We had the pleasure of chatting with Spencer Cole, an expert in a part of our industry in which we haven’t spoken nearly enough about.

Spencer knows more than most about royalties, so we used the opportunity to pick his brain about how the sector has evolved, how different royalties come into existence, the best & worst royalty decisions that have been made, how royalty co.’s should trade plus a bunch more.

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(0:00:00)Introduction

(0:01:31)Royalty businesses

(0:09:13)Hard rock royalties

(0:16:29)Trading multiples for Royalty co's

(0:26:05)How royalties get created

(0:29:55)Countercyclical deals

(0:33:00)Offloading non-core royalties

(0:37:08)Morgan Stanley royalties

(0:43:18)Lack of royalty companies in Australia

(0:50:50)Hedge fund royalty funds