spacs
Short sellers are the corporate agitators with the biggest impact on the special purpose acquisition company (SPAC) trend, with activists so far preferring to sponsor SPACs than attack them. Q3 2021 hedge fund letters, conferences and more Activist Short Campaigns Against SPACsNOVEMBER 22 | There have been 35 activist short campaigns against SPACs that completed mergers since the beginning of 2020, according to new research from Insightia. The data, featured in the latest issue of Activist Insight Monthly, highlight that shorts are the leading cause of grief for SPACs, a financial innovation t...
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Apis Flagship Fund commentary for the third quarter ended September 2021. Q3 2021 hedge fund letters, conferences and more Dear Partners, Our Flagship Fund was down 1.3% net in Q3 2021. During the past quarter, our longs detracted 4.5% (gross), while our shorts contributed 3.6% (gross). At the end of September, the Fund was approximately 51% net long with the portfolio 87% long and 36% short. Performance Overview (Gross Returns)Strong relative performance in September brought overall performance in-line with global indices for the quarter. Long performance was hindered by relative underperform...
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Despite the Sino-American standoff shutting down the pipeline of Chinese firms listing in the United States, the initial public offering (IPO) continues to gush with promise. Management, if it is to be true to its fiduciary responsibilities to its existing shareholders, seeks to go public at the most opportune moment, in other words, when it believes it can get the best possible price for its shares. Secondly, IPOs are proxies for the enthusiasm that entrepreneurs have for the opportunities in the economy. These two things are contradictory: after all, the best price to list is when the market...
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Whitney Tilson’s email to investors discussing U.S. payroll growth slowed in august; SPAC rout erases $75 billion in startup value; Renaissance Technologies executives to pay up to $7 billion to settle tax probe. Q2 2021 hedge fund letters, conferences and more U.S. Payroll Growth Slowed In August1) I'm mostly a bottoms-up stock picker, but I still follow numerous economic and market indicators, so I at least have a sense of what kind of environment we're in. Since I along with my colleagues Enrique Abeyta and Berna Barshay called the market bottom almost to the day in late March 2020, we've r...
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The risk-reward balance appears to be tipping even further against SPACs. Regulators are clamping down on them, while purchase prices are only going up for them. And yet, despite this unfavorable combination of market forces, the speculative acquisition vehicles are actually accelerating their pace of deals. Q2 2021 hedge fund letters, conferences and more Acquisitions By SPACs Surge In JulySo far this month, blank check companies have announced the third-highest number of tech transactions for any month in 451 Research's M&A KnowledgeBase. The surge in July reverses a three-month slump that f...
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Whitney Tilson’s email to investors discussing Enrique Abeyta’s take on Pershing Square Tontine Holdings Ltd (NYSE:PSTH). Q2 2021 hedge fund letters, conferences and more PSTH's Deal With UMG Is A No GoHere's an excerpt from the update my colleague Enrique Abeyta sent to his Empire SPAC Investor subscribers yesterday on Bill Ackman's Pershing Square Tontine Holdings (PSTH): Today's announcement that Pershing Square Tontine Holdings can no longer consummate its transaction with Universal Music Group ("UMG") has to be a disappointment for Bill Ackman – but less so for shareholders. Ackman had co...
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Since tech acquirers discovered last summer that they could still do deals during a pandemic, they have spent at a historic rate – ever-larger acquisitions at ever-higher valuations by pretty much every type of buyer. The trillion-dollar shopping spree over the past 12 months has been a run for the ages, and shows no sign of slowing. A little bit of historical data indicates the unprecedented heights of the recent rebound. Q2 2021 hedge fund letters, conferences and more According to 451 Research's latest quarterly tech M&A report, of the roughly $6.8 trillion dollars' worth of tech deal flow ...
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Whitney Tilson’s email to investors discussing the SPAC sector; stunning confessions of a short seller; Wirecard: a record of deception, disarray, and mismanagement; runaway house prices. Q1 2021 hedge fund letters, conferences and more In Defense Of The SPAC Sector1) Special purpose acquisition companies ("SPACs") have been getting hammered recently, but I don't think they're going away – nor should they. Professor Steven Davidoff Solomon from the School of Law at the University of California, Berkeley agrees, as he writes in this New York Times column: In defense of SPACs. Excerpt: After the...
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All-Time Record: $2.4 Trn YTD Levels – Global M&A Exceeds $500 Bn for 3rd Consecutive Month [soros] Q1 2021 hedge fund letters, conferences and more Global M&A exceeds $500 billionGlobal M&A exceeds $500 billion for 3rd consecutive month to reach all-time record YTD level of $2.4 trillion Highest YTD total since our records began in 1980: US$2.4 trillion worth of M&A deals were announced globally YTD158% more than the same period last yearHighest May total of all time & more than 4x the value recorded during May 2020: US$532.9 billion worth of deals were recorded during May 2021Marked the 3rd ...
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Reportedly, Ackman has been working on a potential transaction since November Q1 2021 hedge fund letters, conferences and more The last time I weighed in on Pershing Square Tontine (NYSE:PSTH), I said, “The best thing to do here is take a small position in the SPAC and wait. When a potential deal is announced, excitement could drive this stock higher. Be patient with this one.” That was around Feb. 8, as the PSTH stock traded at $30.14. Since then, the SPAC stock has done a whole lot of nothing, last trading around $25 a share. However, Don’t Count Pershing Square Tontine Out Just YetFor one, ...
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