TIP782: THE SEARCH FOR MISPRICED STOCKS

W/ CLAY FINCK

TIP782: THE SEARCH FOR MISPRICED STOCKS W/ CLAY FINCK

08 January 2026

In this episode, Clay reviews the book Hidden Investment Treasures by Daniel Gladiš and explores how the rise of passive investing has created growing inefficiencies in today’s market. 

Gladiš argues that as fewer investors focus on fundamentals, disciplined value investors can uncover high-quality businesses trading well below their intrinsic value. Clay walks through several of the book’s case studies, including Markel, NVR, Japanese equities, and JPMorgan Chase. The episode offers a thoughtful framework for finding overlooked investment opportunities while managing risk in an increasingly index-driven market.

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IN THIS EPISODE, YOU’LL LEARN:

  • How the rise of passive investing has weakened the price discovery process
  • Why today’s market environment may be especially favorable for disciplined value investors
  • Why price and value often diverge in overlooked parts of the market
  • Key lessons from real-world case studies, including Markel, NVR, Japanese equities, and banks
  • How capital allocation, balance sheet strength, and management quality reduce investment risk over time
  • Why paying the right price matters more than forecasting short-term market movements
  • And so much more!

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Clay Finck: Over the past decade, the investment world has fundamentally changed by the rising trend of passive investing. And as more and more capital pours into passive strategies, potentially a smaller and smaller subset of the market is actively engaged in valuing individual businesses and allocating capital based on fundamentals.

[00:00:20] Clay Finck: This trend, of course, has benefited many investors, but it can be argued that it’s created a growing number of distortions underneath the surface. In today’s episode, I’ll be covering a book that digs into this subject. It’s called Hidden Investment Treasures, How to Find Great Stock Investments As The Investment World Goes Passive by Daniel Gladis.

[00:00:40] Clay Finck: Gladis is the founder and director of the VLTAVA Fund, a long-term, fundamentally driven investment firm based in Europe. He’s been an active stock investor since the early nineties and started the fund in 2004. The book makes a case that today’s market environment dominated by indexing ETFs and momentum driven capital flows may actually be one of the most favorable backdrops for disciplined and patient value investors.

[00:01:07] Clay Finck: Gladis argues that as fewer investors focus on the underlying fundamentals, the gap between price and value has widened in many overlooked corners of the market. Throughout the book, he shares a series of case studies of investments he has personally made in the fund, ranging from companies that are audience is well familiar with like Berkshire Hathaway and Markel to less obvious opportunities in Japan and banking.

[00:01:31] Clay Finck: In this episode, I’ll walk through the core ideas of the book, discuss several of the most interesting case studies, and share the takeaways I found to be most impactful in reading it. So with that, I hope you enjoy today’s episode on Hidden Investment Treasures by Daniel Gladis.

[00:01:50] Intro: Since 2014 and through more than 180 million downloads, we’ve studied the financial markets and read the books that influenced self-made billionaires the most. We keep you informed and prepared for the unexpected. Now for your host, Clay Finck.

[00:02:14] Clay Finck: As I mentioned at the top on today’s episode, I’ll be reviewing the book, hidden Investment Treasures by Daniel Gladis, founder of the VLTAVA Fund. VLTAVA benchmarks themselves against a world stock market benchmark, and over the 16 years leading up to year end 2024, the fund delivered returns of 511% versus 333% for their global benchmark.

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