Amar Pandya

Value Investor @Penderfund - Patiently waiting for the fat-pitch.

[Dan Rasmussen @verdadcap]

Is the private equity model of running companies materially different from public companies? Can we see that difference in the financials? We built a database of 993 deals that had public debt and public financials to answer this question.

[Johan Salomon @JohanSalomon]

Only 13% of chess players are tricky enough to solve this puzzle 🥷

White to mate in 1! 🤔

[Globe Advisor @GlobeAdvisor]

How this #portfolio manager is using #mergerarbitrage to #invest in more than 100 deals a year. “Historically it has exhibited a positive correlation with #interestrates; returns increase as rates increase,” says @AmarPandya @Penderfund @brendabouw reports https://t.co/cgpqFFmiHY

[Globe Advisor @GlobeAdvisor]

Booming M&A & #SPAC bargains fuelling profitable, low-risk #arbitrage plays. “Balance sheets are stronger … trillions in #privateequity firms being deployed in M&A #deals” says @AmarPandya @Penderfund https://t.co/ReloWSM8Tm @TravisDowle @MaxamCap @JulianKlymochko @AccelerateFT

[David Barr @PenderDave]

I join @mpacella, @amarpandya & @penderFelix for our final #podcast for 2021. We look back at a year of exits with 11 public and 6 private liquidity events & maybe reveal some of our secret sauce! https://t.co/jSMQOhMOJV

[Amar Pandya @AmarPandya]

M&A is red hot with 2021 a record year for deal activity. The M&A outlook is bright with arb spreads at historically wide levels. The inaugural commentary for the Pender Alternative Arbitrage Fund discusses where we're seeing opportunities in this market. https://t.co/iZtRCcB4DI

[Amar Pandya @AmarPandya]

Some amazing visuals from SpaceX’s Inspiration4 mission. A historic all-civilian and privately funded space flight. An exciting time for space exploration and an exciting new investment frontier. https://t.co/oavJayqLd1

[Amar Pandya @AmarPandya]

It’s been an exciting summer for the space industry. Here’s part 2 of my series on The Commercialization of Space.

[David Barr @PenderDave]

Join us this week for panels on #ESG, #privateequity, #digitization and #inflation. Join @AmarPandya , leading M&A lawyer Cam Belsher & I on 9 June, & Sharon Wang, Geoff Scott & I on #small cap #tech investing on 10 June

[Amar Pandya @AmarPandya]

Great summary of Druckenmiller’s recent thoughts on the markets, valuations, inflation and position sizing.

“Diversification may preserve wealth, but concentration builds wealth.” - Warren Buffett

[JSC @JSCCapital]

0/ Druckenmiller has now had a similar interviews for CNBC, USC, & The Hustle w/ their own twist.

Tech Bubble vs. Today- "Today, you have something similar & something different. Monetary policy is absolutely insane. We had no QE back then. And our rates weren’t 0%. They were

[Amar Pandya @AmarPandya]

Show me the incentive and I will show you the outcome.
- Charlie Munger

[Sahil Bloom @SahilBloom]

Humans are astonishingly bad at setting goals.

We consistently establish targets that invite manipulation.

THREAD: A mental model on goal setting and unintended consequences:

[Amar Pandya @AmarPandya]

$VMEO is spin-off #11 from “digital golden goose” $IAC. Net of their stake in $ANGI and $MGM, $IAC stub is bargain. Balance sheet is cashed up and ready to find the next opportunity. #Rinseandrepeat

[Anjali Sud @anjsud]

Today @vimeo is a public company.

It has been a 16-year labor of love, rooted in our belief in the power of video. We put creators first, and put that power in the hands of millions.

To everyone who made today possible: Thank you 💙

Now we keep building. #VMEO

[Amar Pandya @AmarPandya]

$ANGI/ $IAC flywheel is advancing with the development of their fixed price strategy. Lots of additional optionality in the $IAC portfolio. A well received Vimeo spin this month could provide a great opportunity to get the $IAC stub for nearly free.

[Mostly Borrowed Ideas @borrowed_ideas]

1/ $IAC/ $ANGI 1Q’21 Update

“The IAC Way pairs scrappiness and big ambition with the rational patience of permanent capital.”

Joey Levin is an excellent communicator. Another young CEO in early 40s who can work for shareholders hopefully for decades.

Here are my notes.

[Ryan Henderson @CCM_Ryan]

Someone correct me on my math here.

Nintendo’s Market Cap: $66B
Nintendo’s Net Cash Position: $18B
Nintendo’s TTM Free Cash Flow: $5.57B, up 79% YoY

Current EV/FCF = 8.6x

Guidance was ridiculously conservative like always.

What am I missing here?

[Amar Pandya @AmarPandya]

@METhompson72 Highly informative, thanks!

[Felix Narhi @PenderFelix]

Beware megacaps.

The curse of size is real.

[Amar Pandya @AmarPandya]

With the SPAC boom bust. There's a goldmine of arb and event-driven opportunities. Interesting that many of the top performing SPACs are consumer businesses. There's limited EV & tech targets left, but we could see more sponsors focusing on other industries.

[Amar Pandya @AmarPandya]

$NOC is the only provider of satellite extension services. Developing refuel, repair and debris removal services in the near future. Extending a satellite's lifespan by 33%-100% has massive implications for space infrastructure sustainability and costs.
https://t.co/5EhejJHX2R

[Amar Pandya @AmarPandya]

$ANGI is fully focused on their fixed price strategy which is key to establishing their flywheel. A difficult market to tackle, but they’ll have a strong moat with a massive TAM if successful. $IAC

[Nihar Sheth @nsheth12]

Why I think $ANGI could be a $70bn+ company in 10 years (vs. ~$7.5bn today). Long thread below 👇

In short, it's fixed price, fixed price, fixed price.