spac

Who is on this subjectordered by the date of their first quote here

2 of 2 lanes rest on fewer than 5 quotes and are marked thin. Offsets are days from the middle first-quote date, 27 Oct 2020 — a date, and nothing else. It is not a claim about who reached a view first.

• Brad Gerstner 4 thin 27 Oct 2020 – 27 Oct 2020 +0 d
• Bill Gurley 2 thin 22 Dec 2020 – 22 Dec 2020 +56 d

1. 2020

   1. Brad Gerstner

      Gerstner criticizes traditional IPOs as year-long processes where companies don't know pricing or shareholders until the end.

      “It's a year long process where you don't know the price for your shares or even who your shareholders are going to be until the end of the line.”

      27 Oct 2020 · Invest Like the Best · 16:13 · source · permalink
   2. Brad Gerstner

      Gerstner argues Altimeter's SPAC approach takes companies public faster by acting as owners rather than agents.

      “We don't act like agents, we act like owners. We're totally aligned with you. So I mean, we can get you public in a fraction of the time,”

      27 Oct 2020 · Invest Like the Best · 17:14 · source · permalink
   3. Brad Gerstner

      Gerstner explains SPAC costs are borne by SPAC shareholders through share dilution, not by the company going public.

      “All the costs are borne by the shareholders of the SPAC who gave us part of their shares when we set up the SPAC as a finder's fee for helping them invest in a world class company.”

      27 Oct 2020 · Invest Like the Best · 17:51 · source · permalink
   4. Brad Gerstner

      Gerstner describes SPAC fee structure where shareholders pay via dilution, similar to VC fund economics.

      “I mean, it's very similar to our VC funds where we get paid for helping our investors invest in companies like Snowflake.”

      27 Oct 2020 · Invest Like the Best · 18:03 · source · permalink
   5. Bill Gurley

      Gurley argues SPAC market emerged because traditional IPO underpricing was worsening.

      “I think one of the big reasons the SPAC market opened up was because the underpricing was getting worse and worse and worse.”

      22 Dec 2020 · CNBC Television · 4:09 · source · permalink
   6. Bill Gurley

      Gurley says direct listings with primary offerings are now clearly superior to both IPOs and SPACs.

      “Today's a super important day because I think it'll be very hard for anyone to argue whether it's a traditional IPO or a SPAC that that's gonna be better than a direct listing with a primary offering.”

      22 Dec 2020 · CNBC Television · 4:22 · source · permalink