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	Podcast:		Yet Another Value Podcast
	Episode:		James Elbaor is investing in Dan Loeb at a Discount $TPOU
	Category:		Business
	Duration:		00:54:36
	Publish Date:		2021-06-17 12:00:00
	Description:		James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Third Point Investors (TPOU; trades in London). TPOU is a closed-end investment company that invests into Third Point, Dan Loeb's hedge fund. TPOU consistently trades at a discount to NAV, and James thinks the combination of Third Point's investing prowess and TPOU's innovative buyback/tender mechanism creates a unique opportunity to generate attractive returns. James' Twitter: https://twitter.com/jameselbaor Asset Value's May 26, 2021 activist letter to TPOU: https://www.assetvalueinvestors.com/content/uploads/2021/05/AVI-Open-Letter-to-TPIL-Vote-Co_2.pdf Chapters 0:00 Intro 1:30 TPOU Overview 3:55 Why invest in TPOU instead of Third Point directly? 7:00 Third Point's return profile, past and forward looking 14:20 TPOU's discount and unique tender mechanism 17:30 Laying out a base case IRR to a potential March 31, 2024 tender 27:30 Pushback #1: Doesn't this deserve a discount given the fee structure? 34:25 Pushbuck #2: The corporate governance issues raised by Asset Value's letter 43:30 TPOU tax consequences for U.S. investors 45:05 Final thoughts on TPOU 50:00 Quick hit on Third Point / Vivendi / PSTH / UMG
	Total Play:		0