RCECap

Learning every day. Ex-L/S equity, PE

[RCECap @RceCap]

@DiMartinoBooth @ApolloAssets You mean @apolloglobal, not @ApolloAssets

[RCECap @RceCap]

@SebastinPatron3 @ScorpionFund @SEC_Enforcement If someone inside with such duty tipped @ScorpionFund with material nonpublic data, then potentially an issue for both the tipper and tippee. But just trading ahead of your own report based on due diligence incl. views from ex-employees, etc. is not insider trading

[RCECap @RceCap]

@SebastinPatron3 @ScorpionFund @SEC_Enforcement Insider trading liability results from trading by someone who has material nonpublic information AND owes a duty to the company, shareholders, etc. due to employment or other fiduciary relationship. @ScorpionFund is simply a short investor with a negative thesis

[RCECap @RceCap]

@polina_marinova Julian Robertson was 48 when he started Tiger Management after a year retired in New Zealand trying to write a novel. He started with $8mm in 1980, grew AUM to $22bn at its 1998 peak and spawned a generation of cubs: Tiger Global, Lone Pine, Viking, Coatue, Maverick, Matrix, etc.

[RCECap @RceCap]

@krishnanrohit @japindado @paulg The latest @AcquiredFM podcast on TSMC discusses Morris Chang working with BCG to come up with learning curve pricing in the late 1960s which helped TI become the largest and most profitable integrated circuits business at the time. Also see @SEMIconex Aug ‘07 interview with MC.

[RCECap @RceCap]

@sunnycoastone If the stock remains at $45.10 as of 4/1/24, each preferred share convert into 1.1765 common shares. You’d end up with a 1.7% IRR and 1.05x MOIC, having collected dividends at 8.6% yield along the way and ending up with 117.65 common shares worth $45.10 each.

[RCECap @RceCap]

Which is better - $VIAC or $VIACP?

VIACP yields 8.6% vs VIAC's 2.1%.

Example below shows VIACP's IRR / MOIC is lower as expected, but you might still prefer it for the higher current yield, slightly lower volatility and higher position in the cap structure.

[RCECap @RceCap]

@AnalystEgg $85 is a placeholder based on mgmt’s timely stock issuance at that price. Implies roughly mid-teens EV/EBITDA, so not demanding and expectations are low so probably good upside if the co executes.

[RCECap @RceCap]

Some CEOs understand that they have the power to engage those #shortsellers and convert them into buyers

https://t.co/6phsZ8Mucb

[RCECap @RceCap]

Back in the days, would find many CEOs that refused to engage investors they suspected were short their stock.

But those #shortsellers are the only investors guaranteed to buy their shares at some point