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what's going on guys andrew here and today we're going to be talking about another spec which is psth and it was started by the legendary investor bill ackman it has a lot of big names backing it up and it's also the largest spec ever now psth definitely has a lot of hype around it and it's trading well above nav but i do think it's going to live up to the hype and it's going to exceed expectations and in this video i'm going to show you why it could be a really good investment for you and why there's so much hype around it now remember guys this is not investment advice this is just my opinions that i'm presenting and make sure you do your own research before you invest into this back also if you like the content make sure you subscribe and without further ado let's get straight into it now if you don't know who bill ackman is he's a hedge fund manager and the founder and ceo of perchin square capital management and he showed excellent returns within the past few years most notably last year having a 58 return and then this year with a 70 return his 70 gain in 2020 was due to investing in hilton lows and increasing their position size in berkshire hathaway during the bottom of the market he's also known for making one of the greatest trades of all time where with 27 million dollars he turned that into 2.6 billion during the pandemic betting that the stock market would continue to crash now bill has a proven track record and he's done extremely well over the past couple of years giving investors a lot of faith into him and we're gonna go over some of those big names in just a little bit now let's first look at the structure of this back and it's a tone teen spec and forgive me if i pronounced that wrong i kind of just looked it up but this was where investors would pool their money together and you would get rewarded for actually surviving longer so what would happen is when an investor died a new investor would replace them their money would just split into the investors that are surviving so rewards you for surviving the longest and that relates to psth because the longer you hold the shares you actually get rewarded and the way that this structure works with a spec is that psth is going to be rewarding all people who hold their shares 30 days after the merger two ninths of a warrant so basically how this is going to work is if you have nine shares you're going to be getting two warrants and exercising these warrants is pretty similar to options so you get the ability to exercise these for 23 dollars a share and let's say psth is trading at 30 a share after merger for some reason it's at the same price then these warrants are going to have the value of roughly a little over probably seven dollars maybe more because they get the time value which is going to add to their intrinsic value of seven dollars which is the difference between the 30 strike price it's at now and the 23 dollar price that you can redeem it at now that's not even the best part remember the taunting structure that we talked about well that's the same thing in psth the people who sell before the 30-day period is up after merger their two-ninths warrants that they get for being a shareholder gets distributed to all the other shareholders that didn't sell so you're getting even more benefits for holding on so psth is a bit different because as we explained earlier it is the biggest back that has ever been created so the net asset value or the nav is actually going to be 20 instead of what you normally see 10 as you can see we're on the s1 filing right here and they distributed 200 million units at 20 a share so that provides you a 20 floor plus two nines have a warrant for every single share plus even more of a floor because you're going to be getting the two-ninths warrant per share from the people that sold before the 30 days were up so bill is just giving you so many reasons why you should invest in this company and they are really looking out for their shareholders which is something as an investor i really like and psth's initial capital is four billion dollars but can be evaluated up to seven billion dollars after merger so seth clairman is the owner of a hedge fund that just started and he just recently put 400 million dollars into psth now that's weird because seth clairman is known for being a value investor people have called him the next warren buffett and you don't normally see a value investor putting a bunch of money into a spac especially when the spack does not have a target yet so either seth clareman knows something about the potential target or he has that much trust in bill ackman now keep in mind that the screenshot was taken over a month ago so the position sizes have definitely changed but these are the top holdings for psth currently number two is seth clairman's hedge fund and then number one we have guggenheim capital which has over a 500 million dollar investment so there's some big names in here that are putting big investments into a company pre-merger so i think that's really odd that people are putting so much money into a company that doesn't have a target yet i think a lot of them just have faith in bill ackman which is why i do as well so now we can start talking about some of the possible targets that they're looking at but the first one i want to get out of the way that is not going to happen is chick-fil-a for some reason people got their idea in their head that's going to be chick-fil-a because ackman is known for investing in restaurants but the reason it's not going to be chick-fil-a is that true kathy who started chick-fil-a made his children sign a contract that they will never let the company go public so that's not going to happen i just want to ruin everybody's dreams there unfortunately chick-fil-a will not be going public now if you've heard anything about psth and it's rumors you've heard about stripe now i'm going to be going over the possibilities on why it could be stripe and why it also might not be striped it stripes a payment processing company pretty similar to what paypal and square do and one of the psth team members actually used to work at square as the executive chairman now she previously started on the board of alibaba and social capital holdings which just recently acquired sofi which is another finance company now jacqueline has a lot of experience when it comes to the financial tech sector and she would be a