MI156: Masterclass on SPACs w/ David Sherman
The Intrinsic Value Podcast - The Investor’s Podcast Network
The Investor's Podcast Network
4.6 • 593 Ratings
🗓️ 5 April 2022
⏱️ 60 minutes
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| 0:00.0 | You're listening to TIP. The targets are out there. It is highly likely that most SPACs will overpay for these targets, which has always been the case. Just like most IPOs don't go up and continue to go up, right? Because typically it's an arbitrage realization between private values and public facts. |
| 0:25.3 | On today's episode, I'm joined by David Sherman. |
| 0:29.1 | David is the founder, president, and portfolio manager of Crossing Bridge Advisors, |
| 0:33.5 | which currently has over $3 billion in assets under management. |
| 0:37.9 | During our conversation, we chat about what SPACs are and how they even work, |
| 0:42.2 | why some companies would prefer to IPO through a SPAC rather than the traditional IPO process, |
| 0:47.7 | why the incentive structure of the SPAC IPO process is suboptimal, |
| 0:52.2 | how pre-merger SPACs offer an interesting risk return profile? |
| 0:56.2 | David's thoughts on the overall current market environment and much more. David brings a wealth of |
| 1:01.6 | knowledge and experience in relation to the SPAC world, so I think you will find a ton of value |
| 1:06.1 | learning from him. I hope you enjoy today's episode with David Sherman as much as I did. |
| 1:11.7 | You're listening to Millennial Investing by the Investors Podcast Network, where your hosts, |
| 1:17.3 | Robert Leonard and Clay Fink, interview successful entrepreneurs, business leaders and investors |
| 1:22.5 | to help educate and inspire the millennial generation. |
| 1:37.4 | Welcome to the Millennial Investing Podcast. I'm your host, Clay Fink. And today, I'm joined by David Sherman. David, welcome to the show. Thank you very much. Glad to be here. |
| 1:42.7 | Let's start at the most basic level as we're going to be talking about SPACs today. |
| 1:47.0 | Could you explain to our audience what SPACs are and how they even work? |
| 1:51.0 | Sure. |
| 1:52.0 | SPACs are a publicly traded company that were issued with an IPO where the money that was raised for the IPO, |
| 1:59.0 | the cash, is put into a trust account for the |
| 2:01.8 | benefit of shareholders. And then the company looks for an acquisition to either merge with |
| 2:07.3 | or take over where the target gets the benefit of the use of their cash, as well as the |
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