Merger Masters Series: Drew Figdor of TIG Advisors

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.


2:35 NLSN

3:00 ZAYO

3:45 BKS

5:10 Drew Figdor interview begins

36:40 “Five Questions”

Merger Masters Series: John Bader

The Merger Masters podcast series continues with John Bader.

Time Stamps:

1:25 Evolving as an investor

7:40 "I'm a seller of most asset classes"

8:50 Blockchain/Cryptos

10:05 Early career

12:40 Lessons learned from Martin Gruss

15:55 Other people's money

17:50 Examining new deals

24:25: ABBV/SHPG

27:35: Avoiding "scary" industires

35:25: Activism

36:15 Five questions for John Bader

Merger Masters Series: John Paulson


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

42:10 Activism

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?

Sorting Through The Wreckage: ARNC BKS MLNX MDCA TSRO SHPG IDTI

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

"Merger Masters" Series: Roy Behren & Michael Shannon of Westchester Capital

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

CNBC Contributor Ron Insana

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.

"Merger Masters" Series: Karen Finerman of Metropolitan Capital

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.