Randy Baron

Randy believes the UK's moment is coming because policy is trying to make the market more investable: ISA limits push more local money into stocks, stamp-tax reform and the AIM exemption reduce friction, inflation is moderating, rates are coming down, and UK growth is comparatively strong. He sees a roughly 10-point valuation discount and easier access than Japan, though he notes the 0.5% stamp tax remains a retail friction.

Victoria PLC is a 130-year-old UK flooring roll-up whose equity has fallen about 95% from post-COVID highs due to high leverage, demand normalization, and audit/press issues. Randy believes the equity is poised to materially rerate because the 2028 notes and Koch preferred overhang are likely to be resolved before November 2026; the company has 80 million pounds of cumulative cost savings, asset-sale proceeds from Belgium, the UK, Italy, and potentially Australia, a 36% pro forma free cash flow yield, cyclical recovery leverage where every 5% volume recovery adds 25 million pounds of net income, and a chairman/management team with a strong capital-allocation history. He sees large upside if any of these catalysts work, while acknowledging dilution, structural demand, and leverage risks.