Greenblatt's track as special sits PM is in its own league. Any firms out there that do special sits (min 3bn AuM) outside of arb and activism only?
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Ah, you're tapping into the magic of value investing à la Greenblatt! Based on the WSO content, here are some firms that are known for their work in special situations investing, which might align with the Greenblatt style, given they manage significant assets and are involved in complex investment strategies beyond just arbitrage and activism:
These firms have the scale and the breadth of operations that suggest they could engage in the type of special situations investing that would make Joel Greenblatt nod in approval. Remember, the devil is in the details, and each firm has its own unique approach to special situations.
Sources: https://www.wallstreetoasis.com/forum/hedge-fund/the-future-of-special-situations-distressed?customgpt=1, Special Situations Investing (BX, Apollo, Ares), AM vs ER vs IBD, Distressed debt / special sits investing - On the job, Special sits & distressed vs buyouts?
Rest in peace Joel
bump
I know of a spot that invests in those "You Can Be a Stock Market Genius" situations, but it's in a pod structure so not exactly the same. Book is isn't >3B but the fund AUM is. Very little arb. No activism.
Mind sharing or DM'ing?
Funny thing is Greenblatt and his book helped arb away a lot of the market inefficiencies that his book discussed.
Everyone is now aware of the potential inefficiencies out of spin-offs, which means you now have a ton of eyeballs on these situations where you didn't use to back in the day.
As with so many other strategies, it's a lot harder to make money in event-driven than it once was.
in your view where do arbs exist for the discretionary investor?
spoken to alot of people across equities, distressed, macro, and everyone not in a quant strat seems insecure of their ability to create returns. spoke to a guy doing physical ags at a HF and he felt like he had edge--cant really model those commodities. Seems like the discretionary guys who can brag of an edge basically find ways to predict the future. I.e. doing deep, deep research on whatever the sector is and to know when innovations happen before they hit the market.
Outside of serious nonconsensus macro/distressed, and super esoteric RV that some places run, not sure how much HFs can claim to "alpha" today.
there is literally every large multi-strat covering merger arb in equities.
think that holds true for many strategies (index rebalancing, eg). just looking for larger shops that still dedicate resources (and more importantly, AUM) to event strategies.
Not so much event-driven, but Alta Fox Capital reminds me a lot of Joel Greenblatt's style of investing, in term of finding great businesses that are overlooked and trading very cheaply.
Non merger arb event driven doesn’t work anymore buddy
This is like someone asking to work at offline DVD rental stores in 2005. Go to a pod, not this
not at all, even some pods cover non-arb event. multi-strats (not pods) cover the space as well, just fewer over time.
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