11–20 of 27 posts
Earlier quoted context omitted.
What are PIPE investors? Do they get favourable terms?
Private investment in public equity. Generally, yes, but it's negotiated arm's length yet opaque; in addition there's various consideration to the legality/optics/consequences of selling a (large) stake at a (material) discount to current market spot rates.
Earlier quoted context omitted.
Ackman is an activist investor not a value investor. Ackman already said Stripe declined his approach.
An activist investor is a kind of value investor. "These assets are worth more than the market says - the discount is bad management. Let's buy the assets cheap (good value) and change the people who, as owners, we pay to manage those assets." The idea that such an approach is anything but value and anything but completely normal and somehow rebellious and untrustworthy is quite weird and speaks to some kind of captu…
Isn't any investor who's not just buying an index fund a value investor by that broad definition?
(Even shortsellers just say: this stuff is worth less than the market says.)
I am still super long PSTH. It's the biggest SPAC ever led by a reputable value investor. The target will be huge (Stripe, Starlink, etc.)
Reputable companies don’t need SPACs. I’d guess there is close to zero chance of any SPAC landing a high quality company like stripe, Starlink etc...
Registration-walled and complains if you open it in private mode (how?)
Earlier quoted context omitted.
What are PIPE investors? Do they get favourable terms?
Private investment in public equity. Generally, yes, but it's negotiated arm's length yet opaque; in addition there's various consideration to the legality/optics/consequences of selling a (large) stake at a (material) discount to current market spot rates.
[1] - https://spactrack.net/activespacs/ (filter by price and see how many are trading above $10 and below $10).
I am still super long PSTH. It's the biggest SPAC ever led by a reputable value investor. The target will be huge (Stripe, Starlink, etc.)
Reputable companies don’t need SPACs. I’d guess there is close to zero chance of any SPAC landing a high quality company like stripe, Starlink etc...
I have numerous friends in IB who specialize in this, and I have been told that $PSTH has a high chance of landing a 'quality' target. The scale of $PSTH is huge ($4 billion guaranteed capital + $1 billion-committed capital from $PSH which can be extended for a further $2 billion). This is $5bn-$7bn guaranteed capital. In fact, this is one of the biggest IPOs on the NYSE (IPO for the vehicle Pershing Square Tontine Holdings). As Ackman has said numerous times in interviews, many companies that are planning to go public do not like uncertainity. This is a way to avoid that. Not to mention the fact that in late-2020 Ackman confirmed he is launching PSTH2 which appears to have the exact same structure; high amounts of guaranteed capital, low dilution & fees.
Of course, "high quality companies" is a subjective term, however, I have no doubt that any company obtaining $5 billion after the reverse-merger will be a company well-established in thier respective field and can be argued as being "high quality". For the record, I do believe there is a close to zero chance of $PSTH reverse merging with Stripe or Starlink. I think they were founded on pure speculation by various other social media communities.
I am still super long PSTH. It's the biggest SPAC ever led by a reputable value investor. The target will be huge (Stripe, Starlink, etc.)
Ackman is an activist investor not a value investor. Ackman already said Stripe declined his approach.
However, to the point of his SPAC vehicle - $PSTH, he has already stated in some interviews that he is not always looking for activist plays, and that $PSTH does not need to be one.
I am still super long PSTH. It's the biggest SPAC ever led by a reputable value investor. The target will be huge (Stripe, Starlink, etc.)
is there any reason to think starlink is even a possibility? i dont know much about all this but browsing reddit a few weeks ago that seemed like the meme possibility, in the same way that GME was going to go to $10000 a share.
There is not a single conclusive link between any SPAC and Starlink. All that exists is speculation, mainly (weakly) hinging on Elon's personality.
Earlier quoted context omitted.
An activist investor is a kind of value investor. "These assets are worth more than the market says - the discount is bad management. Let's buy the assets cheap (good value) and change the people who, as owners, we pay to manage those assets." The idea that such an approach is anything but value and anything but completely normal and somehow rebellious and untrustworthy is quite weird and speaks to some kind of captu…
> An activist investor is a kind of value investor. "These assets are worth more than the market says - [...] Isn't any investor who's not just buying an index fund a value investor by that broad definition? (Even shortsellers just say: this stuff is worth less than the market says.)
Value investor suggests you have valued the assets and have reason for thinking they are underpriced. Shareholders own the company's assets. Managers are their employees and are not owned any more than any employees or indeed humans are owned.