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Other special situation areas with the potential to create even more bargain opportunities include restructurings, mergers, liquidations, asset sales, distributions, rights offerings, recapitalizations, options, smaller foreign securities, complex securities, and many more. In fact, I wrote a whole (poorly titled) book about these types of investments,2 and I spend a good amount of time teaching my MBA class about them each year. These special situations involving companies going through various types of extraordinary change clearly provide fertile ground for bargain hunters. Unfortunately, this area still presents some serious roadblocks for many investors. First, since the individual special situations are fairly unique, each investment requires a reasonable amount of time and effort to find and evaluate.
The Big Secret for the Small Investor
Joel Greenblatt
The first is that much of what we consider valuable in our world arises out of these kinds of lopsided conflicts, because the act of facing overwhelming odds produces greatness and beauty. And second, that we consistently get these kinds of conflicts wrong. We misread them. We misinterpret them. Giants are not what we think they are. The same qualities that appear to give them strength are often the sources of great weakness.
David and Goliath
Malcolm Gladwell
Lately, I’ve started thinking of the things my parents didn’t do perfectly as variables that make me an individual rather than as trauma that makes me a patient. It’s not healthy to walk through life identifying oneself as a victim and others as perpetrators.
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