Top Performing Value Investor Explains Why the Market Isn’t Overvalued and Hasn’t Hit the Blowoff Top Phase | Charles Lemonides | ValueWorks LLC
Other People's Money with Max WietheShow Notes
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/
Charles Lemonides, CIO and founder of ValueWorks LLC, joins Other People’s Money to discuss why the 18-year bull market still has room to run. Lemonides argues that we have not yet reached the explosive "liftoff" phase typical of late-stage bull markets and explains why the biggest gains often come right before the turn. He shares his strategy for finding "growth in value's clothing," highlighting high-upside opportunities in semiconductors, rideshare, delivery, and offshore energy. Plus, he breaks down where he sees extreme overvaluation in the market and breaks down his most compelling short positions.
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Timestamps:
00:00 Intro
01:00 Are We in a Bubble?
04:14 Rates Growth and Bonds
07:04 Value Investing Reframed
09:37 Micron Peak Earnings Debate
11:20 Intel Foundry
15:24 Sarmaya LENS ETF
16:52 Sizing Themes and Diversifying
18:41 Undervalued Challengers: Lyft & Instacart
29:10 Energy Sector Setup
35:40 Portfolio Construction & Shorts
37:47 Shorting Texas Pacific Land Trust
41:24 Royalty Trusts and Mesabi
47:16 Retail Shorts: Casey’s & Grocers
52:43 AI Industrials, Quantum, & Aerospace
55:37 Offshore Wind and Conclusion
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This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/
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Precious metal and base metal prices have soared as have many mining stocks, but despite this, Freddy Brick, partner at Muddy Waters Capital says that the industry feels closer to left for dead than euphoric. He explains why that setup and the consistency of the mispricing in the sector brought them to launch a fund with the help of mining expert Darren McLean allowing them to take concentrated investments in the assets they think the market is overlooking while running lower net exposure. He also discusses how they think about hedging in the sector, why they take a bottom-up approach to portfolio construction, and how they approach short and long activism in the sector.