Let's Be Frank

Brian Frank
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Weekly quick take on US stocks from the prospective of a value investor. Brian Frank is a Registered Investment Advisor with over 20 years experience researching small and mid cap stocks. He manages separate accounts and is the portfolio manager of the Frank Value Fund. This podcast shows how a value framework can remove the emotion and guesswork from investing. As an unconstrainted active manager, Brian often finds opportunities in special situations like spinoffs, chapter 11 emergence, non-indexed securities, material stock repurchases, asset sales, and more.

  1. 3d ago

    Value Stocks Get a Pulse this Week While AI and Memory Stocks Suffer

    Today is Friday, October 9th 2026. They say every dog has his day, and the value dogs had several good days this week. In fact, on just Thursday and Friday alone, my fund, the Frank Value Fund, outperformed the NASDAQ by a large enough amount to negate the last two plus weeks of pain. Now, a couple of good days for value do not make a trend, but there are several positive signs. More investors are questioning the ultimate returns on AI infrastructure while rotating towards AI beneficiaries like healthcare. The S&P 500 healthcare sector returned nearly 3% this week while the memory ETF lost over 7%. In my opinion, fundamentals are far more important than short-term flows, and we had major fundamental developments in our Independent Power Producers this week. First, the Department of Energy announced a $4 billion loan to Vistra, ticker VST to further develop their nuclear assets. Next up is On the Hunting Trail for Value I mentioned last week I had deployed nearly 100% of our cash. Obviously, this was good timing given the bounce this week, but I was prepared to continue rotating aggressively into better opportunities. When value bounces, it is hard to find these additional opportunities, but that is a good thing - we are making money. Wrapping Up: Staying the course for value paid off this week. While it is nice to have the bounce, I am reluctant to call it a trend just yet. Good fundamental developments on IPPs and other stock repurchases add to the long-term case for value. Stay tuned for earnings season, my favorite four times of the year! Thanks for listening and have a great weekend. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

  2. Oct 3

    Rates Rising, AI Commoditizing, Value Agonizing

    Today is Saturday, October 3rd 2026. The rotation from value to momentum not only continued this week, but accelerated. What Worked in Value: Nothing! Nothing worked in value this week. But I am only half joking, as management teams are seeing the same thing I am. Value has become incredibly compelling relative to growth. We had two management teams this week announce significant, accelerated repurchases of their company's stock. What didn't work? In a week where nothing worked for value it is hard to pick one thing, but I will frame this from a long-term perspective. When the spread between growth and value becomes this wide, I think the worst thing value investors can do is chase technology here. When the long-term these imbalances correct, all the pain I have experienced in the past months could reverse in a matter of days. Next up is On the Hunting Trail for Value I deployed the rest of my cash this week in this bear market for value. Now, with more ideas than cash, I will slowly rotate out of the ideas we own that have the lowest upside, and redeploy into even more phenomenal opportunities. Wrapping Up: The rally in technology at the expense of value is reaching a fevered pitch. It could continue for longer, or it could end soon as interest rates are still marching higher and AI models converge. Meanwhile, keep an eye on management teams doing something about their unfairly low valuations like announcing aggressive stock repurchases. Finally, though it is the harder thing to do, staying fully invested while value is out of favor usually works out long-term. Thanks for listening and have a great weekend. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

  3. Sep 25

    All Aboard the Pain Train - Why Value Will Always Work Even When it Occasionally Eats Dirt

    Today is Friday, September 25th 2026. Cash production is one of the major reasons why value investing works over the long-term and doesn't require a bigger fool to purchase your shares. For example, if you bought a company at 100x earnings and it is only growing at 10% per year, it would be decades before you got your initial investment back in cash. Unless, of course, you convince someone else to buy it at 150x earnings. Eventually, the music stops and valuations must be supported by fundamentals. The hard part about being a value investor is the math is typically most compelling when value investing is eating dirt. It is psychologically difficult to buy a company at 5x earnings when it was trading at 7x earnings just a few weeks ago and has lost over 10% of its value. What didn't work? Despite the compelling math I just mentioned, investors are doing exactly that, shunning value stocks for momentum. The pain has continued for several weeks now, but if you look out 12 to 18 months, I think value is going to come roaring back into favor. The cash produced at these companies will become too big to ignore, repurchases will eat up too many shares, and dividends will be too high. Sometimes, buying what didn't work leads you to great returns. I believe now is one of those times. Next up is On the Hunting Trail for Value It is a smorgasbord of opportunities out there from consumer discretionary, consumer staples, materials, and more. Wrapping Up: The rally in high beta stocks continued this week, while disciplined value investors should be ignoring the pain and stuffing portfolios with opportunities in the forgotten low volatility names. Value investing works long term because there are no bigger fools required! Pain points like high oil and gas prices make for good places to look for long-term returns. Thanks for listening and have a great weekend. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

