Tiffany / LVMH Xerox/HP
I'm joined by Joshua Goldberg to assess the various scenarios and outcomes in TIF, XRX, HPQ, WBA and many more. In addition we sum up 2019 and try to examine what made this year quite so difficult.
Nov 07, 2019•31 min•Ep. 41
According To Sources
Michael Samuels, Founder and Portfolio Manager of Broome Street Capital, talks M&A, activism and event-driven investing, all with a focus on the news-sources that cover them. @accordtosources
Last refreshed: ⓘ
Follow this podcast in the Metacast mobile app to refresh it and see new episodes.
Podcasts are better in Metacast mobile app
Don't just listen to podcasts. Learn from them with transcripts, summaries, and chapters for every episode. Skim, search, and bookmark insights. Learn more
Episodes
Investing in Cannabis: One-Year Later
.
Sep 23, 2019•36 min•Ep. 40
The Aramark Episode
Following his success at CSX, press is reporting that Paul Hilal and his fund Mantle Ridge are now contemplating a move at food service/uniform giant Aramark. I'm joined by Nomura analyst Dan Dolev to discuss the possible outcomes. Later I interview Cowen's John Kernan regarding the Jana stake in ELY. Other companies mentioned include RRGB, QURE, CIR and BKS
Jun 17, 2019•1 hr 10 min•Ep. 39
Cowen & Co. Merger/Event Strategist Aaron Glick
Aaron and I sit down to discuss the latest with Sprint/T-Mobile, speculate on the trade's war potential impact on Mellanox, weigh if the potential for HUM to disrupt the CNC/WCG deal is more smoke then fire, and lastly speculate on HOME, AVYA and MGLN
May 21, 2019•47 min•Ep. 38
The Anadarko Episode
I'm joined by merger-arb and event trader Joshua Goldberg to discuss the various scenarios and possible outcomes in the current battle for Anadarko Petroleum. Does Chevron need to match the OXY bid to win the deal? How much room to bump does OXY have? Why haven't we heard public discontent among OXY holders?
Apr 28, 2019•39 min•Ep. 37
M&A Journalism in 2019: Greg Roumeliotis of Reuters News
APC/CVX, BMY/CELG, and BBT/STI are three mega-deals of 2019 with one common denominator: No major media outlets managed to scoop the story before it was press released. So what's changed in the world of m&a journalism in the last few years? Greg Roumeliotis reflects on a 13+ year career with Reuters news covering deals and deal speculation. We discuss "bad" journalism, competition among peers and dig into why media intervention can often disrupt the entire deal process.
Apr 15, 2019•54 min•Ep. 36
Wallachbeth Capital's Event Strategist Team: Brett Buckley & James Dileva
On this week's According to Sources, I sit down with Brett Buckley and James Dileva of Wallachbeth Capital. We discuss how event funds are coping with the current drought of deals, and later analyze AABA, COTY, and DELL
Apr 09, 2019•45 min•Ep. 35
BMY/CELG, ZAYO, BKS, WBC, RCII , SFLY
After lots of internal back and forth, I've removed CELG/BMY until further notice. The rest of the episode touches on BKS, the latest at ZAYO, WBC, RCII and why I've initiated a small position in SFLY
Mar 11, 2019•16 min•Ep. 34
Veda Partners Talks The China Deal + BMY/CELG
The possibility of a China/US trade agreement draws closer each day. Is this an overhang removed to be bought or a sell the news event? Henrietta Treyz of Veda Partners joins me to discuss the details around enforcement and how funds seem to be positioned. In addition I'll give some thoughts on BMY/CELG
Feb 27, 2019•30 min•Ep. 33
Merger Masters Series: Drew Figdor of TIG Advisors
The Merger Masters Podcast series continues with Drew Figdor of TIG Advisors. We discuss his views on activism, his methods for assessing risk, and the role that both ego and fear play in the minds of fund managers. In addition I begin the podcast by weighing in on BMY, ZAYO, NLSN and BKS.
Feb 10, 2019•43 min•Ep. 32
Merger Masters Series: John Bader
The Merger Masters podcast series continues with John Bader. Time Stamps: 1:25 Evolving as an investor 7:40 "I'm a seller of most asset classes" 8:50 Blockchain/Cryptos 10:05 Early career 12:40 Lessons learned from Martin Gruss 15:55 Other people's money 17:50 Examining new deals 24:25: ABBV/SHPG 27:35: Avoiding "scary" industires 35:25: Activism 36:15 Five questions for John Bader
Jan 26, 2019•47 min•Ep. 31
Merger Masters Series: John Paulson
INTRO: 2:28 It takes a sixth-sense 4:05 Choosing which deals to participate in 6:30 SKY ltd / Comcast / Disney 7:45: Early career 17:00 Hedge fund vs. family office 18:34 PFE/ AGN 25:17 BMY / CELG 32:08 Detour Gold 40:02 Merger -arbitrage post The Big Short 42:10 Activism 45:30 Puerto Rico 50:09 6 questions for John Paulson 1) President Trump 2) Fannie / Freddie 3) When you seek an opinion that lies outside of Paulson funds, who is your first call? 4) If you could only invest in 1 outside hedge ...
