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SA Interview: Special Situation Investing With Andrew Walker

May 01, 2021 7:30 AM ETWOW2 Comments
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  • Andrew Walker is a portfolio manager at Rangeley Capital LLC.
  • Why a common theme in his investments is incentives, the elevator pitch for the cable industry and SPACs are topics discussed.
  • Andrew Walker shares a long thesis on WideOpenWest.

Feature interview

Andrew Walker is a portfolio manager at Rangeley Capital LLC. He's also the founder of https://yetanothervalueblog.com/ and the Yet Another Value podcast. We discussed merger arb ideas, taking the other side of high profile short sellers and why simple value is not enough.

Seeking Alpha: Walk us through your investment decision making process. What area of the market do you focus on and what strategies do you employ?

Andrew Walker: That's a tough one, as it really depends on the type of company and investment I'm looking at. Am I looking at a SPAC trading below trust? Then I just want to get comfortable with the terms of the SPAC. Am I looking at a great company that I think has a long runway of profitable growth ahead of them? Then I want to get really familiar with the industry and understand where my view is differentiated / non-consensus. That said, increasingly I think a common theme through my investments is incentives. I want to be betting on the outcome that management is most incentivized to achieve, so I spend increasing amounts of time going through proxies and looking at how management gets paid. Do they get paid for revenue growth? Well, then they might be more incentivized to do value destroying acquisitions just to increase revenue. Or do they get paid for share price appreciation? Then they're probably a little more on my side.

SA: What's the elevator pitch for the cable industry in general and what are the best stocks to play it? What are the bears missing about this trade? How much (if at all) should the cable companies be worried about losing broadband customers to Starlink or 5G and why?

Andrew Walker: The pitch for the cable industry is that you pay them <$100/month for

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This account publishes the weekly PRO fund manager interview, which is available only to PRO subscribers. These are interviews Seeking Alpha authors and fund managers in the industry about their investing philosophy, recent ideas they have published on Seeking Alpha and elsewhere, and their current favorite ideas. The account will also occasionally repost other interviews we have done with authors or investors.

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Comments (2)

GrayhawkAZ profile picture
One of the best young ones in the space
MikeFromNZ profile picture
@GrayhawkAZ Much of what Andrew says makes a lot of sense.

That said, and with full disclosure that I know nothing about MPLN, buying a stock with massive single customer risk is just plain dumb amid an enormous universe of potential longs.
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