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The Laps & Gaps Podcast

The Laps & Gaps Podcast

By The Laps & Gaps Podcast
Basil and Jack invest in the public and private markets, respectively. They bring their private conversations to the public while looking into different businesses and business models to discover new opportunities and refine their investment approaches.

We record every week, we publish when it's good.
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Drawing lines in the sand on ESG
In today's podcast, Jack and Basil discuss ESG mandates and the gray area they must contend with as marijuana and psychedelics are legalized and pose some good for society. They disagree quite a bit. Quite a bit.... Follow Basil on Twitter: @balsikafi  Follow Jack on Twitter: @jackson4w  If you have a comment, question, or idea for the podcast, email us at lapsandgaps@gmail.com. Thanks for listening!
33:29
December 1, 2020
Covid takeaways: Entrepreneur Diligence
In today's podcast, recorded on November 10th, Jack and Basil talk small-ball about how Basil rotated his portfolio and some of the outsized moves in light of the Pfizer Covid vaccination news. We then spend more time talking about how Jack thinks about remote working and the skills gained evaluating entreprenuers during this period that he will use in a return to a more normal environment. Follow Basil on Twitter: @balsikafi Follow Jack on Twitter: @jackson4w If you have a comment, question, or idea for the podcast, email us at lapsandgaps@gmail.com. Thanks for listening!
49:11
November 17, 2020
Great Ideas: The Owner's Manual
In today's episode, Jack and Basil talk about the concept of the owner's manual as originally discussed on the excellent August 21st Episode of the Manual of Ideas This Week in Intelligent Investing Podcast. In particular, Basil and Jack touch on how private and public companies can use the framework to help long term investors make investment decisions.  Referenced Podcast: https://moiglobal.com/twiii-s1-e5/ Follow Basil on twitter: @balsikafi Follow Jack on twitter: Jackson4W
33:20
November 9, 2020
Subscription cars, Outsourced Manufacturing, and Canoo
In today's episode, Jack and Basil use the recent SPAC Canoo (CNOO) to touch on subscription automobiles, outsourced manufacturing, and what that might mean for dealerships.  At the end, Basil updates the Triterras - A SPAC I Like podcast with an uncharacteristicly quick about-face.  He doesn't as much now. Basil
50:41
October 21, 2020
Solar, Storage, and Transmission
Basil and Jack are inspired by a recent Economist article outlining Solar’s emergence.Today Jack and Basil talk about power generation and the emergence of solar power. Jack outlines solar's importance and how that has given rise to a focus on storage in Silicon Valley. Jack and I will disagree about the relative importance of transmission versus a primarily storage driven approach.Follow us on twitter:Basil twitter: @balsikafiJack twitter: @jackson4wStocks discussed: First Solar (FSLR), Itron (ITRI) - These are not investment recommendations, they are only for educational or entertainment purposes. Always do your own work.The content presented here only reflects the opinions of those presenting at the time of their conversation. It may not reflect their current views nor does it reflect the views of any institution they represent. Information presented may contain factual errors. Any opinion presented should be considered for informational purposes and not be relied upon in any investment decision. The opinions expressed by any host or guest should not be considered legal or investment advice, nor should they be used to evaluate any investment or security. The content is not directed at any investor or potential investor in any Fund or for any Firm. Clients of those presenting on this may hold investments mentioned and may have different investment goals from your own. Get on the email list at lapsandgaps.substack.com
27:05
October 13, 2020
Math is Hard, Covid Relentless - Preparing for 2021 and Normalcy
Jack and Basil chat about recent Covid developments based on a recent McKinsey & Company publication “When will the COVID-19 pandemic end? and a recent article in Forbes, “The Happy Talk About Covid-19 Vaccines And Herd Immunity Is Deadly” Thanks again for listening to Laps and Gaps. As a disclaimer for today's episode, Jack worked previously at McKinsey and Company, and currently works for Health 2047, a wholly owned subsidiary of the American Medical Association of which Dr. Madera is the CEO.McKinsey and Company: https://www.mckinsey.com/~/media/McKinsey/Industries/Healthcare%20Systems%20and%20Services/Our%20Insights/When%20will%20the%20COVID%2019%20pandemic%20end/When-will-the-COVID-19-pandemic-end-final.pdfForbes article: https://www.forbes.com/sites/chunkamui/2020/09/24/the-happy-talk-about-covid-19-vaccines-and-herd-immunity-is-deadly/#5d90db9a3fecFollow us on twitter: Basil: @balsikafiJack: @Jackson4WThe content presented here only reflects the opinions of those presenting at the time of their conversation. It may not reflect their current views nor does it reflect the views of any institution they represent. Information presented may contain factual errors. Any opinion presented should be considered for informational purposes and not be relied upon in any investment decision. The opinions expressed by any host or guest should not be considered legal or investment advice, nor should they be used to evaluate any investment or security. The content is not directed at any investor or potential investor in any Fund or for any Firm. Clients of those presenting on this may hold investments mentioned and may have different investment goals from your own. Get on the email list at lapsandgaps.substack.com
