#154: Pershing Square Tontine $PSTH - Andrew Walker

Jun 8, 2021

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Summary

On today's episode, I sit down with Andrew Walker who is a portfolio manager at Rangeley Capital LLC and runs Yet Another Value Blog. We discuss Pershing Tontine (PSTH), a SPAC run by Bill Ackman that just recently announced a deal to acquire 10% of Universal Music Group (UMG) from Vivendi.

Show Notes

[4:24] The UMG announcement

[7:15] Background on SPACs

[9:47] A unique tontine structure

[14:38] Spinning Eagle SPAC

[16:50] SPACs vs SPARCs

[22:31] Valuation

[27:09] UMG's Economic Moat

Resources

PSTH Article 1:

https://yetanothervalueblog.substack.com/p/further-breaking-down-and-simplifying

PSTH Article 2:

https://yetanothervalueblog.substack.com/p/breaking-down-the-ridiculously-complex

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Disclosure: Eric Schleien and some SMA clients of Eric Schleien through Granite State Capital Management, LLC own shares of PSTH. Nothing here is investment advice. Do your own due diligence.