SPACs: everyone on the record — The Minutes https://minutesof.com/on/spacs/ Everyone on the record about SPACs: 10 verbatim quotes from 2 people, October 2020 to August 2021, in one chronology, each with a timestamp and a link to… en Sun, 30 Aug 2026 22:33:15 +0000 Bill Gurley: Gurley argues SPACs are only viable because broken IPO process makes direct listings look expensi https://minutesof.com/q/e6b340fd-8b45-462b-afe0-e0f68cdfef6d/ https://minutesof.com/q/e6b340fd-8b45-462b-afe0-e0f68cdfef6d/ “But, you know, it appears to me that the thing is gonna, is either gonna slow down or they're gonna step in and do those types of changes you're talking about.” — Bill Gurley, Axios Wed, 18 Aug 2021 17:10:45 +0000 spacs Bill Gurley: Gurley claims people who benefited from $30 billion in IPO underpricing are fighting regulatory c https://minutesof.com/q/a36419d9-05f5-43b4-95ac-7f9cde9b6a9e/ https://minutesof.com/q/a36419d9-05f5-43b4-95ac-7f9cde9b6a9e/ “There will be people that will fight it from a regulatory standpoint. And quite frankly, Brad, they're fighting the SPACs from a regulatory standpoint.” — Bill Gurley, CNBC Television Wed, 12 May 2021 16:26:01 +0000 spacs Brad Gerstner: Gerstner emphasizes Altimeter's SPAC charges companies zero fees while delivering outcomes iden https://minutesof.com/q/28218f6b-02d9-4726-8e22-dadf0a9f9f98/ https://minutesof.com/q/28218f6b-02d9-4726-8e22-dadf0a9f9f98/ “while the day of the IPO and the day after the IPO are nearly identical as if a bank took you public, we don't charge your company a fee. None. Zero.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 spacs Brad Gerstner: Gerstner emphasizes Altimeter charges zero fees to companies going public via SPAC. https://minutesof.com/q/38cd9fb6-d18e-4efc-b5b0-d3e6e7675de5/ https://minutesof.com/q/38cd9fb6-d18e-4efc-b5b0-d3e6e7675de5/ “And while the day of the IPO and the day after the IPO are nearly identical as if a bank took you public, we don't charge your company a fee. None. Zero.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 spacs Brad Gerstner: Gerstner says Altimeter's SPAC model lets founders set their own price and select their shareho https://minutesof.com/q/a08000b3-32b1-47f4-8417-00e927572da2/ https://minutesof.com/q/a08000b3-32b1-47f4-8417-00e927572da2/ “You set the price, you tell the story with forward looking forecasts. We serve up a world class group of mutual funds and hedge funds as your shareholders. You ring the bell, it's your IPO.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 spacs Brad Gerstner: Gerstner says Altimeter's SPAC model lets companies set their own price and charges zero fees t https://minutesof.com/q/8f768927-4c84-4634-82e2-40d39aecedf2/ https://minutesof.com/q/8f768927-4c84-4634-82e2-40d39aecedf2/ “You set the price, you tell the story with forward looking forecasts. We serve up a world class group of mutual funds and hedge funds as your shareholders.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 spacs Brad Gerstner: Gerstner argues traditional IPO bank fees of 6-7% plus historical-only financials leave investo https://minutesof.com/q/7a335747-8969-4383-9c35-9996e0362046/ https://minutesof.com/q/7a335747-8969-4383-9c35-9996e0362046/ “And on top of that, of course, you can only give historical financials, which leaves most investors in the dark about a high growth company's future prospects.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 spacs Bill Gurley: Gurley explains SPACs emerged as sponsors arbitraging the $200 million allocation that banks give https://minutesof.com/q/8a3fc02d-f7f1-4a22-8a90-3fedff8dbe1b/ https://minutesof.com/q/8a3fc02d-f7f1-4a22-8a90-3fedff8dbe1b/ “Well, if someone gets to do that, the SPAC sponsors are saying, Hey Goldman, Hey Morgan, you don't get to allocate that money to your friends.” — Bill Gurley, CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 spacs Bill Gurley: Gurley argues SPAC sponsors are capturing allocation power from Goldman and Morgan Stanley. https://minutesof.com/q/223e430e-4bc5-4893-b5c2-11fbb3e3d1ca/ https://minutesof.com/q/223e430e-4bc5-4893-b5c2-11fbb3e3d1ca/ “Well, if someone gets to do that, the SPAC sponsors are saying, Hey Goldman, Hey Morgan, you don't get to allocate that money to your friends. I'm gonna allocate it to mine.” — Bill Gurley, CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 spacs Bill Gurley: Gurley argues SPAC craze exists because traditional IPO route allocates $200 million to bankers' https://minutesof.com/q/74f09d86-3b95-495f-b0a8-44cb09f6058f/ https://minutesof.com/q/74f09d86-3b95-495f-b0a8-44cb09f6058f/ “I think is the SPAC craze because you've created this massive pricing umbrella arbitrage to get a company public where the traditional route means someone gets to allocate $200,000,000 to their buddies.” — Bill Gurley, CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 spacs