://www.youtube.com/@UClqFz8aiVfSV2PviLcQrIbA

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/