Yet Another Value Podcast General Market Thoughts and the Case for Change at HUMM with Jeremy Raper
Jan 21, 2026
In this engaging discussion, Jeremy Raper, an influential investor known for his deep-value and activist investing, shares insights on his transition from writing to activism. He highlights the overlooked deep-value opportunities in Japan's smaller firms and addresses concerns around the UK’s governance culture. The conversation pivots to his campaign at HUM Group, where he advocates for board renewal and critiques governance failures. Jeremy’s candid perspectives on rejecting an undervalued takeover offer make for compelling listening, especially for concerned shareholders.
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Writing Improves Investment Thinking
- Writing forces clarity and improves investment returns by exposing unanswered questions.
- Jeremy Raper stopped his paid blog because public writing began to distort his edge and process.
Where Japan's Next Activism Puck Is
- Larger-cap activism in Japan is more developed; low-hanging fruits have been picked.
- Significant opportunities remain in regional, family-run, smaller companies where governance reforms lag.
Buy Deep Value With Patience
- Prefer mispriced, net-cash or negative-EV situations even if they take longer to realize.
- Accept longer timelines when downside protection is effectively owning assets below cash value.