TIP359: The Rise and Fall of Archegos and Discovery w/ Andrew Walker
We Study Billionaires - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 9 July 2021
⏱️ 54 minutes
🧾️ Download transcript
Summary
In today’s episode, Trey Lockerbie sits down with one of his favorite portfolio managers, Andrew Walker from Rangeley Capital. Trey took the opportunity to dig deeper on SPACs with Andrew, who is currently running a SPACs focused fund. This episode has been recorded in early June and a few weeks later, Pershing Square announced a 10% SPACquisition of Universal Music Group, which was not listed in the rumored roster of prospects, but makes the conversation even more interesting.
IN THIS EPISODE, YOU'LL LEARN:
- (02:07) Billionaire Bill Ackman's comparison of the typical SPAC with the Pershing Square Tontine SPAC and why Andrew calls it a "unicorn" SPAC
- (22:43) Discovery Channel and Warner's recent merger
- (22:43) The collapse of Archegos
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Rangeley Capital Website
- Andrew’s Yet Another Value Podcast
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Transcript
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| 0:00.0 | You're listening to TIP. |
| 0:02.4 | On today's episode, I sit down with one of my favorite portfolio managers, |
| 0:06.3 | Andrew Walker, from Rangely Capital. |
| 0:09.0 | I took the opportunity to dig deeper on SPACs with Andrew, |
| 0:12.3 | who's currently running a SPAC's focused fund. |
| 0:15.0 | We then compare your typical SPAC with the Purshing Square Tantine SPAC from billionaire Bill |
| 0:20.1 | Ackman, and why Andrew calls it a unicorn SPAC. |
| 0:23.6 | Andrew and I recorded this in early June and a few weeks later, |
| 0:26.7 | Purshing Square announced a 10% SPAC position of Universal Music Group, |
| 0:31.6 | which was not listed in the rumored roster of prospects, |
| 0:34.4 | but makes the conversation even more interesting. |
| 0:37.1 | Then we take a right turn and navigate through the recent merger between Discovery and Warner, |
| 0:41.6 | and the collapse of Arcegos along the way. |
| 0:44.3 | Andrew has a contrarian take on the merger and believes that with the free cash flowing from |
| 0:48.4 | Discovery, the new entity can easily endure the short-term chop and produce a lot of value to the upside. |
| 0:54.1 | Andrew's one of the sharpest minds in the value investing community, |
| 0:57.2 | so grab a kombucha and enjoy this deep dive into two very interesting topics with Andrew Walker. |
| 1:06.8 | You are listening to the Investors Podcast, |
| 1:09.7 | where we study the financial markets and read the books that influence self-made billionaires the most. |
| 1:15.1 | We keep you informed and prepared for the unexpected. |
| 1:27.3 | Welcome everybody to the Investors Podcast. I'm your host, |
| 1:30.4 | Trey Lockerbie, and today I am sitting across from Andrew Walker from Rangely Capital. |
... |
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