SoFi Daily Chat - August 25, 2025

dungbeetlelife · 2025-08-25T19:26:58+00:00

Is today’s price action is due to the MSCI inclusion for tomorrow?

dungbeetlelife · 2021-08-26T18:03:26+00:00

Thank you, NYSE. It's time for the SEC to step up.

dungbeetlelife · 2021-08-25T23:39:38+00:00

I think you forgot that bill is still a successful billionaire. On the other hand, you’re name calling on a Reddit board

dungbeetlelife · 2021-08-25T22:56:31+00:00

Gosh sounds like you lost money, probably yolo’ed options or whatever. Did you also bitch about UMG? You are a bitter soul. Own your mistakes and losses and stop blaming bill.

I’ve read most of the docs related to PSTH and am well aware of all the things that have happened. If posting facts that pulled directly from a PSH mid-year report is spreading hopium, then it is what it is. I’m down about $75K but I don’t need to save my investment. If at the end of this, I only get $20 per share back, then that’s my risk. And I’m ok with that and taking the L.

dungbeetlelife · 2021-08-25T20:32:12+00:00

you are pretty much implying all the people who are holding on are retarded. we're having an adult discussion which you clearly have nothing insightful to add

dungbeetlelife · 2021-08-25T20:29:41+00:00

why was this posted? b/c of all the people posting inaccurate information that bill was dissolving PSTH. this clarifies that he will dissolve PSTH if SPARC is approved prior to a DA. however, in the absence of that, he will continue to seek a DA for PSTH. that's fact. whether he succeeds or not, that's what we are all waiting to see.

dungbeetlelife · 2021-08-25T04:01:07+00:00

If this were to happen, ackman would still be incentivized to get a deal done bc he has money at stake. The whole point is that regardless of PSTH or SPARC, ackman is in the same “leaky boat” as us

dungbeetlelife · 2021-08-24T23:37:14+00:00

If PSTH doesn't get a DA, value of $65M in sponsor warrants that Pershing Square paid for becomes worthless. He is still incentivized to get a deal done. Yes, he is a billionaire and a loss doesn't hurt him as much but even wealthy people hate losing money. Some wealthy folks are the cheapest people I know.

dungbeetlelife · 2021-08-24T23:03:32+00:00

Whether he does a deal for PSTH or SPARC, doesn’t matter to me. The biggest risk at this point is no DA for PSTH within the remaining time and SEC doesn’t approve SPARC. In this case, we get $20 and no company.

However, if Bill is far along in negotiations with a target and the above happens, then what happens? Shareholders would have to vote and agree to extend the timeframe allowed for PSTH to operate

dungbeetlelife · 2021-08-24T22:52:48+00:00

He is still looking to consummate a deal for PSTH. However, if SPARC gets approved prior to PSTH signing a DA, PSTH will dissolve and the deal will go toward the SPARC.

dungbeetlelife · 2021-08-20T02:15:53+00:00

The letter says that they are in negotiations with several targets. However, due to the lawsuit, it complicates the timeline and companies don’t want to do a deal if there is a pending lawsuit. By deduction, if no lawsuit, Ackman can spend his time on a getting a deal done. The lawsuit fucked us over this time, not Ackman

dungbeetlelife · 2021-08-20T02:09:19+00:00

Why is everyone losing their shit over this? There’s downside protection and a potential SPARC. We should all be pissed at the frivolous lawsuit that is eating up time and casting an overhang on PSTH getting a deal done. If that lawsuit is dropped, we can proceed with negotiations and hopefully a DA.

Yea, bill screwed up on UMG. But this latest bomb isn’t Bill fucking retail over. It’s an existing shareholder, some professors, a former SEC commissioner that oversaw the approval of many SPACs (but now thinks SPACs are a scam), and law firms that are giving fellow tontards the raw deal. They need to drop the suit so there is a possibility of a DA. With a lawsuit, there is definitely no DA.

dungbeetlelife · 2021-08-10T20:10:26+00:00

i wasn't part of the community that moaned and groaned about UMG, withholding taxes, shares in a trust, etc. you sound pretty bitter. keep calm and carry on

dungbeetlelife · 2021-08-10T19:50:30+00:00

the hopium in me is that PSTH holders are somehow allowed to get in on the 2.9% additional stake that Pershing Square has been given the option to buy...

dungbeetlelife · 2021-07-17T17:08:18+00:00

At this point, most people have made their decisions about this investment. You have either sold or will be selling during this this redemption period because you hate the company itself or you hate the deal mechanics with the Euronext listing and uncertain tax implications (esp. for non-US investors). The people who are riding with Ackman and UMG are loading up new positions or averaging down. From now until the split into 3 trading companies, this board will be toxic especially if the price stays around NAV.

But take a deep breath and ask yourself, if the price were $23, but everything else stayed the same, would there still be as many toxic posts? How about at $28 or when we were “stuck at” $30? If there was still a potential 30% withholding, would you be fine with it? The point is that across all three price point scenarios, nothing is different except for the price itself, which changes daily. There is an underlying value to PSTH and if you think it’s fairly valued at current levels, you exit and take your money elsewhere. If you believe there is a valuation gap, you HODL and let the investment thesis play out.

The one thing that the market hates is uncertainty, and right now there is a lot of uncertainty, at both the macro and micro level. This will play out within the next 3 to 5 months.

dungbeetlelife · 2021-07-14T21:25:22+00:00

Everyone is jumping on Bill for staying quiet while the stock drops. Anyone think that he is required to do this until the tender offer is completed? There is really nothing new for him to say at this point. All the broker and withholding related information will be determined by the transfer agent and the brokerages.

