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Caught wind of your blog a couple months ago and have been lurking. Great stuff and enjoying the PSTH saga. Eager to hear your thoughts on UMG.

My play on this was to buy the PSTH shares around $25 and sell Jan23 calls @ ~$4 to create an (almost) riskless play given the $20 built in SPAC "put" . Basically max 125% 1.5 year gain, $1/share max loss prior to deSPAC. And of course the tontine optionality in there with some value. I think the UMG assets are very solid and take the $20 "put" out of need for concern, I'm comfortable locking in a current cash flower like UMG as opposed to a big growth story stock Stripe/Starlink/etc with no CF.

Took me a couple hours to process the UMG play, but I'm really excited as it is a very unique asset (literally eternally valuable assets) and there's a good chance this new shareholder base with Ackman/Klarman/etc/etc can be more creative in extracting value from the business than Vivendi.

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Was Universal Music Group on the list?

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