Investors / stance tracking
What Andrew Walker is saying
FollowFollowingUnfollowPortfolio Manager, Rangeley Capital
28 dated public stances tracked since 2019-04-17, most recently 2026-10-14. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Andrew Walker's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Andrew Walker is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Think we got something wrong? Report a misattribution — we correct it or take it down.
28
tracked stances
26
themes
0
side flips
2026-10-14
last heard
Returns 90d +8.4% 53% correct · 17 calls · 180d +1.3% 56% correct · 9 calls · 1y +6.2% 56% correct · 9 calls
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2026-08-04 | short MSTR / long MSTR | pair | +0.0% | — | — |
| 2026-08-04 | BITCOIN | bullish | +19.7% | — | — |
| 2026-06-15 | NOMD | bullish | +7.5% | — | — |
| 2026-06-15 | DCH | bullish | -3.8% | — | — |
| 2026-05-28 | LION | bullish | -19.2% | — | — |
| 2026-05-14 | DRVN | bullish | -0.7% | — | — |
| 2026-05-10 | VAC | bullish | +52.1% | — | — |
| 2026-05-10 | RPD | bullish | +82.3% | — | — |
| 2025-10-02 | LBTYA | bullish | -5.0% | +3.1% | -24.0% |
| 2025-10-02 | FWONA | bullish | -6.3% | -18.2% | -12.6% |
| 2023-07-27 | FHN | bullish | -21.7% | +8.4% | +33.2% |
| 2023-07-27 | ENERGY | bullish | +2.9% | -4.2% | +11.3% |
| 2023-07-27 | DK | bullish | -2.7% | -4.1% | -6.4% |
| 2023-07-27 | CHTR | bullish | +5.7% | -5.6% | -8.3% |
| 2019-04-17 | LBRDA | bullish | +11.2% | +11.4% | +25.1% |
| 2019-04-17 | IAC | bullish | +6.6% | +4.4% | +0.4% |
| 2019-04-17 | CHTR | bullish | +14.7% | +16.9% | +37.2% |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| CHTR | 2 | 2 bullish | 2023-07-27 | |
| BITCOIN | 1 | 1 bullish | 2026-08-04 | |
| COMCAST LINEAR CABLE SPINOFF (VERSANT) | 1 | 1 bearish | 2026-03-10 | |
| COREPOINT LODGING (LAQUINTA SPIN-OFF HOTELS) | 1 | 1 bullish | 2019-04-17 | |
| DCH | 1 | 1 bullish | 2026-06-15 | |
| DK | 1 | 1 bullish | 2023-07-27 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
Lennar is down ~25% YTD and trading near book value while Berkshire is buying; existing homebuilder land/lots were underwritten without pricing in a potential one-time AI windfall where tech firms pay builders to install AI infrastructure in new communities…
“all their current lots would be undervalued right because their current lots were bought thinking hey normal home building returns”
October 2026 Random Ramblings
2026-09-14
ZIG
bullish
Yet Another Value Podcast · video
The VCP aligning seven executives with up to £69M in share-based compensation contingent on the stock reaching 521p is a uniquely powerful catalyst absent in almost all UK companies, while the stock trades below book and below 4x EBITDA leaving buybacks…
“I've never seen a plan like this before, except one other”
UK stocks are dirt cheap. Why won't the boards act? $ZIG $CRW | Undervalued-Shares
2026-09-10
PRTH
bullish
Yet Another Value Podcast · video
Asymmetric event-driven situation where chairman's opportunistic $6.00-6.15 take-private bid — launched two days after an earnings-driven drop from ~$7 to ~$5 — sets a hard floor ~10% above current price while a robust special committee process backed by…
“if it was 10, I think they would be getting a steal at that, and that's just so far above the current price, it's laughable”
Zack Buckley on $PRTH's take private
Stride's new 71-year-old CEO has a contract heavily focused on sale-of-business provisions, suggesting M&A optionality is elevated above a typical public company, making it more likely than average to be taken private or acquired
“his contract spends a lot of time on what happens if this business gets sold”
$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners
2026-08-14
WCC
bullish
Yet Another Value Podcast · video
Wesco is an electrical parts distributor that has become a data center play, with revenue growth accelerating from 2-3% annually to 8-10% and multiple expansion following, showing how boring distributors become compelling when secular demand finds them
“there's this other distribution company that I like, Westco, which is a electric parts distributor that all of a sudden has become a play on data centers”
$DNOW: the boring distributor that could double on 2029 numbers | Firebird Management
2026-08-04
short MSTR / long MSTR
pair
Yet Another Value Podcast · video
Strategy equity trades at a NAV premium while diluting shareholders and selling Bitcoin to repurchase preferred at a discount, making the equity grossly overvalued relative to the preferreds which offer better risk-adjusted value in the same capital structure
“I'm short a little bit of strategy and long a little bit of the prefs”
90d +0.0%
August 2026 Random Ramblings
Memory company valuations are unjustifiable even under supernormal-profit assumptions because the commodity cycle inevitably overcorrects, making the back-end earnings picture ugly once capacity catches demand
“there's just simply no way you can justify the current valuations”
August 2026 Random Ramblings
Beaten-up AI power infrastructure names sold off in the Situational Awareness blowup are trading close to the DCF of their existing signed contracts, making the continuation of the AI buildout a near-free call option
“if you can buy them for the DCF of their contracts and get everything else for free, that's a very interesting call option”