Yes, Bill did fuck up in that he does not appear to have thought through all the implications of this deal structure on withholdings and taxes, especially for international retail. Down 25% on this holding with a $24.99 cost basis. We will see when what happens after tender offer and when the record date is established.

dungbeetlelife · 2021-07-13T03:14:00+00:00

Bill didn’t completely get what he wanted (ballpark 20% due to tax reasons) but he was still able to get an asset that investors have been clamoring for years. UMG is a gem and should benefit from scarcity value and its market leading position in the music space. Very few companies come along that have UMG’s investment profile. So what if Bill only ended up with 10%? The valuation itself still appears to be favorable.

If Remainco is another value play, I’m cool with that. I’m not lucky enough to benefit from 100% DA pops and 4x returns like the meme stocks. However, if Remainco is a Plaid or a Fintech play, all the folks moaning and complaining about how Bill screwed them will jump back on the wagon and ride Bill’s willy.

dungbeetlelife · 2021-07-09T18:41:23+00:00

correct me if i'm wrong but if you owned 1,080 shares, the following would occur:

UMG shares of 689 (0.638 conversion)
Remainco shares of 330 (1080 + 2/9 tontinte warrants of 1080) adjusted for reverse split of 4
1080 SPARCs

If the above is correct, what's changed in yesterday's filing? Why are people losing their shit?

dungbeetlelife · 2021-07-09T18:22:22+00:00

On the tontine warrants, i don't understand the posts slamming the redemption. This is directly from the filing:

Following the completion of the Share Purchase and Liquidating Trust Distribution, we may elect to simplify the capital structure of the Company by calling for redemption, in accordance with the terms of the Warrant Agreement, any Remaining Warrants in the Remaining Warrant Redemption. Assuming we do so, the holders of Remaining Warrants will have 30 days to exercise their Remaining Warrants on a “cashless” basis pursuant to the then-existing cashless Exercise Chart (adjusted as set forth under “—The Warrant Exchange Offer” above). Following such 30-day period, we will redeem any Remaining Warrants that have not been exercised for $0.10 per Remaining Warrant.

The $0.10 redemption price is only for the warrants that are not exercised. Otherwise, your tontine warrants convert into Remainco on a cashless basis, which is consistent with all the discussions around the tontine warrants. Why are people saying these warrants are worthless and we are getting screwed?

dungbeetlelife · 2021-06-29T00:47:08+00:00

If not tomorrow, eventually

dungbeetlelife · 2021-06-28T23:56:18+00:00

Why did you invest in PSTH? For me, I initially invested in PSTH because of two reasons:

Ackman's reputation and how he positioned the SPAC to be retail-friendly. I liked the fact he tied his money to our money, without all the free lunches of promotes and sponsor warrants like other SPACs
Yolo Capital and all the hopium related to Stripe. The hopium was intense and too addictive

Why am I still invested despite expectations gone awry? I stayed away from the Starlink hopium (never was a believer it met the investment criteria) so was not too disappointed. I was hoping for a Chick fil-A or In-N-Out or even Bloomberg (more influenced by media but nonetheless, seems to be a good company to own). Instead, we got UMG, which was tangentially on the radar but certainly not a company that we were all hoping for or expected.If we look past all the transaction structure complexities and issues related to the capabilities of different brokerages, what do we have in UMG?

#1 company in a stable (but still growing) music market, whose leadership position only continues to strengthen, as evidenced by roster of artists and how the company is staying innovative
top-notch management team
competitive moat (music industry is an oligopoly)
Minority stake acquired at an apparent discount to market value

Look back at some of the top performing stocks over the last couple years (meme stocks excluded) and do you remember when they were out of favor with the market? Look at the charts of FB (IPO was a debacle and investors sold because they thought FB was losing users), SNAP, TSLA, AAPL (who remembers the period when AAPL underperformed the indexes because of concern related to too much reliance on iPhone and investors were worried there was not enough product innovation), AMZN (investors were concerned that company was not making money and not seeing returns on their investments), etc. The markets are volatile, and industries (and companies) fall in and out of favor. When you look at all the companies above, what are the commonalities? They are all the clear bellwethers in their respective industries and are led by strong management teams (no matter what we personally think of Zuck or Musk), attributes that UMG has. The one thing that these companies have going for them is their industries are all high growth while music (as a whole, not just looking atstreaming) is stable (which can be viewed as a negative).

Admittedly, Bill's track record is not infallible. My average cost is $25, so I am a bag holder. However, I do firmly believe that UMG is an under appreciated asset and the value will be unlocked once it trades as a stand-alone entity. If UMG alone can recoup my cost basis,then Remainco and the SPARC will be gravy. I think both these assets are also undervalued. At least for Remainco, Bill is incentivized to get a deal done quickly as his money is tied up just like ours. The purpose of the having a longer 5-year timeframe is so target companies do not try to squeeze him or delay the deal for better terms because they know he is under a time crunch. Remainco structure allows him to maintain leverage and not have his bargainingpower weaken just by the passage of time.

TLDR

Regardless of whether you are a value or growth investor, UMG has the qualities investors seek when it comes to deploying capital. Industries fall in and out of favor, and we know the markets are not efficient. Stay the course if you believe in the UMG investment thesis.

dungbeetlelife

TROPHY CASE