Jan 21, 2019•1 hr 3 min•Ep. 30
BMY / CELG : 6 Factors Driving The Deal Spread
On this week's episode I revisit Barnes & Noble after mixed holiday sales. I explain how I've adjusted my position in MLNX, quickly touch on QEP & ARNC, and end with the 6 factors driving the spread in BMY/CELG
Jan 13, 2019•16 min•Ep. 29
Sorting Through The Wreckage: ARNC BKS MLNX MDCA TSRO SHPG IDTI
Wall Street just experienced its worst selloff since 2008. In this week's podcast I sort through the wreckage and examine what I believe are the best opportunities in both merger-arbitrage and deal speculation. In addition, I delve into how I'm adjusting my portfolio to market conditions. Disclaimer: This is not investment advice and should not be treated so. The contents of the podcast are the opinions of Michael Samuels, Broome Street Capital, and According to Sources
Dec 23, 2018•23 min•Ep. 28
"Merger Masters" Series: Roy Behren & Michael Shannon of Westchester Capital
In conjunction with the release of Kate Welling & Mario Gabelli's book "Merger Masters" According to Sources continues it's interview series this week with Westchester Capital Management. Michael Shannon and Roy Behren have worked in tandem at WCM for over 25 years. We discussed portfolio structure, how they gain an edge over other merger-arb funds, and hit on some current situations including Aspen Insurance (AHL) and the breakup of United Technologies (UTX) According to Morningstar the WCM...
Dec 09, 2018•41 min•Ep. 27
CNBC Contributor and Author Ron Insana
Steven Tusa of JP Morgan has claimed superstar status for his call to sell General Electric in 2016 when it was $29 a share. At near $7 now, Tusa continues to press GE, saying shares are worth $6. As we've seen with Meredith Whitney and Mary Meeker, Wall St.'s superstar analysts often stay TOO long in their calls, prompting a term Ron calls "Guru Overshoot" We discuss this dynamic, the future for GE, the rise and fall of Eddie Lampert's Sears vision, and make some political predictions for 2020....
Dec 04, 2018•31 min•Ep. 26
"Merger Masters" Series: Karen Finerman of Metropolitan Capital
Inspired by Kate Welling & Mario Gabelli's new book "Merger Masters," the According to Sources Podcast is interviewing each participant from the book, starting with Karen Finerman of Metropolitan Capital. In this incredibly honest and candid interview, we discuss why Karen has in recent years AVOIDED the merger-arb world, despite beginning her career there. She discusses the future of women in finance, and recounts with vivid detail the painful collapse of the UAL buyout in 1989, and what le...
Nov 24, 2018•48 min•Ep. 25
Rocky (Caldera) vs. Apollo and the Battle for the Control of AEL
Sujeet Indap, journalist at the FT wrote the following in July, 2018 " Apollo’s life insurance affiliate Athene Holding (ATH) and Caldera are battling each other for control of American Equity Investment Life (AEL), an Iowa retirement annuities specialist that said in May it had put itself up for sale and has attracted a number of bidders. Athene is also a defendant in the suit. Caldera accused the defendants of “disparaging Caldera in the marketplace, issuing commercial and legal threats to tho...
Nov 18, 2018•40 min•Ep. 24
The Cowen & Co. Merger & Event Team
Aaron Glick and Eric Rose from Cowen & Co. join the podcast this week to discuss Shire/Takeda, Aetna/CVS, ESRX/CI and several other large transactions. They describe the methods in which their team gains an edge on the rest of Wall St. in the merger & event space, and later we list what deals perhaps pose the greatest risks / present possible short trades. Companies discussed: COL, FOXA, DVMT, RCII, PACB, ESIO, AET, ESRX
Nov 11, 2018•44 min•Ep. 23
"Merger Masters" By Kate Welling & Mario Gabelli: My interview with the Author
Paul Singer, Michael Price and John Paulson are just a few of the great merger-arb investors and corporate titans of industry that are interviewed by Kate Welling in the new book "Merger Masters." With contributions by Mario Gabelli, the book examines the founding fathers of this industry, infamous deals gone both right and wrong, and revisits the effect Ivan Boesky had on the industry.
