DeepSummary
The episode begins with a discussion about a potential new stock exchange called the Texas Stock Exchange (TXSE), which aims to be headquartered in Dallas. Matt and Katie analyze the challenges of launching a new exchange and attracting listings, and suggest that the TXSE could target companies like Tesla and focus on ETF listings as a strategy.
The conversation then shifts to billionaire investor Bill Ackman and his plans to launch a U.S. closed-end fund called Pershing Square US (PSUS) and take his management company public through an IPO. They discuss the valuation of Ackman's firm, the potential for PSUS to raise $25 billion, and the appeal of Ackman's simple investing style.
Finally, Matt and Katie talk about the recent resurgence of interest in GameStop (GME) stock, driven by social media activity from Keith Gill (Roaring Kitty). They explore whether Gill's actions could be considered market manipulation, the controversy surrounding his trading, and the anticipation surrounding his upcoming YouTube livestream.
Key Episodes Takeaways
- A new stock exchange called the Texas Stock Exchange (TXSE) aims to launch, potentially targeting listings like Tesla and focusing on ETFs as a strategy.
- Billionaire investor Bill Ackman plans to launch a U.S. closed-end fund called Pershing Square US (PSUS) and take his management company public through an IPO, with ambitious fundraising goals.
- Social media personality Keith Gill (Roaring Kitty) has regained attention for his online activity related to GameStop stock, raising questions about potential market manipulation.
- Launching a new stock exchange is challenging, but established exchanges must connect to all venues, providing a potential revenue stream even for small players.
- Ackman's simple investing style, focused on a concentrated portfolio of stocks, is seen as appealing and could drive interest in his new fund offering.
- Gill's ability to move markets through his social media presence and lack of deception challenges traditional notions of market manipulation.
- The TXSE's association with Texas gives it a politicized dimension compared to other recent exchange launches.
- Gill's rise from modest means to immense wealth through his GameStop trades and online persona is seen as remarkable and fascinating to many.
Top Episodes Quotes
- “It's very exciting.“ by Matt Levine
- “No wonder people are interested in seeing what his trading is.“ by Matt Levine
- “I feel like it's kind of easy to launch an exchange and get to one to 2% share. What's interesting about this is that this is political. This is a politicized stock exchange, even if they're trying not to be.“ by Katie Greifeld
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Episode Information
Money Stuff: The Podcast
Bloomberg
6/7/24
Matt and Katie discuss a new stock exchange in Texas (and also New Jersey), Bill Ackman's multiple public offerings and what Roaring Kitty is up to.
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