#154: Pershing Square Tontine $PSTH - Andrew Walker


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On today's episode, I sit down with Andrew Walker who is a portfolio manager at Rangeley Capital LLC and runs Yet Another Value Blog. We discuss Pershing Tontine (PSTH), a SPAC run by Bill Ackman that just recently announced a deal to acquire 10% of Universal Music Group (UMG) from Vivendi.

Show Notes

[4:24] The UMG announcement

[7:15] Background on SPACs

[9:47] A unique tontine structure

[14:38] Spinning Eagle SPAC

[16:50] SPACs vs SPARCs

[22:31] Valuation

[27:09] UMG's Economic Moat


PSTH Article 1:


PSTH Article 2:



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Disclosure: Eric Schleien and some SMA clients of Eric Schleien through Granite State Capital Management, LLC own shares of PSTH. Nothing here is investment advice. Do your own due diligence.

163 episodes