Nov 04, 2018•52 min•Ep. 22
ATHENAHEALTH: My Final Thoughts and Why I Believe RBC Has It Wrong
A quick summary before the weekend of why I believe ATHN is a long into the weekend, and why RBC and the market is misinterpreting the news.
Nov 02, 2018•8 min•Ep. 21
Jason Varano of the Nomura Securities Event Desk: DVMT, COL, FOXA, CPB, ATHN, PZZA
In what I consider to be one of the best interviews thus far on According to Sources, Jason and I do a deep-dive into the situation between DVMT, VMW and Carl Icahn. What are the downside risks? Has Carl Icahn lost a step in recent years? What could a Rockwell Collins block from China mean for the entire merger-arb space? Does Dan Loeb stand ANY chance of winning the CPB board? We discuss these issues and much more.
Oct 22, 2018•47 min•Ep. 20
The 7 Questions on the Minds of Deal Speculators
What deal is most at risk from a market downturn? How does one handicap and source various deal approvals such as DOJ or MOFCOM and then gauge what each is worth for pending deals? In this week's podcast I give an update on the ongoing saga at Athenahealth (ATHN), weigh in on CA Inc., and answer the 7 questions on the minds of merger-arbs and deal speculators.
Oct 14, 2018•23 min•Ep. 19
Barnes & Noble Going Private? Why This Time is Different
John Malone, Ron Burkle, Jana Partners, Tom Sandell: Each of these investors have either taken a stake or bid for Barnes & Noble (BKS). Now that company has finally turned the review process over to an independent committee, will this time be different? What is this company worth? Would Amazon be interested? I give my thoughts and later I interview Gabelli analyst John Tinker.
Oct 05, 2018•30 min•Ep. 18
Campbell Soup, Tesla, Athenahealth + My Worst Investing Habits
Tesla: Is Elon Musk settling with the SEC really an all-clear? Campbell Soup: As the stock continues to drift back to 2018 lows, the 2018 annual meeting has become an extremely binary event. Athenahealth: What does this mean for the Elliott brand? Papa John's: Will they be the next restaurant to go private? The top-5 biggest investing mistakes i make
Oct 01, 2018•21 min•Ep. 17
Investing in Cannabis: Interview with Sean Stiefel of Navy Capital
On October 17th, marijuana goes fully legal in Canada. This event, combined with the Canopy Growth Corp investment made by Constellation Brands / Stories of Coca-Cola entering CBD beverages have made the cannabis space the most discussed sector in the past few weeks. What events will unfold over the upcoming months that will either continue to validate the sector OR perhaps send these sky-rocketing valuations back down to earth? I sat down with Navy Capital's Sean Stiefel to discuss. Navy was fo...
Sep 23, 2018•41 min•Ep. 16
AthenaHealth, Yum China, CBS, AEL & ESL
Athenahealth shares have tumbled following recent media coverage that strategics such as UNH and Cerner are walking away from the process. Perhaps Elliott buying ATHN isn't the best-case-scenario for investors, but it's still a scenario that is worth examining. Yum China plummeted to $30 last week after headlines that Hillhouse is ending its pursuit, but is the process truly over? CBS: Is it now in play?
Sep 16, 2018•17 min•Ep. 15
Ed Hammond Part II: Why do deals die midway through the process? (EP: 14)
In part II of my interview with Bloomberg M&A reporter Ed Hammond, we discuss how deals can get off the ground, and why so many times the process can die out midway through. In "Five Questions" I ask Ed "What's the biggest deal that's NEVER happened?" ..."Has anyone ever approached you with a bribe to reveal information?"...and "What's the most UNUSUAL way you've come across a scoop?"
Sep 10, 2018•32 min•Ep. 14
Ed Hammond Part I / My Thoughts on IDTI (EP:13)
The event space is littered on a daily business with rumors of deals and activism, the overwhelming majority of which is false. In Part 1 of what I consider to be a MUST-LISTEN interview, Bloomberg M&A reporter Ed Hammond explains the role journalists play in the deal-process. We discuss how incorrect journalism, for example the Nokia for Juniper story, makes it to press ONLY to be quickly refuted. And lastly we talk sources and their motivations, which can range from vanity, to humanity...t...
Sep 02, 2018•41 min•Ep. 13
The Top 10 Most Intriguing Deal Situations (EP:12)
As it's Episode 12, it's time for a quarterly review. I examine the the Top 10 most intriguing situations in the world of deals, activism and merger arbitrage. Companies discussed include Yum China, Tribune, Mattel, Nielson & Arconic. Find me on twitter @accordtosources
Aug 24, 2018•22 min•Ep. 12
For the best experience, listen in Metacast app for iOS or Android