PLBY Group $PLBY is a leading pleasure and leisure lifestyle company and owner of the Playboy brand.

In February 2021, the company went public for a second time through a SPAC merger.

I made my investment one month after the company went public on the back of the following rationale - Playboy was ranked 17th most powerful licencing brand, $400 of already contracted future CFs (80% GM), existing shareholder base plus management will own c. 66% of the combined entity and there will be no warrants outstanding.

The EV of the company was $413m and it was trading at 10.3x EV/ 2021 Est. EBITDA (25%-42% discount to similar companies).

The last 2 years the Execs have made numerous adverse decisions - shareholder dilution and asset write-offs.

The ‘Hail Marry’ option has been triggered to try and challenge the extremely profitable OnlyFans model with an alternative creators’ platform.

What lessons I have learned? As Stanley Druckenmiller (featured in “The New Market Wizards”) said regarding one of his worst trades in the days of the 2000s Tech bubble: