The Value Investing Podcast with Fexingo: Buffett, Graham, and Long-Term Stock Picking

In this episode of The Value Investing Podcast, Lucas and Luna explore how value investors can uncover hidden asset plays in today's market, using the recent SpaceX IPO as a case study. They discuss the structural underpricing of spin-offs, tracking stocks, and complex corporate structures, drawing on examples like the 2021 Coinbase direct listing and the 2015 GoDaddy IPO. With the Russell 2000 up...

This episode drills into a specific spin-off mechanics question that trips up many value investors: when a parent company distributes shares of a newly separated entity to existing shareholders, what happens to your cost basis and what is the smart move? Lucas walks through the numbers on a real recent spin-off — the kind of event that creates huge mispricing opportunities if you know how to handl...

In this episode of The Value Investing Podcast, Lucas and Luna explore how the classic Graham Number works as a quick valuation screen in today's market. With the S&P 500 at 7,431 and the Russell 2000 up over 3% in the past week, they test the formula on a real stock — Bank of America, trading around $56 — and discuss why a 50-year-old metric still helps investors avoid overpaying. They walk throu...

In Episode 51 of The Value Investing Podcast with Fexingo, Lucas and Luna dive into the classic net-net working capital strategy and ask whether it still works in 2026. With small-cap value stocks surging—the Russell 2000 is up over 3% in the last five days alone—they explore how rigorous balance-sheet analysis can uncover hidden bargains. Lucas walks through a hypothetical net-net calculation usi...

In this milestone 50th episode of The Value Investing Podcast, Lucas and Luna tackle a subtle but dangerous blind spot for value investors: intangible assets. Most Graham-style screens treat R&D, software, and brand as worthless on the balance sheet — but in 2026, companies that generate real returns on those intangibles are systematically undervalued by traditional metrics. Using the current mark...

In Episode 49 of The Value Investing Podcast with Fexingo, Lucas and Luna dive into the mechanics of corporate spin-offs and why they remain a fertile hunting ground for value investors in mid-2026. They walk through the recent separation of industrial conglomerate Fortive into two independent companies—a move that unlocked significant hidden value. Lucas explains the historical returns of spin-of...

In this episode of The Value Investing Podcast with Fexingo, Lucas and Luna break down why Bank of America is on their radar in mid-2026. With the Russell 2000 up over 3% in the last week and regional banks showing strength, BofA stands out. They analyze the bank's return on tangible equity, its sensitivity to a flat Fed funds rate, and how it compares to JPMorgan in the current environment. They...

Lucas and Luna explore Charlie Munger's concept of a latticework of mental models and how Warren Buffett applies it to value investing. Using the recent SpaceX IPO as a case study — where Buffett passed on the deal — they discuss how mental models from psychology, biology, and physics help investors avoid cognitive biases and find better opportunities. Lucas shares a specific example: the availabi...

It's the biggest IPO in history: SpaceX set to list on the Nasdaq at a valuation north of $2 trillion. But for value investors, the stock is priced for perfection and the retail allocation is tiny. In this episode, Lucas and Luna break down what a value-oriented approach looks like for a high-growth, founder-controlled company like SpaceX. They discuss the concept of 'optionality premium,' compare...

Lucas and Luna discuss SpaceX's blockbuster IPO from a value-investing perspective. They explore how the company's capital-intensive space business, high debt load, and founder control structure interact with traditional Graham-and-Dodd valuation metrics. The hosts compare SpaceX to other capital-intensive value plays like oil majors and defense contractors, and question whether a $2 trillion mark...

Lucas and Luna dive into the specific value investing opportunity created by corporate divestitures in 2026. Using the recent KKR AI productivity warning as a backdrop, they examine how spin-offs, carve-outs, and asset sales create mispriced securities. Lucas explains the 'focus premium' thesis with concrete examples: how a conglomerate selling a non-core division can unlock double-digit returns f...

In this episode of The Value Investing Podcast, Lucas and Luna explore why corporate spin-offs can be a goldmine for value investors. They anchor the discussion on the recent spin-off of GE Vernova from General Electric, using it to illustrate the 'spin-off effect'—where newly independent companies often trade at a discount due to forced selling by index funds and institutional mandates. Lucas exp...

Episode 42 of The Value Investing Podcast with Fexingo. Lucas and Luna dig into a quiet corner of the market that most growth-focused EV investors overlook: the unloved suppliers and commodity producers that provide the raw materials and components for electric vehicles. They discuss how BYD's latest prediction that 80% of China car sales will soon be electric creates long-term demand visibility f...