really good help to psth if they wanted to acquire a financial tech company such as stripe as you can see from the screenshot they are also hiring people with socks requirements which would only be needed if you are willing to take your company public whether that's the ipo route or this background now i was doing some digging and scrolling through psth on reddit and i actually found this and make sure you take this with a grain of salt but i was doing some digging and as you can see yolo capital management which is kind of just a meme account and he posts all about psth he follows all the stripe guys he really is convinced about stripe now the funny thing about this account is that if we go to john coulson's twitter who's a co-founder stripe and we go under following as you can see if we scroll down he is following yolo capital management a meme account that posts only about psth and stripe merging now why would he do that i don't know am i digging a little too deep into the rabbit hole probably but this is definitely some interesting information now for some more evidence i want you guys to pay attention to this clip you know i said previously i was asked by you know at a business school by a student what's the single best business in the world i said if you could own a royalty on people spending money like visa or mastercard the greatest business in the world if that ever became a public company you want to buy that company or you ever could buy that company now we said the best business in the world is owning a royalty on people spending money and now what does stripe do they own royalties on people spending money now one of the first rebuttals i'm gonna go over for stripe is their valuation now they've significantly increased their valuation from in april at about 36 billion to now over 70 to even closer to 100 billion dollars which makes them one of the most valuable companies in the world and that would really press bill ackman and psth for money now they did say they want a minority stake which i'm assuming is around maybe 10 to 20 but they would be pushing it they would have to use all their funds for that 10 stake at 70 billion dollars now some more evidence leading to the side of no deal is a tweet that patrick carlson responded to denouncing that psth in them have merged which i don't think really says much because of course they're not going to merge yet and of course he's not going to respond to a wall street bets twitter account saying that they merge that's not going to be how they reveal it and i think he was just saying there wasn't a deal at the time because this was a month or two ago and of course it wasn't a deal yet because i'm making this video right now now is ackman willing to pay up for a minority stake in that company and is the colson brothers willing to take the company public we're gonna have to see i do think ackman is willing to pay up for it because he said that was his greatest mistake was not investing in mastercard and that type of business and of course we're going to have to see what the carlson brothers want to do now something i could see stripe doing other than going through a spec like psth is doing the initial public offering the traditional route now the reason i say this is if you paid attention in 2020 airbnb doordash snowflake a lot of these companies that ipo'd actually ipod extremely high prices way higher than they filed for as you can see from this article it says airbnb initially went for 47 billion and opened up around 100 billion dollars so what stripe could be doing is they could get this crazy high valuation when they open and do something similar to draftkings where they do a stock offering and raise capital that way now despite the ceo's comments on twitter stripe is still my favorite for psth to merge with but another rumor is going to be bloomberg that a lot of people are talking about and bloomberg does fit but as you can see from this article right here that they actually denied the claims that they were talking with psth and do not plan on selling any part of bloomberg now this report was back on october 21st so talks have could have changed them but it doesn't seem like there is any chance that bloomberg and psth merge now another company that a lot of people are looking at is possibly coinbase and i can definitely see where they're coming from because coinbase is very similar to stripe to where they get royalties off people spending money and as you can see from the screenshot i found on twitter they're hiring people with socks experience which is what you need to go public now the reason i don't think it's going to be coinbase is because i can't find anything on twitter or google about bill ackman talking about cryptocurrencies and he's usually a very vocal guy so it's kind of weird that i can't find anything about him talking about cryptocurrencies maybe he doesn't like it maybe secretly does i don't know but also seth clairman has come out saying that he thinks crypto currencies are like the dutch tulip mania bubble if you don't know what tulip mania was it was basically just a huge crash back in the 1600s where tulip prices were super inflated and it became a bubble and they eventually collapsed now i don't think a guy who has 400 million dollars into a spec wants to invest in a cryptocurrency exchange now some other rumors are subway now there's also a rumor about menards but neither of these rumors really have any substantial evidence back behind it other than that they are mature unicorns now one more rumor that's been going around the internet is starlink but personally i don't think ackman team is fit for this type of industry as none of them have really any experience and also elon has said that he does not want to go public until they can fly back and forth for mars and we know that they haven't been able to do that yet so i still don't think this is in the uh running so all the evidence pointing towards stripe and also the taunting structure of the spec i am going to be investing into psth now make sure you guys do your own research of course but i do think with all the evidence that i showed you guys that it's going to be striped so other than that guys it's gonna be the end of this video if you guys enjoyed if you made it this far i appreciate you so much coming up on 500 subs let's hopefully pass that this week other than that i'll see you guys in the next one
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