Dave Waters of Alluvial Capital on $PX
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Dave Waters of Alluvial Capital comes on the pod to discuss his investment thesis on $PX.
You can find Dave's original podcast appearance, where he discuss PX when it was still PIOE and some other small caps, here: https://twitter.com/AndrewRangeley/status/1300763059267481600?s=20
Chapters
0:00 Intro
2:15 PX Overview
3:30 Management fee streams
5:10 Is PX's focus on fund of funds a concern?
8:25 Disintermediation risk for fund of funds
11:50 What is the market missing at PX?
15:20 Why PX versus a larger alt?
18:30 Comparing PX to KKR
23:20 PX's acquisition outlook
25:15 Can PX really cross sell funds?
28:15 More on PX's acquisitions
30:00 Adverse selection in fund of fund acquisitions
34:00 PX's recent CRSS investment
42:30 Why isn't PX buying back stock?
46:30 How PX's stock will get more liquid over time
48:15 PX's management team track record
52:00 Why Dave's digging in Italy and Poland