Jeremy Raper returns for a deep-dive postmortem on his high-conviction investment in aviation leasing company AVAP. From sourcing the deal via Twitter, to acquiring a ~20% block at well below book value, to negotiating with key stakeholders and navigating operational hurdles, Jeremy recounts the challenges and victories of shareholder activism in a niche sector. This case study sheds light on the realities of unlocking value in the public markets and the grind behind executing a thesis, even when the setup looks ideal on paper.

_____________________________________________________________

[00:00:00] Andrew introduces Jeremy and episode topic

[00:02:11] Investment is a postmortem of AVAP

[00:04:01] Jeremy's background in aviation leasing

[00:09:41] Block purchase strategy and rationale

[00:12:01] Purchase price details and thesis

[00:13:45] Value from being largest shareholder

[00:15:01] Behind-the-scenes work and learning

[00:17:27] Complexity of executing activist strategies

[00:23:46] Monetizing intangibles and aircraft rights

[00:25:01] Shareholder base and interest after stake

[00:28:24] Exiting AVAP and evaluating outcome

[00:30:02] Final thoughts on learning from postmortems

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

This podcast was sponsored by https://www.youtube.com/@UClqFz8aiVfSV2PviLcQrIbA

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/