התחל במצב לא מקוון עם האפליקציה Player FM !
James Elbaor is investing in Dan Loeb at a Discount $TPOU
Manage episode 295210366 series 2789730
James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Third Point Investors (TPOU; trades in London).
TPOU is a closed-end investment company that invests into Third Point, Dan Loeb's hedge fund. TPOU consistently trades at a discount to NAV, and James thinks the combination of Third Point's investing prowess and TPOU's innovative buyback/tender mechanism creates a unique opportunity to generate attractive returns.
James' Twitter: https://twitter.com/jameselbaor
Asset Value's May 26, 2021 activist letter to TPOU: https://www.assetvalueinvestors.com/content/uploads/2021/05/AVI-Open-Letter-to-TPIL-Vote-Co_2.pdf
Chapters
0:00 Intro
1:30 TPOU Overview
3:55 Why invest in TPOU instead of Third Point directly?
7:00 Third Point's return profile, past and forward looking
14:20 TPOU's discount and unique tender mechanism
17:30 Laying out a base case IRR to a potential March 31, 2024 tender
27:30 Pushback #1: Doesn't this deserve a discount given the fee structure?
34:25 Pushbuck #2: The corporate governance issues raised by Asset Value's letter
43:30 TPOU tax consequences for U.S. investors
45:05 Final thoughts on TPOU
50:00 Quick hit on Third Point / Vivendi / PSTH / UMG
244 פרקים
Manage episode 295210366 series 2789730
James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Third Point Investors (TPOU; trades in London).
TPOU is a closed-end investment company that invests into Third Point, Dan Loeb's hedge fund. TPOU consistently trades at a discount to NAV, and James thinks the combination of Third Point's investing prowess and TPOU's innovative buyback/tender mechanism creates a unique opportunity to generate attractive returns.
James' Twitter: https://twitter.com/jameselbaor
Asset Value's May 26, 2021 activist letter to TPOU: https://www.assetvalueinvestors.com/content/uploads/2021/05/AVI-Open-Letter-to-TPIL-Vote-Co_2.pdf
Chapters
0:00 Intro
1:30 TPOU Overview
3:55 Why invest in TPOU instead of Third Point directly?
7:00 Third Point's return profile, past and forward looking
14:20 TPOU's discount and unique tender mechanism
17:30 Laying out a base case IRR to a potential March 31, 2024 tender
27:30 Pushback #1: Doesn't this deserve a discount given the fee structure?
34:25 Pushbuck #2: The corporate governance issues raised by Asset Value's letter
43:30 TPOU tax consequences for U.S. investors
45:05 Final thoughts on TPOU
50:00 Quick hit on Third Point / Vivendi / PSTH / UMG
244 פרקים
כל הפרקים
×ברוכים הבאים אל Player FM!
Player FM סורק את האינטרנט עבור פודקאסטים באיכות גבוהה בשבילכם כדי שתהנו מהם כרגע. זה יישום הפודקאסט הטוב ביותר והוא עובד על אנדרואיד, iPhone ואינטרנט. הירשמו לסנכרון מנויים במכשירים שונים.