Jacob Ma-Weaver, Portfolio Manager, Cable Car Capital, will present his investment thesis on Dell Technologies Class V at Best Ideas 2017, to be held online on January 10-11. Here’s a snapshot of the investment thesis:
DELL TECHNOLOGIES CLASS V (NYSE: DVMT) is a tracking stock created to finance Dell’s acquisition of EMC, which owned over 80% of VMware (NYSE: VMW). DVMT contractually reflects the economic performance of VMW shares held by Dell; however, DVMT trades at a more than 30% discount to VMW. VMW is an attractive asset in its own right at the recent price, and DVMT represents an intriguing way to purchase VMW at a discount in exchange for accepting governance and credit risk at Dell. Jacob’s lays out a novel theoretical framework for the appropriate tracking stock discount and argues that DVMT discounts far more credit risk than the rest of Dell’s capital structure.
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Jacob Ma-Weaver manages Cable Car Capital, a registered investment adviser in San Francisco. Prior to founding Cable Car, Mr. Ma-Weaver was a generalist analyst at Amici Capital (Porter Orlin). He previously worked at Dodge & Cox and McKinsey. Mr. Ma-Weaver graduated from Columbia University with a BA in Comparative Literature & Society and an MA in Statistics. He is a CFA charterholder.