Intro

This chapter explores the complexities of SPACs and the misalignment of financial motivations between sponsors and retail investors. It examines the Pershing Square Tontine SPAC's acquisition of Universal Music Group and the recent Discovery-Warner merger, highlighting key lessons and potential pitfalls for minority investors.

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Episode notes

In today’s episode, Trey Lockerbie sits down with one of his favorite portfolio managers, Andrew Walker from Rangeley Capital. Trey took the opportunity to dig deeper on SPACs with Andrew, who is currently running a SPACs focused fund. This episode has been recorded in early June and a few weeks later, Pershing Square announced a 10% SPACquisition of Universal Music Group, which was not listed in the rumored roster of prospects, but makes the conversation even more interesting.

IN THIS EPISODE, YOU'LL LEARN:

(02:07) Billionaire Bill Ackman's comparison of the typical SPAC with the Pershing Square Tontine SPAC and why Andrew calls it a "unicorn" SPAC
(22:43) Discovery Channel and Warner's recent merger
(22:43) The collapse of Archegos

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Rangeley Capital Website
Andrew’s Yet Another Value Podcast
Andrew’s Yet Another Value Blog

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