Meli: Spinoffs and special situations have become priced more rationally
Adrian Meli · Adrian Meli – Active Equity Excellence at Eagle (EP.459) · Sep 15, 2025 · at 12:51
Adrian Meli of Eagle Capital Management discusses how the growth of dedicated distressed funds eliminated easy arbitrage opportunities in corporate spinoffs.
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“You didn't used to have dedicated distress funds of the size you have today. The special situations were really interesting. The Joel Greenblatt stuff. You could see a spinoff, a big fund house would get a stock, sell the stock, Indiscriminately. And you could buy that cheaply. Later on in my career in that world, you could see that was getting priced more rationally.”
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