  4. Sep 18

    We Learned Nothing - Let's do it Again and Knock your SOXX off.

    Today is Friday, September 18th 2026. Investors often say "I've seen this movie before" for a series of events that reminds them of years ago. A long career isn't required for this action though, as we saw AI infrastructure relentlessly rally through June 2026, only to plummet in July as leverage unwound. Apparently investors liked that movie because we're doing it again here in September. In my portfolio are companies like H&R Block, which pays a 4.2% dividend, repurchases over 7% of its shares annually, and is growing profits at mid single digits. HRB trades at 6 times next years earnings per share. That's right, a single digit P/E ratio for a growing company. What didn't work? Clearly the short-term is against value, so investors' patience is being tested. As I mentioned, the same trades happened in June of this year, with AI infrastructure going up while value went down. I called it a black hole - the gravity of AI infrastructure is attracting capital away from other stocks. It didn't end well in July and I don't think it will end well this time. Until then, value is not working. Next up is On the Hunting Trail for Value If you're on the hunting trail, know that you can leave the trail, put your feet up, and make 5% risk free in the US ten year bond. For companies that have little to no profits today but expected to grow significantly in the future, this higher discount rate means their shares should trade lower today. That is not happening and that is the danger I see on the trail. Wrapping Up: The AI Infrastructure trade kicked back into high gear this week, but investors who lived through this summer know what happens when the trap door opens. If you let the numbers guide you, there is certainly opportunity in value, but it will take some guts to avoid the FOMO from the growth stocks. Thanks for listening and have a great weekend. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

  5. Sep 11

    Maximus and United Natural Foods - Worth Taking a Look

    Today is Friday, September 11th 2026. Macro events dominated this week with the price of Diesel climbing over $6 per gallon, and the US 10-year bond approaching 5%. What Worked in Value: Frank Value Fund just filed its annual report and holdings as of June 30, 2026. We disclosed positions in healthcare companies Icon Plc and Becton Dickinson, as well as defense contractors Maximus, Science Applications International, and Leidos Holdings. Maximus is a compelling idea. The company market cap is around $3 billion and they produce nearly $500 million of free cash flow annually. That is nearly 15% of the company value hitting the balance sheet every year. It won't take long for this cash to materially reduce shares outstanding as repurchases, enrich shareholders as dividends, or reduce the debt significantly. What didn't work? However, even at $45 this week, UNFI is extremely under-valued. The company has a 10% FCF/Mcap yield, announced a $200 million repurchase which is around 7% of shares outstanding, and has a better balance sheet than its publicly traded peers. Next up is On the Hunting Trail for Value As I mentioned last week and in the previous segment, consumer staples are once again the target of the market's disrespect. I added another staples company to my portfolio this week, and it is not only trading at a low valuation, but it also has the ability to grow EBITDA, or pre-tax cash flow, at a low double digit rate. Wrapping Up: The macro is making things a lot more difficult but we have yet to see fear show up in the stock market indices. Value investing in healthcare and defense contractors has so far paid off well in 2026, and consumer staples continue to lead the way in compelling opportunities looking forward. Thanks for listening and have a great weekend. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

  6. Sep 4

    No Yoga Pants, No Soup, No Problem. Value Investors Need Growth Too.

