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Neglected Alpha

Euro Value Investor

Uncovering Europe’s overlooked equities. Deep value research on small & mid-caps the market left behind. Contrarian investing with asymmetric upside

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Substack
PricingOnly free issuesPublishesWeekly
Issues20Founded9 months agoLast Issue8 days ago
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Latest Issues

Nine months, fifteen ideas: how the picks have done

We started this Substack on 23 January with one goal: find European companies the market had given up on, and explain why the price looked wrong. Since then we’ve published fifteen investment ideas. Time to check the scorecard honestly, win...

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Anatomy of the Bubble: Why an 80% Market Decline Wouldn’t Be Surprising (Part 2 of 2: The Math)

Part 1 looked at what is inflating today’s market: an AI spending boom without precedent, record concentration in a handful of stocks, record earnings flattered by capex and paper gains, and a market behaving as it did in 1972 and 2000.

Ne...

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Anatomy of the Bubble: Why an 80% Market Decline Wouldn’t Be Surprising (Part 1 of 2)

Between March 2000 and October 2002, the Nasdaq lost 78% of its value. Over the same stretch, small-cap value stocks in the US and Europe ended roughly where they started. The same market and the same recession produced two very different o...

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Wolters Kluwer: The AI Panic Created a Generational Entry Point

When the world’s largest AI labs started releasing agentic software tools in early 2026, the market punished a specific class of companies with extreme prejudice: professional information and workflow software providers. The logic was simpl...

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Mercialys: Bond Panic Has Put French Shopping Parks on Sale

On 28 July, a French retail property company reported that visitor numbers at its centres were running well ahead of the national average. It said its space was almost fully let and raised both its earnings and dividend guidance. Six weeks...

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  • Euro Value Investor

    Uncovering Europe’s overlooked equities. Deep value research on small & mid-caps the market left behind. Contrarian investing with asymmetric upside

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