WeWork is trying to go public again, this time via a SPAC.
Below is a link to their investment deck. Lots of interesting data.
The company lost $1.7bn last year but expects things to improve as normal conditions return.
They believe a WeWork solution would save 26% vs. the cost of traditional real-estate.
The transaction puts enterprise value at $9bn or 6.6x adjusted 2023E EBITDA.
There are a lot of adjustments to EBITDA that need to be looked into and SPAC transactions have issues, but on the surface that looks a lot more reasonable than the peak valuation of $47bn.
Informative post on what is going on in automotive semiconductor markets.
Shortages in the short term – mainly because the pandemic wrong-footed car makers.
Growth in the long term – driven by the amount of semi-content in a car (an electric vehicle has 110% more content than a conventional vehicle, autonomous driving doubles that).
This is an eye-opening essay on The Art of Negativity with useful read-across to investing.
This was an interesting result from research – “there is a clear “asymmetry in the way that adults use positive versus negative information to make sense of their world; specifically, across an array of psychological situations and tasks, adults display a negativity bias, or the propensity to attend to, learn from, and use negative information far more than positive information.“”
A nice quote – “An optimist believes we live in the best possible of worlds. A pessimist fears that this is true.”
