Think this is straight forward - 1) still likes @UMG and investing, 2) pushback from @SEC_Enforcement and was going to be difficult to get thru, 3) listened to shareholders on complexity. Now it is plain old $PSTH going forward with 18 months to go...
businesswire.com/news/home/2021…
Retail shareholders - and potentially a few institutions - didn't like the complexity including "transaction’s potential impact on investors who are unable to hold foreign securities, who margin their shares, or who own call options on our stock". So he listened to the feedback.
Now with NAV @$20 there is little downside (from here) and it is back to square one. 18 months to find a deal. Am 100% sure he had many other conversations (one of the reasons he was doing Remainco and SPARC) and now he focused on those.
Stock is back to where it first traded when it came public almost EXACTLY a year ago today - 7/22/21.
Liked the @UMG deal but NOW like the stock more than I did when we recommended it before because 1) lower price, 2) de minimus downside and 3) next deal will be a lot LESS complex. @BillAckman $PSTH

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More from @enriqueabeyta

20 Jul
We have been very vocal about $VYGVF and how much we love the stock. It is down -62% from it's high in April and we LOVE it more! Here is why you should BUY $VYGVF...
Why is the stock down? The first reason is that #crypto is also down. #bitcoin is down -46% from it's April high and many other #altcoins are down much more. Sentiment around #crypto has brought the $VYGVF stock price down with it.
In theory, results of $VYGVF are correlated to #crypto prices. This IS true but they are even more exposed to ASSETS UNDER MANAGEMENT and TRADING VOLUME. They make MONEY off of trading, not off the price of #crypto. They have NO direct exposure to #crypto prices for earnings.
Read 14 tweets
23 Jun
Here is the last thread in my TIGER Management "Investment Framework" series. This is the checklist that was created for SHORT investments. Whatever you think of the strategy they have been some of the BEST at it across decades. #investing CHECK IT OUT 👇👇👇
1. Is this a bad business?
■Who has the power – customers, suppliers, competitors?
■What are the barriers to entry?
■What kind of reinvestment of capital is needed to grow?
■How is the business changing?
■What is the historic and current rate of success in this business?
2. What is the major misperception?
■Why does it exist?
■Who is responsible for it?
■What stakes do the various parties have in keeping the stock price high?
■How popular is the industry? rising tides lift all boats – for awhile.
Read 11 tweets
22 Jun
As promised, here is Part TWO of the "Investment Framework" for legendary hedge fund TIGER Management. This 1st two parts refer to LONG investments. The next 2 days will post the framework for SHORTS. This is STILL a great checklist for today! Check it out. 👇👇👇
Financial Measures First Step: Check against all the accounting shenanigans in Howard Schilit’s book (Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, Third Edition, amazon.com/Financial-Shen…
Balance Sheet
■What is the company’s capital structure, and how does it compare to its peers?
■What are the trends in inventory turns, days payable/receivable, and working capital?
■What are its coverage ratios on interest payments?
Read 13 tweets
21 Jun
May be a bad day today for $VYGVF but new initiation by brokerage Compass Point. STILL BULLISH. > VYGR-CN (Buy, $45.00 PT): Initiating on Voyager at BUY; Our Top Pick in Crypto We initiate coverage of Voyager Digital Ltd. (VYGR) with a BUY rating and C$45 price target.
We believe that Voyager is a differentiated consumer app offering retail investors a unique trading opportunity into the crypto asset class. As compared to larger peers, Coinbase, Square, and PayPal, Voyager has a strong value proposition in that it has a zero-commission trading
model, offers a broader array of crypto trading pairs, and offers interest on a larger number of coins. We believe that this value proposition, combined with the large amount of dry powder (>$100M in potential marketing spend) should drive ~1M incremental funded accounts by YE22
Read 4 tweets
21 Jun
Legendary hedge fund TIGER Management created an "Investment Framework" to guide it's company research. This was later adopted by the amazing funds that make up the Tiger Cubs. Can't remember where I got a copy 20 years ago but here is THAT checklist. Part ONE today. 👇👇👇
Industry Study
■Is this a good business? What are the key success factors to superior performance in this industry? (Value Added Research “VAR”)
■Define the market opportunity. How do competitive products address this opportunity?
■What are the barriers to entry (“moats”)?
■What is the relative power of:
■Customers ■Suppliers ■Competitors ■Regulators ■Who controls industry pricing? Does the company/sector have any pricing power?
■How (and how much) can a good company differentiate itself from a bad one in this industry?
Read 11 tweets
17 Jun
Here is my MASTER READING LIST about investing that I have put together across 25+ years of investing. If there was ONE piece of advice I would give to new investors it is READ THESE BOOKS! ⭐️⭐️📔⭐️⭐️
One Up On Wall Street by Peter Lynch - A great introduction to investing written in an approachable manner. My #1 starter pick! Also recommend his follow up - Beating The Street. #peterlynch
amazon.com/One-Up-Wall-St…
How to Make Money in Stocks: A Winning System in Good Times or Bad by William O'Neil - The BEST investment book I ever read. Great job of going through GROWTH investing along with trading. @williamoneilco
amazon.com/How-Make-Money…
Read 11 tweets

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