31:57
October 2, 2020
Triterras - A SPAC I Like
0.00: Basil Monologues on Triterras (Currently trading under $NFIN)14.14 Q&A with Jack Follow us on twitter: Basil twitter: @balsikafiJack twitter: @jackson4wThe content presented here only reflects the opinions of those presenting at the time of their conversation. It may not reflect their current views nor does it reflect the views of any institution they represent. Information presented may contain factual errors. Any opinion presented should be considered for informational purposes and not be relied upon in any investment decision. The opinions expressed by any host or guest should not be considered legal or investment advice, nor should they be used to evaluate any investment or security. The content is not directed at any investor or potential investor in any Fund or for any Firm. Clients of those presenting on this may hold investments mentioned and may have different investment goals from your own. Get on the email list at lapsandgaps.substack.com
31:12
October 2, 2020
Introduction to Special Purpose Acquisition Companies (SPAC)
Introduction to Special Purpose Acquisition Companies (SPACs)Basil: [00:00:00] Welcome to Laps and Gaps, a podcast between two friends, discussing topics and finance. I'm Basil, a mid-cap, public markets investor. Jack will be joining us in a moment and leading the discussion today. He is a private markets investor. Today we'll be talking about SPACs and de-SPACs. I hope you enjoy, this, our first show.MC: [00:00:20] The content presented here only reflects the opinions of those presenting at the time of their conversation. It may not reflect their current views nor does it reflect the views of any institution they represent. Information presented may contain factual errors. Any opinion presented should be considered for informational purposes and not be relied upon in any investment decision. The opinions expressed by any host or guest should not be considered legal or investment advice, nor should they be used to evaluate any investment or security. The content is not directed at any investor or potential investor in any Fund or for any Firm. Clients of those presenting on this may hold investments mentioned and may have different investment goals from your own.Jack: [00:00:58] So one of the things that you brought up in a recent conversation Basil was, a SPAC. And you can tell me what SPAC stands for ? If you could help me connect the dots, from, a four letter acronym, which, you know, as a medical, I love, to them why we want to care about this at a deeper level. Can you give me a little bit of detail on kind of what you think is happening currently in the market? Basil: [00:01:20] Sure. So SPAC is a special purpose acquisition vehicle. They're popular today. They've been popular for the past couple full of months, maybe past couple of years, but they've become very popular in the past six months,  Typically they're used as, a, company, with no assets and no operating business does an IPO to raise a bunch of cash, that vehicle, or that company then goes and buys a private company and in, so doing takes that private company, public. I would argue that, the vehicle, the SPAC opportunity, that way of going public will be with us forever.I frankly heard about this, when I was in college and I heard about it with a very small company. I didn't really understand what the benefits of it were.  So it's been in the ether for 20 years. But more recently, now we're talking about hundreds of millions of dollars, or billions of dollars or a billion dollars - I think is probably the largest one at this point. Taking companies public by way of SPAC. Jack: [00:02:21] It sounds like they're largely an entity that you can list, raise capital against, you've seen them used in a wide variety of fronts; They've been used for experienced management teams, looking for assets to buy and build, or in now the way I want you to talk about it, which is one that's been more prevalent in the press recently has been the actual taking of a growth business or a venture backed business, let's say, and actually allowing it to enter the market through a non-traditional pathway. The one that everybody's familiar with is the IPO or the initial public offering, you traditionally file your S1 you go on a road show, you meet investors, you price that with those investors ahead of the launch of the, you set a price, the market price is set before you launch and a SPAC approaches this differently. And it's being utilized as a mechanism so can you talk a little bit about the differences of the two of those and how you think about it from an investment point of view, as well as from an information sharing point of view. Basil: [00:03:21] Sure. From the, if we go to the IPO process, it's essentially a bank takes a management team to a couple of cities, meeting both privately and in large ballrooms, with potential  institutional investors.But so you get the public filing
21:10
September 21, 2020
Laps & Gaps Podcast Coming Soon
Intro to Laps and Gaps Podcast FeedBasil: Hello, this is the Laps and Gaps podcast feed. My name is Basil. I am a public markets, environmentally and socially responsible, mid cap investor. Every week, my friend Jack will join me. Jack is a healthcare venture capitalist, and we're going to talk to each other, to industry leaders, to entrepreneurs, and try to get better at what we do.The podcast will be organized a little bit differently than many are. You'll see a variety of 20 minutes spots, where we'll try to cut out all the stuff that you won't find interesting. We'll try to publish at least on a weekly basis. We look forward to speaking with you then. Get on the email list at lapsandgaps.substack.com
00:37
September 8, 2020