Previously we looked at Pershing Square Tontine and Universal Music Group (UMG). Subsequently, the SPAC deal got pulled due to SEC concerns. Instead, Pershing Square announced to go ahead with the purchase of a 5-10% stake in UMG by itself. As mentioned in the prior post, Spotify has played an…
On and off I have been loosely following the online sports betting market in recent years. Lately I finally had a chance to do a deeper dive into the sector and particularly the company, DraftKings. People are often excited about gambling stocks and related investment opportunities. Personally I am not…
Previously we mentioned the legacy media might be back in vogue. It was TV, in particular an analysis on ViacomCBS. Today we’ll look at another legacy media, radio, which I think is hotter than ever! In particular, Cumulus Media. Cumulus is the 3rd largest radio operator in the US, behind…
Last time we looked at MicroStrategy, as one of the most vocal and dominant corporate buyers of bitcoin. Today let’s look at Coinbase, one of the most dominant crypto exchanges in the US and the world. The company IPO’ed at $250/share in April 2021 (technically through direct listing). The stock…
In July 2020, Pershing Square raised $4bn from public investors for the biggest SPAC ever, Pershing Square Tontine Holdings (PSTH). At one point, the stock rallied to above $30/share but has since settled back down to around low-$20s. In June 2021, PSTH announced a series of transactions, with the bulk…
Lately legacy media seems to be back in vogue, with Amazon buying MGM Holdings for $8.5bn, or estimated 37x annualized EBITDA in May 2021. Taking a dive into the sector, ViacomCBS stands out. The company, together with Discovery, were poster child from the fallout of Archegos Capital in April 2021.…
2020/2021 have been the years of SPACs. In 2020, there were ~250 SPAC IPOs being raised, which was more than the total over the 10 years prior (see statistics here). Then in just first half of 2021, over 300 were raised with over $100bn in funding. Generally I have always…
Last two posts on Zoom Video and Etsy, I mentioned network effects. The term has popped up everywhere for tech start-ups and IPOs. In my layman’s opinion, if the network doesn’t provide much pricing power and / or participants have low switching costs, there is not much “network effect”. Case…
On last post of MicroStrategy, its software business was obviously overshadowed by its bitcoin holdings. Today let’s take a look at a pure play software business, Zoom Video, which has really piqued my interest as of late. Honestly wish I have looked at it sooner! Zoom is a Software as…
Today let’s take a look at this company called MicroStrategy, taking a spin to the crypto land. Founder and CEO It was founded by Michael Saylor in 1989. Today, he remains tightly in control of the company as the Chairman and CEO. He has 25% ownership of the common and…