The Special Situations Report

• Differentiating Toxic Waste and Spinoff Deep Dives with Rich Howe – The Special Situations Report Episode #19

  We’re proud to release this week’s special episode, our second-ever interview with our wonderful guest, Rich Howe. Rich is best known for his extensive research on special situations, with a focus on spinoffs. Viewers may recognize Rich from his newsletters and detailed write-ups on various special situations he publishes via his site, Stock Spinoff Investing. Rich also has an excellent podcast of his own.Our conversation with Rich spanned multiple fascinating topics – ranging from investing background, attractive strategies, investments that worked out well like the South African thermal coal company Thungela Resources, key catalysts for spinoffs, differentiating valuable companies from toxic waste, and so much more. We also dived deep into two particular spinoffs – Resolute’s spinoff from CompoSecure and the final separation of the Starz business and Lionsgate. We learned so much from this discussion and we hope our listeners will too. Next week’s episode will cover the past week’s special situations activity as per usual, and also include any important announcements from this week as well.Check out InsideArbitrage here: https://www.insidearbitrage.com/ Check out Rich Howe and Stock Spinoff Investing here: https://stockspinoffinvesting.com/ and https://x.com/stockspinoffss

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• Warren Buffet and the Future of Berkshire – The Special Situations Report Episode #18

  This week we discuss:A big spike in M&A activity last week with six new deals announced including the acquisition of Sketchers (SKX) by the Brazilian PE firm 3G CapitalThe Beacon Roofing Supply - QXO (QXO) deal reaching the finish lineA downward revision in the amount of consideration Akoya Biosciences (AKYA) investors will receive when Quanterix (QTRX) acquires themThe confirmation of a rumored deal when Merck KGaA announced the acquisition of SpringWorks Therapeutics (SWTX)Sony Group's (SNE) decision to spinoff its semiconductor businessThe chapter 11 bankruptcy of Weight WatchersLarge stock buybacks by GoDaddy (GDDY), Align Technology (ALGN), Lyft (LYFT) and Turtle Beach (TBCH)A potential double dipper situation with Select Medical Holdings (SEM) where the company intends to buyback stock and insiders are also buying stock at the same timeA rare insider purchase of Tesla (TSLA) by its Director Joseph Gebbia, who is also a co-founder of Airbnb (ABNB)An unusual situation where a director of a company in the middle of an acquisition, Alumis (ALMS), purchases sharesCluster buying by five different insiders of Organon (OGN)Insider buying by the CEO and a director of Pebblebrook Hotel Trust (PEB)Bill Ackman's new proposal to acquire $900 million worth of Howard Hughes' (HHH) stock at a big premiumThe biggest C-suite transition of the year with Buffett handing over the reins to Berkshire Hathaway (BRK.B) to Greg AbelA massive drop in the stock price of Compass Diversified (CODI) after the CEO of a subsidiary was terminated without severanceDisclaimer: This podcast is for general informational and educational purposes only. The content does not constitute financial, investment, legal, or tax advice. We do not warrant the completeness or accuracy of the content or data provided in this podcast. Nothing discussed in this podcast should be interpreted as a recommendation to buy, sell, or hold any investment or security. Investing involves substantial risks, including the potential loss of principal. You should conduct your own research and due diligence before making any investment decisions.Keywords:M&A, Berkshire, merger arbitrage, Warren Buffet,, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, management transitions, special situations, event-driven investing, markets, stocks

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• Busted Biotechs and Pricing Risk with Chris DeMuth Jr. – The Special Situations Report Episode #17

  This week’s special episode is our long-awaited first interview, with our wonderful guest, Chris DeMuth Jr. Chris DeMuth Jr founded Rangeley Capital in 2007 in order to exploit the seams between other hedge funds’ mandates. He also runs the investing group Sifting the World, in which he shares his best ideas, deep research, extensive resources and real time updates as investments play out. You may also recognize Chris from his fitness subtract Vale Tudo or his various appearances on Andrew Walker’s Yet Another Value Podcast.Our conversation with Chris spanned multiple fascinating topics – ranging from investing philosophies, portfolio sizing, merger arbitrage, understanding risk, busted biotechs, fitness achievements, and so much more. We learned so much from this discussion and we hope our listeners will too. Next week’s episode will cover the past week’s special situations activity as per usual, and also include any important announcements from this week as well.Check out InsideArbitrage here: https://www.insidearbitrage.com/Check out Chris DeMuth Jr.’s here: https://seekingalpha.com/author/chris-demuth-jr

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• A Potential Bidding War for Guess - The Special Situations Report Episode #16

  Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They begin with a potential rival offer by Authentic Brands to acquire Guess instead of WHP Global and cover an announcement from Alumis regarding a better offer for their acquisition of Acelyrin. Asif and Tamanna then dive into the spinoff of ABB’s robotics segment and cover some notable buybacks from the week at companies such as Google, Equifax, Medpace, and more. They then highlight a very fascinating insider purchase at an especially unique company, Lindblad Expeditions, and also cover some interesting activist activity at Harley-Davidson and Bausch Health by H Partners and Carl Icahn respectively. The episode concludes with a discussion of key management transitions at Avanos Medical and Match Group.Keywords:M&A, tariffs, merger arbitrage, Carl Icahn, bidding war, competing offers, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

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• Bill Ackman Builds a Stake in Hertz - The Special Situations Report Episode #15

  Summary:In this episode of the Special Situations Report, hosts Asif and Tamanna Suria discuss the latest developments in the event-driven investing world, focusing on M&A activity, stock buybacks, insider trading, spinoffs, and significant management changes. They begin with a discussion of a rumored deal between Theratechnologies and Future Pak and also provide an update on the Acelryin and Alumis deal discussed in prior episodes. Asif and Tamanna then cover notable buybacks at companies such as Goldman Sachs, which also saw some interesting insider activity. The episode also highlights two incredibly unique insider purchases at Fitlife Brands and Nutex, both of which serve as fascinating signals. The episode concludes with a discussion of activist activity at Hertz, HPE, and Harley-Davidson and a look at some notable C-Suite transitions in a relatively quiet week.Keywords:M&A, tariffs, merger arbitrage, contingent value rights, CVRs, insider buying, insider sales, buybacks, C-suite transitions, spinoffs, activists, failed mergers, management transitions, special situations, event-driven investing, markets, stocks

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