Evan Tindell sees value in $TME
Evan Tindell, CIO of Bireme Capital, discusses the value he sees in Tencent Music (TME). Key topics include why he's not worried about TME's controlling shareholder or VIE structure, and why he thinks the stock is significantly undervalued.My Twitter thread on TME: https://twitter.com/AndrewRangeley/status/1458813448217935874?s=20Bireme Capital's website: https://www.biremecapital.com/disclaimer.htmlChapters0:00 Intro1:05 TME Overview1:40 History of shorting Chinese reverse merger4:30 More background on TME7:55 How similar is TME to Spotify?20:00 Why is TME the best way to play the current panic in China stocks?24:30 Can we trust Tencent as TME's controlling shareholder?28:15 The VIE structure risk35:30 How did TME come to be so dominant in Chinese music streaming?38:10 TME's cash rich balance sheet43:00 TME's valuation49:00 Discussing Spotify's valuation in relation to TME55:50 What risk to TME worries Evan the most?57:40 Is Evan attracted to messy ownership / control situations?1:03:30 Brief discussion of Cogeco's current situation