90d +19.7%
August 2026 Random Ramblings
PSU grants vesting only at $12–$22 (vs. ~$6 stock) are a 'dark arts' signal that management sees a large re-rating ahead; at ~5x free cash flow the company could return its entire market cap in FCF over 4–5 years as $300M in synergies are delivered by…
“they might generate their entire market cap in free cash flow over the next four to five years”
90d -3.8%
Alex Roepers on two deep-value special situations: $DCH and $NOMD
Frozen food requires substantial logistics and operating leverage that raises the barrier to private-label disruption, legacy brands (Birds Eye, Iglo, Findus) carry multi-generational consumer loyalty, the new CEO is kitchen-sinking in year one ahead of a…
“British kids are going to be eating frozen fish fingers...30 years from now”
90d +7.5%
Alex Roepers on two deep-value special situations: $DCH and $NOMD
2026-05-28
STRZA
bullish
Yet Another Value Podcast · video
New CEO received wildly aggressive PSUs (stock at $11.80, lowest tranche vests at $40 by end of 2026) on a legacy asset trading at roughly 5x forward FCF, with the dark arts signal implying management has clear line-of-sight to a value unlock via rollup of…
“it's not a crazy multiple that would get them to 40”
16. Andrew Walker of Rangeley Capital on Corporate Dark Arts and Lionsgate Studios (LION)
First-ever price-triggered CEO comp package in 25-year tenure signals management inflection toward a sale, reinforced by collapsed dual-class share structure removing MHR's blocking power, Mnuchin accumulating and acting as a deal catalyst, and expired poison…
“the path is a lot clearer for the company to get sold at this point”
90d -19.2%
16. Andrew Walker of Rangeley Capital on Corporate Dark Arts and Lionsgate Studios (LION)
Take 5 at an 11x Valvoline-peer EBITDA multiple covers all corporate debt and implies ~$17/share, with franchise brands and Auto Glass worth more than corporate overhead in private markets; accounting restatement appears largely historical and innocuous, and…
“I think Take 5 would be worth $20 per share and I kind of like that combo”
90d -0.7%
$DRVN Cruising through the Driven Brands thesis | Kyle Mowery GrizzlyRock Capital
Said again: 2026-07-07 (Yet Another Value Podcast)
Jana Partners escalating from 10% to permitted 20% ownership combined with aggressive insider equity grants at much higher price targets signals activist-driven value realization for a deeply bombed-out SaaS security company
“Jana owns 10% and just got permission to take their ownership up to 20%”
90d +82.3%
$LBTYK: can Liberty Global finally spin to win? | Stock Spin-Off Investing's Rich Howe
2026-05-10
VAC
bullish
Yet Another Value Podcast · video
Timeshare companies including VAC are cheap after a decade of underperformance while insiders are now granting upside-skewed stock-price and EBITDA targets, signaling management conviction in an inflection that the market has not yet priced
“starting to see a lot of them grant their top brass pretty upside skewed stock price and EBITDA targets after literally a decade of underperformance”
90d +52.1%
$LBTYK: can Liberty Global finally spin to win? | Stock Spin-Off Investing's Rich Howe
2026-03-10
PARA
bearish
Yet Another Value Podcast · video
The Paramount/Peace Sky acquisition of WBD carries extreme execution risk—extracting $6B in synergies without gutting creative output is near-impossible while ~80% EBITDA exposure to structurally declining linear TV creates an accelerating financial headwind…
“I think it is just an absolute disaster”
A tour through the media landscape with TSOH's Alex Morris
2026-03-10
COMCAST LINEAR CABLE SPINOFF (VERSANT)
bearish
Yet Another Value Podcast · video
Versant's linear distribution deals all expire 2027-28 with no NBC broadcast umbrella protection, sports rights partners will route renewals through NBC directly, and distributors will refuse carriage demands from a sub-scale standalone
“it is going to be a disaster for them”
A tour through the media landscape with TSOH's Alex Morris
CEO Mike Fries is actively executing a sum-of-parts unlocking strategy via spin-offs and buybacks with Malone's endorsement, offering an event-driven catalyst after a decade of underperformance
“More spin-offs, more deals are coming — he's just like pounding it”
90d -5.0% · 180d +3.1% · 1y -24.0%
Born to be wired (September 2025 Book Club)
2025-10-02
FWONA
bullish
Yet Another Value Podcast · video
Formula One is a premier trophy asset with accelerating global reach, making it a natural acquisition target for sovereign wealth funds (Saudi) willing to pay a large premium to own a globally recognised sport
“Formula 1 would be such a fit for any Saudi wealth fund”
90d -6.3% · 180d -18.2% · 1y -12.6%
Born to be wired (September 2025 Book Club)
TD merger breakup at the height of the regional banking panic created forced arb selling in an already over-capitalized bank that additionally received ~$500M in break fees from TD, giving it a large capital cushion and optionality to lend, buy back shares…
“this is now one of the businesses, even if every other competitor's failing, they're going to be able to make it cuz they're so over capitalized”
90d -21.7% · 180d +8.4% · 1y +33.2%
Andrew Walker - Yet Another Value Discussion!
