Dave Waters of Alluvial Capital on $PX
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=20Chapters0:00 Intro2:15 PX Overview3:30 Management fee streams5:10 Is PX's focus on fund of funds a concern?8:25 Disintermediation risk for fund of funds11:50 What is the market missing at PX?15:20 Why PX versus a larger alt?18:30 Comparing PX to KKR23:20 PX's acquisition outlook25:15 Can PX really cross sell funds?28:15 More on PX's acquisitions30:00 Adverse selection in fund of fund acquisitions34:00 PX's recent CRSS investment42:30 Why isn't PX buying back stock?46:30 How PX's stock will get more liquid over time48:15 PX's management team track record52:00 Why Dave's digging in Italy and Poland