Something of Value…
Inelegant Investor is a collection of real-world investing observations focused on the edge cases that don’t show up in textbooks — restructurings, CVRs, spinoffs, and the kinds of outcomes that accumulate in actual portfolios. Or basically whatever I’m moved to write about when I find the time for doing so.
This site is written and maintained by Neal Shanske, an individual investor focused on understanding what actually happens after the initial investment thesis plays out — especially when things don’t resolve cleanly. It’s hard to believe that I first started this site in 2006, 20 years ago, and that despite some long periods of inactivity, I’m still here with new articles.
Much of the content is based on direct experience, including positions held, corporate actions participated in, and outcomes observed over time.
The goal is not to present idealized strategies, but to document how investing actually works in practice — including the strange, illiquid, or unresolved situations that most portfolios eventually accumulate.
Hi,
My name is Bruce Lee. I’m a 4th year/senior student at the Ivey School of Business at the University of Western Ontario. I’m a budding value investor who has been reading your blog for the last week; I find it extremely interesting. Your analysis is clear, concise and very rich in insight. Thank you. Keep up the great work.
Hi,
I was wondering what you thought of NetEase.com. After subtracting cash and short-term investments from the company’s market value the company is only selling for 10-11 times estimated FY 2006 earnings and the company has huge growth potential. NetEase.com is also actively buying back its own stock.
No information about you except that you are a curmudgeon? Well, I can respect that. I enjoy your blog just the same. Keep up the good work.