2023-07-27
RIDEQ
bullish
Yet Another Value Podcast · video
Rare N-of-1 bankruptcy with ~$10/share cash and zero debt filed because Foxconn reneged on a $200M funding commitment, not because of insolvency; downside is liquidation above current market price, upside is a successful damages suit against Foxconn for…
“if they could just liquidate right now, you would get more than your money's worth”
Andrew Walker - Yet Another Value Discussion!
The telco lead-pipe scandal forces AT&T to slow fiber overbuild and divert management attention, leaving cable as a monopoly in more markets than previously expected while also supporting better industry pricing as telcos need cash flow for remediation.
“cable's going to be monopolies in more places than they thought... it never hurts to have a distracted competitor”
90d +5.7% · 180d -5.6% · 1y -8.3%
Andrew Walker - Yet Another Value Discussion!
Delek US Holdings trades at $25/share while its ~80% stake in Delek Logistics (DKL at ~$50) is worth ~$27/share alone, meaning the profitable core refining business is free; US refining capacity is structurally tight with no new refinery built since 1979 and…
“they're trading underneath the value of their Delek Logistics piece, and then everything I mentioned about the refiner and the profits would basically be for free”
90d -2.7% · 180d -4.1% · 1y -6.4%
Andrew Walker - Yet Another Value Discussion!
Most energy company stocks are still pricing in a ~$55-60 oil curve despite WTI at $75 with the forward curve implying $65, providing a margin of safety where oil could drop 10% and already be more than reflected in share prices.
“a pretty big margin of safety built in just in terms commodity prices could go down 10% and it's already more than reflected”
90d +2.9% · 180d -4.2% · 1y +11.3%
Andrew Walker - Yet Another Value Discussion!
Charter is primarily a broadband play, not a video business, and cord-cutting fears are misplaced because subscribers will still pay for internet whether or not they keep cable
“the key to charter is it's a broadband play”
90d +14.7% · 180d +16.9% · 1y +37.2%
Countdown to this year's Sohn conference
2019-04-17
LBRDA
bullish
Sohn Idea Contest · video
Liberty Broadband is a tracking stock for Charter that trades at approximately a 10% discount to Charter's intrinsic value, offering a cheaper entry to the same broadband thesis
“you can buy Liberty broadband and get charter at about a 10% discount”
90d +11.2% · 180d +11.4% · 1y +25.1%
Countdown to this year's Sohn conference
2019-04-17
COREPOINT LODGING (LAQUINTA SPIN-OFF HOTELS)
bullish
Sohn Idea Contest · video
Spun-off LaQuinta hotels trade at ~9x EBITDA / 6-7x AFFO, a significant discount to hotel REIT peers at 11-12x, with synergy-driven earnings growth as integration with Wyndham improves occupancy
“by far the cheapest hotel REIT out there, most peers are trading at eleven or twelve times”
Countdown to this year's Sohn conference
2019-04-17
IAC
bullish
Sohn Idea Contest · video
Buying IAC gives exposure to Match.com and Angie's List at roughly fair value while the remaining asset portfolio comes effectively for free, alongside a management team with a strong track record of value creation
“you get all of their other assets for free and we've got great respect for the IAC management team”
90d +6.6% · 180d +4.4% · 1y +0.4%
Countdown to this year's Sohn conference
Idea Scout Weekly
Every Sunday: who said what across the tape we track — 1766 voices, 5,177 episodes and articles — with side-flips and points of disagreement called out. Free. How we track it.
Free · double opt-in · unsubscribe in one click