Hero Deals (cases worth studying)

As an extension from another thread: everyone has a list of hero deals that they've studied and learned from and hope to emulate and replicate one day.  What are yours, and why?  Was there a unique insight on fundamental or industry structure allowed for repeatable value creation?  Clever structuring instrumental in avoiding well deserved losses or enabling excessive gains?

A few to get started:

  • Caesars, protect returns and steal assets with impunity in downside case
  • EOP, back to back sales of property at peak of market to de-risk and lock in gains
  • Authentic Brands, separating high multiple licensing fee streams from low multiple retail ops offloaded to JV
  • Kinder Morgan, segregating yield investors and fee streams such that GP of a $50B MLP itself came to be worth $50B
  • Dell, tracking stock shenanigans to unlock value
  • KKR/KFN, GP merger with controlled listed fund to build balance sheet for GP
  • Celanese, de-listing/re-listing for a 10x $9B win in three years
  • Transdigm, decades long roll-up with endless pricing power

Portnoy buying back Barstool for $1


Same goes for FB or LULU...anything that turned out to have a strong underlying franchise driving growth.  Was it obvious at the time though that the right trade was not to sell after IPO?  It feels that a Transdigm is more obvious than a FB or LULU because it takes advantage of the structure of the industry instead of being a bet on industry growth dynamics (and individual outperformance within that industry).


+1 on Guy Hands book. Great deals explained and the type of investments he likes. Also showed me how not to live a life....quite sad actually.


Wow these are great. Helpful for a project I'm working on.


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