In short: The first of the two Equinox deals in the same sentence — "the Equinox Orla acquisition and before that the Equinox Calibre acquisition weren't strategic acquisitions, they were tactical acquisitions." Context for the heft-and-liquidity playbook rather than a view on the name.
17:22weren't strategic acquisitions, they were tactical acquisitions. Ross Beaty and his group have figured out that if they buy reasonably high-quality assets that simply the growing size of the company, simply the growing trading liquidity of the company, index inclusions which gets them more passive buying raises the share price and cuts the cost of capital. In that context where the strategic nature of the assets is less important what you really need to look at is heft and sustainability. So you look
In short: Equinox's first tactical acquisition — cited as the opening move in its "get bigger for passive flows" roll-up.
Calibre was the first company Equinox bought in that same "get bigger to attract passive money" strategy — the opening move before the Orla deal. Rule cites it as the start of the roll-up rather than as a standalone recommendation.
36:33Uh those are really good acquisitions mostly, but you're starting to see tactical acquisitions now. Uh growth for growth's sake. The acquisition by Equinox uh of first caliber and then Ora uh exhibited no strategic synergy. Uh it was growth for growth sake. Now, I I happen to believe that both acquisitions were good acquisitions, but what they really were looking to do was increase the size and trading liquidity of Equinox so that they allowed Equinox to enjoy more index inclusion and more passive buying. larger companies have greater
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