After lots of internal back and forth, I've removed CELG/BMY until further notice. The rest of the episode touches on BKS, the latest at ZAYO, WBC, RCII and why I've initiated a small position in SFLY
The possibility of a China/US trade agreement draws closer each day. Is this an overhang removed to be bought or a sell the news event? Henrietta Treyz of Veda Partners joins me to discuss the details around enforcement and how funds seem to be positioned. In addition I'll give some thoughts on BMY/CELG
The Merger Masters Podcast series continues with Drew Figdor of TIG Advisors. We discuss his views on activism, his methods for assessing risk, and the role that both ego and fear play in the minds of fund managers. In addition I begin the podcast by weighing in on BMY, ZAYO, NLSN and BKS.
5:10 Drew Figdor interview begins
36:40 “Five Questions”
The Merger Masters podcast series continues with John Bader.
1:25 Evolving as an investor
7:40 "I'm a seller of most asset classes"
10:05 Early career
12:40 Lessons learned from Martin Gruss
15:55 Other people's money
17:50 Examining new deals
27:35: Avoiding "scary" industires
36:15 Five questions for John Bader
2:28 It takes a sixth-sense
4:05 Choosing which deals to participate in
6:30 SKY ltd / Comcast / Disney
7:45: Early career
17:00 Hedge fund vs. family office
18:34 PFE/ AGN
25:17 BMY / CELG
32:08 Detour Gold
40:02 Merger -arbitrage post The Big Short
45:30 Puerto Rico
50:09 6 questions for John Paulson
1) President Trump
2) Fannie / Freddie
3) When you seek an opinion that lies outside of Paulson funds, who is your first call?
4) If you could only invest in 1 outside hedge fund, who would it be?
5) Word association: cannabis, bitcoin, Elon Musk, CNBC Television
6) If you'd never become a fund manager, what would you have become?
On this week's episode I revisit Barnes & Noble after mixed holiday sales. I explain how I've adjusted my position in MLNX, quickly touch on QEP & ARNC, and end with the 6 factors driving the spread in BMY/CELG
Wall Street just experienced its worst selloff since 2008. In this week's podcast I sort through the wreckage and examine what I believe are the best opportunities in both merger-arbitrage and deal speculation. In addition, I delve into how I'm adjusting my portfolio to market conditions.
Disclaimer: This is not investment advice and should not be treated so. The contents of the podcast are the opinions of Michael Samuels, Broome Street Capital, and According to Sources
In conjunction with the release of Kate Welling & Mario Gabelli's book "Merger Masters" According to Sources continues it's interview series this week with Westchester Capital Management. Michael Shannon and Roy Behren have worked in tandem at WCM for over 25 years. We discussed portfolio structure, how they gain an edge over other merger-arb funds, and hit on some current situations including Aspen Insurance (AHL) and the breakup of United Technologies (UTX)
According to Morningstar the WCM Merger Fund is +7.09% YTD as of Nov 30th
Steven Tusa of JP Morgan has claimed superstar status for his call to sell General Electric in 2016 when it was $29 a share. At near $7 now, Tusa continues to press GE, saying shares are worth $6. As we've seen with Meredith Whitney and Mary Meeker, Wall St.'s superstar analysts often stay TOO long in their calls, prompting a term Ron calls "Guru Overshoot" We discuss this dynamic, the future for GE, the rise and fall of Eddie Lampert's Sears vision, and make some political predictions for 2020.
Inspired by Kate Welling & Mario Gabelli's new book "Merger Masters," the According to Sources Podcast is interviewing each participant from the book, starting with Karen Finerman of Metropolitan Capital. In this incredibly honest and candid interview, we discuss why Karen has in recent years AVOIDED the merger-arb world, despite beginning her career there. She discusses the future of women in finance, and recounts with vivid detail the painful collapse of the UAL buyout in 1989, and what lessons were learned from it.