Yet Another Value Podcast Avation Post-Mortem with Jeremy Raper $AVAP
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Jan 23, 2026 Jeremy Raper, an investor and aviation-leasing specialist who led an activist-style campaign in Ovation (AVAP). He recounts sourcing a 20% block via Twitter, buying at deep discounts to tangible book, and leveraging a large stake to negotiate with stakeholders. He also discusses the operational grind of activist work and the complexities of exiting as aircraft values rose.
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Sourcing A Block Via A Tweet
- Jeremy discovered the seller by tweeting and got a call from the hedge fund manager within ~24 hours.
- He negotiated a ~20% block purchase after finding the fund wanted to exit during its wind-down.
Small Lessors Can Stay Deeply Mispriced
- Small, niche leasing companies often trade at large discounts despite clear tangible assets.
- Market structure and lack of investor attention can keep assets mispriced for years.
Buy Blocks For Influence And Margin
- Buy large, illiquid blocks at a liquidity discount to gain influence and downside protection.
- Plan an active path to extract value because block stakes are hard to unload without engagement.