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The opportunity in event-driven investing is that most people don’t do the work to understand what’s actually happening in a merger or restructuring.
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When the government changes the rules in the middle of the game, there’s no hedge for that.
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Event-driven investing requires patience. The events happen on their own schedule, not yours.
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You make your money by analyzing the probability and the payoff. If the math is right, the outcome takes care of itself.