Yet Another Value Podcast January 2026 Random Ramblings
Jan 28, 2026
A solo rant about January market euphoria and headlines that may be inflating risk. He revisits a 'weird markets' thesis and listener pushback on alpha versus beta. There is skepticism about AI as a sustainable edge and critiques of investors straying from their core skills. He also rethinks power laws in indexes and admits a changing view on regulation of cannabis and mobile gambling.
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Caution During Face‑Ripping Rallies
- Andrew Walker warns market euphoria feels stretched and low-quality stocks are driving gains.
- He believes investors should be cautious because geopolitical shocks can turn a small selloff into a deep crash.
Taco Trade Can Break If There's No Off‑Ramp
- Walker highlights the "taco trade" where markets bet politicians will back down from extreme actions.
- He warns some political moves have no easy off‑ramp and could damage trust in US assets if irreversible.
Alpha Moves Toward The Weird
- Walker's "weird markets" thesis: AI and intense competition compress traditional valuation edges.
- He argues future alpha will come from increasingly unusual, non‑consensus strategies, not simple multiples-based picks.