merger arbitrage

“And so those are more on a mean reversion basis, where those guys will pick up their hands and go, this is the time we need to step up. And the trick is you want to hopefully have navigated the drawdown period well enough to where you have the ammunition to st…”

“The pod shops in merger arbitrage have become a very, very important player. Some of them do some amount of event-driven equities, but I think it's much, much more constrained because of the market neutrality that they run. But I think the biggest impact, I wo…”

“I think what had happened was in 1998, there were a lot of catastrophic merger breaks. A lot of folks had left the strategy. So the imbalance between the capital demands for the arbitrageur services and the actual amount of arbitrage capital was out of whack. …”

“Merge your ARB, convert ARB, that alpha doesn't exist anymore.”

“I could look back at my time at Yale and say, boy, investing in hedge funds was so easy. You could invest in a diversified group of mergers, doing merger arbitrage, and make 14% net with very little risk.”