Investing with Wilbur Ross
Don't know how many noticed the new IPO that came out last week for WL Ross Holdings, currently listed as WLRHU, (WL Ross Holdings Units) which included a warrant to buy half a share at $10.00. After the warrants are excercised or expired, it will change to WLRH.
I am a fan of his and happened to catch him on CNBC when he was talking about it, and explaining to them what a "blank check company" was. Also known as SPACS.
A number of shipping companies have used them to good advantage, primarilyl NM.
To make this work in an IPO you have to be someone who investors have a lot of respect for, since at the time of purchase, you don't even know what they are planning to buy.
I get the idea it will be something in shipping, but if anyone knows for sure, I would appreciate your thoughts.
He told them to think of it as a publicly traded equity investment company.
He is not someone who is known to "buy high and sell low", but rather a shrewd investor who takes advantage of bargins, and has been very successful in doing so.
I am not in heavy, but decided to "go along for the ride" to see where it takes me. After all, it is not everyday you get to "invest with Wilbur".
Not allowable as a pick in CAPS yet, but when it is, I will be picking it.
It is currently trading at just over a 2% premium from the initial public offering price.
It is not huge (about a half billion offering), but may be worth a look.
JMO and worth exactly what I am charging for it.