I can recall at least one Text Animation preset that resembles the effect. However, the skewing and smearing requires another effect.
[Todd Kopriva] “Perhaps the easiest way to learn how to do complex animations in After Effects is to apply an animation preset and then press U or UU to reveal only the animated or modified layer properties. Viewing the animated and modified properties shows you what changes the designer of the animation preset made to create the animation preset.”
I’ve taught close to 200 peeps to use AE’s text tool. To fully understand the text tool, one has to start by manually creating these text effects. JUmping into the presets and using that to learn the text tool is a sure way towards confusion. You can become productive that way, but there is a very high chance that you won’t understand the tool.
The text tool is one of AE’s most complex tools/effects – along the same vein as Particle Playground.
The Meyers do a wonderful job and I think I do just as well in my classes. Sorry for the self-less plug but hopefully someday, I’ll find the time to put everything down into a series of tutorials.
broadcastGEMs – AEPro Volume 02 (Professional Adobe After Effects Project Files – Now Available)