Evolution, Not Revolution: A New Chapter for Wayman Value Investing
Sometimes the best changes come from doing less, not more
After considerable reflection on what truly adds value in investment communication, I’m announcing several important changes to how this newsletter operates. These modifications aren’t driven by market conditions or performance concerns, but rather by a deeper understanding of what creates lasting investment success.
Moving to Free Distribution
Effective immediately, Wayman Value Investing becomes a free publication. This decision reflects a simple reality: the best investment insights shouldn’t be constrained by subscription barriers. When I identify genuinely compelling opportunities or observe market conditions worth discussing, those observations deserve the widest possible audience among serious investors.
This change also removes the pressure to publish for the sake of justifying subscription fees. Too many investment publications fall into the trap of generating content to meet arbitrary schedules rather than waiting for meaningful insights to emerge. By eliminating the subscription model, I can focus exclusively on quality over quantity.
When Silence Speaks Volumes
The publishing frequency will shift to 1-4 posts per year, released only when market conditions warrant commentary or when truly exceptional opportunities present themselves. In an industry obsessed with constant communication, this approach may seem counterintuitive. But consider this: how many investment newsletters have you read where the most valuable advice was simply to do nothing?
Markets don’t provide compelling opportunities on a monthly basis. Sometimes the best service is acknowledging when conditions don’t favor action. The new format allows for exactly this kind of patience - writing only when there’s something genuinely worth saying, not because a calendar demands it.
Portfolio Concentration and Simplification
The portfolio structure will become more concentrated, holding fewer positions to allow for deeper conviction in each selection. When you truly understand a business and its prospects, concentration becomes a tool for wealth creation rather than a source of anxiety.
Additionally, the tiered allocation system will be replaced with an equal weighting across all positions. Equal weighting ensures that conviction, not perceived precision, drives results.
What Remains Unchanged
The core philosophy remains intact: identifying businesses trading at meaningful discounts to intrinsic value, maintaining appropriate margins of safety, and allowing time to work in our favor. The same rigorous analysis will continue, backed by the same personal conviction - I still own every position I recommend.
Hulbert Ratings will continue tracking performance, providing the same independent verification that has always been a cornerstone of our accountability. The only difference is that this transparency now comes without cost to readers.
Why Now?
These changes stem from a recognition that the investment advisory industry has largely moved in the wrong direction. The proliferation of content, the emphasis on constant activity, and the pressure to justify subscriptions through volume rather than value all work against the patient, thoughtful approach that actually generates superior returns.
Value investing requires a different temperament - one that prizes quality over quantity, patience over activity, and conviction over diversification. This newsletter’s new structure better aligns with those principles.
The market provides enough noise without adding to it. When there’s something worth saying about value opportunities or market conditions, you’ll hear from me. Until then, the silence itself may be the most valuable advice of all.
Welcome to the new Wayman Value Investing.