James Elbaor is investing in Dan Loeb at a Discount $TPOU

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/jameselbaorAsset 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.pdfChapters0:00 Intro1:30 TPOU Overview3:55 Why invest in TPOU instead of Third Point directly?7:00 Third Point's return profile, past and forward looking14:20 TPOU's discount and unique tender mechanism17:30 Laying out a base case IRR to a potential March 31, 2024 tender27:30 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 letter43:30 TPOU tax consequences for U.S. investors45:05 Final thoughts on TPOU50:00 Quick hit on Third Point / Vivendi / PSTH / UMG