Accepted to Value Investors Club - Plus a Newsletter Update
Dear readers and future investing partners,
I truly appreciate that you take the time to read along. I’m writing today because I have some news to share, along with a few updates regarding the newsletter.
First and foremost, I’m incredibly proud and grateful to have been accepted into the Value Investors Club (VIC), founded by Joel Greenblatt of Gotham Funds and John Petry of Sessa Capital. A personal milestone!
VIC, which in its early years was capped at just 250 members, is widely regarded as one of the most prestigious communities among value investors. I’ve read several accounts of highly qualified professionals from Ivy League backgrounds working in major investment banks, private equity firms, and hedge funds who were unable to gain admission. In fact, I came across the story of someone at Goldman Sachs who reportedly applied eight times and was rejected each time.
Greenblatt, who founded the club in 1999, is an investing legend. He has written several books and teaches at Columbia Business School, where Benjamin Graham once taught and, as most people know, mentored Warren Buffett. Greenblatt is also known for an extraordinary investment track record, compounding both client and personal capital at roughly 50% annually at Gotham Asset Management between 1985 and 1994. In short, he’s one of the greats.
The admission process for VIC requires applicants to submit a condensed, high-conviction investment idea. This submission is then reviewed by a committee - presumably including Greenblatt and Petry - in a first-round evaluation. If approved, the idea is ‘‘advanced’’, you get to submit a more throughout thesis and it is posted for two weeks, during which existing VIC-members vote and ask questions. At this stage, it is crucial to respond thoughtfully and substantively to feedback from other members.
Last week, I was fortunate enough to make it through the process:
So now, I find myself in the company of investors such as Greenblatt, Mohnish Pabrai, Michael Burry of The Big Short, Norbert Lou, and many other exceptionally skilled investors.
But enough about VIC.
The reason I’m also writing today is to provide a brief update on the newsletter and what you can expect going forward. My ambition has always been to keep the quality of the newsletter high, prioritizing well-researched, high-conviction ideas over quantity. I see my subscribers as partners, and I have no interest in writing about whatever stocks happen to be popular on FinTwit just to attract members, nor in publishing short-term track records purely for clickbait purposes. I truely don’t think I can add any alpha to you on Oscar Health (OSCR), Hims and Hers (HERS), Duolingo (DUOL) or a VIE-structure Alibaba (BABA), knowing I am competing with an established sell-side. Hence, my eyes are naturally attracted to obscure and neglected places.
That said, I spend a tremendous amount of time researching and digging for investment opportunities - probably more than those closest to me think is entirely reasonable. In many ways, I sometimes feel like a young Buffett, staying up late reading annual reports. And every once in a while, you come across something truly interesting.
For that reason, I’d like to make a humble request. If you find value in my work, I hope you will consider supporting my newsletter by upgrading to a paid subscription.
If you’re not already aware, I consider myself a flexible value investor and you can read more about my background here and what to expect here. I have been investing for about a decade delivering returns in the high 20s.
As I consider my subscribers equal to investment partners, I am offering a permanent 20% discount for those who choose to upgrade:
While I do the research regardless, turning it into something publishable takes additional time. For that reason, a few readers have already chosen to subscribe simply to support my work, something I’m truly grateful and humbled by.
As a paying member, you’ll also receive my ideas earlier, and certain high-conviction ideas - often in more illiquid stocks, which will be placed behind a paywall so that both I and fellow subscribers have the opportunity to build positions before broader attention arrives.
If you’d like to support my work, consider locking in your discount today - several high-conviction ideas are already being put to paper. Make sure not to miss these.
No carried interest or any performance pay, just a flat rate with wonderful operating leverage to your investment portfolio.
I consider it a partnership, but without all the hazzle in dealing with clients, regulatory filings and so on.
For strong returns & a potential fellow investment partner!
Thank you for being part of the journey,
Sincerely,
Anders
The Bargain Ticker
Legal Disclaimer
The Bargain Newsletter is a publication and only for informational and educational purposes and does not constitute personalized investment advice, a recommendation, or a solicitation to buy or sell any security.
Congratulations :) I was a failure to get in VIC. But agree its a high quality membership 👌