    Today is Friday September 4th 2026. What is typically a sleepy week before Labor Day weekend had some action. What Worked in Value: I have been on the road, marketing my firm's equity strategy to brokers and investment advisors in the northeast. They are impressed that the Frank Value Fund has returned nearly 90% cumulative from January 1, 2022 to August 31, 2026, compared to 81% for the Nasdaq 100 ETF, ticker QQQ, 72% for the S&P 500 ETF ticker SPY, and 50% the Russell Mid Cap Value ETF ticker IWS. My brand of value has worked in the past five years. It has taken amazing innovation in Artificial Intelligence, one of the largest capital expenditure booms in recorded history, and absolutely unprecedented revenue growth and margin expansion in the biggest companies in the world to drive the CAPE to 40+ Meanwhile, my value portfolio owns companies trading at less than 10x earnings and with the gap between my stocks and the market significantly wider than it was five years ago, I believe my strategy can outperform even more over the next five years than the past five. What didn't work? Value traps like Lulu Lemon ticker LULU had a tough week, down about 20%. Next up is On the Hunting Trail for Value Dare I say I am again looking at some Consumer Staples companies. CPB is expected to have revenue declines though 2028. Still, with indices, ETFs, and investors using factors, similar companies tend to move as a group, so there will be some babies discarded in the consumer staples bathwater. Wrapping Up: Momentum continues to claw back some of its summer losses, and value is again being ignored. With the CAPE over 40x, I believe this is a generational opportunity for active strategies. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

  7. Aug 28

    Nvidia and Friends Fail to Make New Highs while JM Smucker Shines

    Today is Friday August 28th 2026. The major stock event of this week was Nvidia's earnings report. Though the company continued to grow at rates unprecedented for large companies and guided revenue growth of 70% next year, the stock failed to move meaningfully higher. What Worked in Value: My firm's equity portfolio had a great earnings report this week in JM Smucker, ticker SJM. What didn't work? Momentum stocks again failed to recapture the leverage-driven excitement of earlier this summer. For the second time in three weeks, I found a compelling spinoff idea. I discussed the structural advantage spinoffs enjoy on the August 15th episode, and I am happy to increase our exposure in this area. Additionally, I bought another healthcare company, taking our total healthcare exposure to over 13%. Wrapping Up: Momentum is failing to make new highs on good news. Instead, low valuation stocks are beginning to outperform. However, there's a long way to go to correct the disparity between cycical technology stocks and defensive companies like healthcare with steadier earnings streams. Thanks for lisltening and have a great weekend! Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

  8. Aug 21

    AI Cycle Shifts to Healthcare as 5% Yields Should Make Investors Wary

    An absolute value invesor looks at the risk free rate available in US treasuries, and uses that as a true north to price risk. With US treasuries yielding more than 5%, that means the hurdle to own risk is far greater than a 5% annual return. This week, Moderna and Merck made an exciting annoucement, showing breakthrough results in treating cancer in a novel way. Though this study has been in the works for years, some participants are expecting further scientific accerlation as these companies implement AI. What didn't work? Independent Power Producers suffered this week on a series of announcements from goverors in Texas and Pennsylvania, making it much more difficult for data center construction. On the Hunting Trail for Value With my portfolio as well as its benchmark index, the Russell Mid Cap Value making YTD highs this week, the urgency to replace fully valued companies with more compelling opportunities is rising. Website: https://frankfunds.com Brian X Account: https://x.com/bfrankvalue Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-888-217-5426 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions. Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by calling 1-888-217-5426. Please read it carefully before you invest or send money. This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors. Information contained in this publication has been obtained from sources we believe to be reliable, but cannot be guaranteed. The information in this portfolio manager letter represents the opinions of the individual portfolio managers and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Also, please note that any discussion of the Fund's holdings, the Fund's performance, and the portfolio managers' views are as of the date of this recording and are subject to change without notice.

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About

Weekly quick take on US stocks from the prospective of a value investor. Brian Frank is a Registered Investment Advisor with over 20 years experience researching small and mid cap stocks. He manages separate accounts and is the portfolio manager of the Frank Value Fund. This podcast shows how a value framework can remove the emotion and guesswork from investing. As an unconstrainted active manager, Brian often finds opportunities in special situations like spinoffs, chapter 11 emergence, non-indexed securities, material stock repurchases, asset sales, and more.

Information

  • Creator
    Brian Frank
  • Years Active
    2026
  • Episodes
    20
  • Rating
    Clean
  • Copyright
    © Brian Frank
  • Show Website
    Let's Be Frank