Lucas and Luna dive into the value case for Japan's five major trading houses — Mitsubishi, Mitsui, Sumitomo, Itochu, and Marubeni — which Berkshire Hathaway first invested in back in 2020. With the yen still weak against the dollar and the Tokyo Stock Exchange pushing companies to improve shareholder returns, these conglomerates trade at 8-10 times earnings while buying back shares aggressively....

Episode 40 of The Value Investing Podcast with Fexingo. Lucas and Luna dive into the case for integrated oil majors like ExxonMobil and Chevron as value plays in mid-2026. With the S&P 500 down 2.7% over the past week and tech-heavy Nasdaq off 4.3%, energy stocks have held relatively firm — XOM up 1.5%, CVX up 0.9%. Lucas argues that at current valuations, these companies are effectively free-cash...

In this episode of The Value Investing Podcast with Fexingo, Lucas and Luna drill into a specific question: how do you identify an economic moat that isn't just brand loyalty or cost advantage? They anchor on a 2026 data point—Berkshire Hathaway's B shares up 3.3% in a week when the S&P 500 fell 2.7%—to discuss how moats based on switching costs and regulatory barriers hold up in a downturn. Lucas...

Lucas and Luna explore why corporate spin-offs can be a rich hunting ground for value investors, using the recent separation of a major industrial conglomerate as a case study. They discuss the structural inefficiencies that often depress spin-off valuations, the track record of spin-off outperformance, and how to identify the ones worth owning. With the S&P 500 down 2.8% in the past week and Berk...

Lucas and Luna explore how value investors can generate income by selling covered calls and buying protective puts on high-quality stocks. Using the current flat rate environment and Berkshire Hathaway's recent moves as context, they explain the mechanics of option collars, the risks of capping upside, and why this strategy fits a market where the S&P 500 is down 2.8% over five days while value st...

In this episode of The Value Investing Podcast with Fexingo, Lucas and Luna explore a specific value play emerging from the global semiconductor reshoring trend. With the CHIPS Act driving massive capital spending on new fabs in the U.S., Lucas argues that the real value opportunity isn't in the chipmakers themselves, but in the overlooked suppliers—industrial gas companies, wafer fabrication equi...

In Episode 35 of The Value Investing Podcast, Lucas and Luna unpack the concept of economic moats in the current market environment. With the S&P 500 down nearly 3% in the past week and the NASDAQ off 5%, growth stocks are under pressure, and value is rotating back into favor. But not all value is created equal. The hosts examine why a wide-moat business like Berkshire Hathaway — up nearly 4% in f...

Lucas and Luna explore the value investing angle in the semiconductor manufacturing boom. With the CHIPS Act driving over $200 billion in construction spending and TSMC's Arizona fab now producing chips, Lucas argues that the real value opportunity is not in the headline AI names but in the unglamorous suppliers and infrastructure plays. He points to Applied Materials as a bellwether with a 15x fo...

In this episode, Lucas and Luna explore why funeral homes and death care services represent a unique value investing opportunity in 2026. With the Federal Reserve holding rates flat and the S&P 500 down 2.8% over the past five days, defensive sectors are back in focus. Lucas breaks down the economics of companies like Service Corporation International (SCI) and Carriage Services, explaining how th...

Berkshire Hathaway is adding to its Japanese trading house positions, and the timing says a lot about how Greg Abel thinks about value today. Lucas and Luna dig into the specific yen-denominated bonds Berkshire just issued, the five trading houses it owns, and why a flat rate environment makes the carry trade work so well for a company with Berkshire's cost of capital. They also connect the dots t...

Lucas and Luna explore the value investing case for prediction markets, sparked by Kalshi building a 'Bloomberg Terminal' for high-end traders. They break down how platforms like Kalshi and Polymarket create arbitrage opportunities, why the SEC's regulatory shift matters, and how a value investor might approach this emerging asset class. With real data on the flat rate environment and market perfo...

Lucas and Luna examine an overlooked corner of value investing: closed-end funds trading at deep discounts to net asset value. With the S&P 500 near record highs at 7,554 and the Russell 2000 off 1.5% over the past week, certain CEFs have widened to double-digit discounts. They walk through the mechanics—how discounts arise from investor sentiment, fee structures, and illiquid holdings—and highlig...