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Merger Masters presents revealing profiles of monumentally successful merger investors based on exclusive interviews with some of the greatest minds to practice the art of arbitrage. Michael Price, John Paulson, Paul Singer, and others offer practical perspectives on how their backgrounds in the risk-conscious world of merger arbitrage helped them make their biggest deals. They share their insights on the discipline that underlies their fortunes, whether they practice the “plain vanilla” strategy of announced deals, the aggressive strategy of activist investment, or any strategy in between on the risk spectrum.
Merger Masters delves into the human side of risk arbitrage, exploring how top practitioners deal with the behavioral aspects of generating consistent profits from risk arbitrage. The book also includes perspectives from the other side of the mergers and acquisitions divide in the form of interviews with a trio of iconic CEOs: Bill Stiritz, Peter McCausland, and Paul Montrone. All three took advantage of M&A opportunities to help build long-term returns but often found themselves at odds with the short-term focus of Wall Street and merger investors. Told in lively, accessible prose, with bonus facts and figures for transaction junkies, Merger Masters is an incomparable set of stories with plenty of unfiltered lessons from the best managers of our time.
— Leon G. Cooperman, founder, chairman, and CEO of Omega Advisors, Inc.
Merger Masters is a rare combination of fascinating stories about legendary deal makers and battle-seasoned techniques for deal making. Reading the interviews will provide important lessons and invaluable, time-tested investment insights. There is no one better to draw out the lessons than Kate Welling and Mario Gabelli.
— Paul Johnson, adjunct professor of finance, Gabelli School of Business, Fordham University, and coauthor of Pitch the Perfect Investment: The Essential Guide to Winning on Wall Street
Kate Welling, in her inimitable manner, has captured the individuals, articulated their talents and accomplishments, bringing her lifetime skills as a superb financial journalist to the task.
— Louise Yamada, founder of Louise Yamada Technical Research Advisors, LLC
I highly recommend this fascinating look into the world of risk arbitrageurs. Wall Street veterans Kate Welling and Mario Gabelli provide keen insights into a part of the investment business that has long been seen as mysterious. They skillfully pull back the curtain on the industry by talking to players on both sides—the “arbs” and the corporate managers, all of whom have interesting and valuable stories to tell. For anyone interested in learning about merger arbitrage from the key players, this is the book to read!
— A. Gary Shilling, president of A. Gary Shilling & Co.
In this engrossing book, Welling and Gabelli explore the thinking of the mavens who arbitrage the big deals on Wall Street. Risk arb turns out to be an extreme form of value investing, with more precise valuation and risk selection, overlaid with game theory. A must-read for professionals.
— Joel Tillinghast, author of Big Money Thinks Small: Biases, Blind Spots, and Smarter Investing
Not the typical account of specific corporate combinations found in most books on merger. [The authors] look at corporate deals and risk arbitrage through the eyes of some of the most accomplished individual participants in this field.
— F. A. Marino, Assumption College
Raises the curtain on arbitrage strategy by profiling leading practitioners.
— Regulation
Kate Welling is the editor and publisher of Welling on Wall St., an independent financial journal. A well-known financial journalist, she was managing editor of Barron’s.
Mario Gabelli is the chairman and chief executive officer of GAMCO Investors, Inc. A merger master in his own right, he is one of the country’s leading money managers and investors.
Acknowledgments
Abbreviations and Wall Street Terms
Introduction—Why This Book? by Mario J. Gabelli
Part I. The Arbs’ Perspectives
1. Guy Wyser-Pratte
2. Jeffrey Tarr
3. Martin Gruss
4. Paul Singer
5. Michael Price
6. Peter Schoenfeld
7. John Paulson
8. Paul Gould
9. George Kellner
10. Roy Behren and Michael Shannon
11. Karen Finerman
12. John Bader
13. Clint Carlson
14. James Dinan
15. Drew Figdor
16. Jamie Zimmerman
17. Keith Moore
Part II. The View from the Other Side—The CEOs
18. William Stiritz
19. Paul Montrone
20. Peter McCausland
Appendix I: Risk Arbitrage Decision Tree
Appendix II: Deals
Appendix III: A Note on Methods
Index