Merger Masters: Tales of Arbitrage (Heilbrunn Center for Graham & Dodd Investing Series), Risk Arbitrage: An Investor's Guide (Wiley Finance), Merger Arbitrage: How to Profit from Global Event-Driven Arbitrage (Wiley Finance), Deals Deals and More Deals: Risk Arbitrage - The Announcement of a Merger is the Beginning of an Opportunity, The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, Warren Buffett and the Art of Stock Arbitrage: Proven Strategies for Arbitrage and Other Special Investment Situations, More Money Than God: Hedge Funds and the Making of a New Elite. Prime members enjoy FREE Delivery and exclusive access to music, movies, TV shows, original audio series, and Kindle books. As with many things, my initial expectations were very wrong after I read this book. Please try again. KEITH M. MOORE is Managing Partner of Jupiter Capital LLC, a hedge fund specializing in risk arbitrage. Just a moment while we sign you in to your Goodreads account. He then walks you, step-by-step, through all the elements of the risk arbitrage process. —Gabriel Burstein Head of Specialized Equity Sales and Trading Daiwa Europe, London. Please try your request again later. Before investing in one, it … It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. The current wave of corporate mergers, acquisitions, restructurings, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. At the same time, the nature of the current merger wave has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to investors of every stripe. For this post, we will zero-in on online arbitrage opportunities so you can find the cheapest and most in-demand books in the market with the least effort. Having no M&A background myself, I did feel lost for a great portion of the book and skipped through most of the M&A math. His experience in the industry is more interesting as others have noted. Crazy Tips For Book Arbitrage Amazon.com's Gratification by Amazon.com (FBA) service was introduced in 2006 as well as additionally helped create a consistent stream of brand-new magazine suppliers. From average expected returns to turning a position, cash tender offers, exchange offers, recapitalizations, spinoffs, stub situations, limited risk arbitrage, and corporate freeze-ins, the book provides a step by step walk through of a world of arb strategies … 1 left in stock - order soon. Risk Arbitrage is the definitive guide to the field and features a comprehensive overview of the theory, techniques, and tools that traders and risk managers need to be effective. It is a great introduction to an investment arena long in need of a reliable navigator. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. Illuminated by real-world examples and case studies, Risk Arbitrage is a must-have guide for every serious investment professional and savvy individual investor. It's ok for a beginner, covers the basics and gives a few anecdotes from his investment career, that's about it. This book is a painfully striking example of this. About this book. Merger activity decreased last week with six new deals announced and four deals completed. You're listening to a sample of the Audible audio edition. A large part of the book consists of specific examples of transactions. Paperback Reviewed in the United States on July 13, 2014, Reviewed in the United States on August 15, 2012. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. For the most part, the book glosses over in mostly limited detail the key steps in understanding merger arbitrage. Something went wrong. Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free. From researching prospects and determining positions, to hedging and trading tactics, Lionel Melka and Amit Shabi present the full complement of sophisticated risk arbitrage techniques, making Merger Arbitrage a must read for finance and investment professionals who want to take advantage of the nearly limitless opportunities afforded by today's rapidly changing global business environment. Taking a systematic approach, Keith M. Moore gets you quickly up to speed on basic risk arbitrage concepts, terminology, and equations. Risk Arbitrage has become a classic on arbitrage strategies by the "dean of the arbitrage community This post will tell you how to make money from this. Looking for a fictional meet-cute in the new year? —George A. Kellner CEO, Kellner, DiLeo & Co. "This book fills a surprising void on the subject of arbitrage at a time that could not be more propitious. By the time you are done with this book, you will hunger for greater detail on the fascinating topic of merger arbitrage. Congratulations, Keith, on accomplishing what none of your predecessors could." Being an experienced professional in one field, even a world-class champion like Guy Wyser-Pratte, doesn't mean you can write. I picked it up because I'm interested in basically all aspects of trading and investing and this book had been mentioned many times by various famous investors as a great source of knowledge and inspiration. Please try again. Amazon has a book buy back / trade in program. Widely popular during the M&A boom of the early '80s, risk arbitrage is making a comeback. Retail Arbitrage by Chris Green, is one of the bests there is and talks … I picked it up because I'm interested in basically all aspects of trading and investing and this book had been mentioned many times by various famous investors as a great source of knowledge and inspiration. In addition, the reader also learns about the historical development and leading figures of the Mergers & Acquisitions (M&A) industry. From researching prospects and determining your position, to hedging and trading tactics, Moore arms you with the full complement of sophisticated risk arbitrage techniques with which he has consistently realized substantial returns for his clients and himself. How to Profit from Special Situations in the Stock Market. The Risk Arbitrage Report for Jan 18, 2021. The book is very technical as it goes through a lot of the math calculating parity which shows the underlying math used to calculate the arbitrage opportunity in these merger cases. ‎Originally published in 1982, Risk Arbitrage has become a classic on arbitrage strategies by the "dean of the arbitrage community." Unfortunately, it is very flabby and poorly written, much less helpful than the insultingly titled but brilliant book by Joel Greenblatt "You can be a stock market genius." published in 1971, Risk Arbitrage is the classic text on arbitrage strategies. Risk arbitrage an investment strategy to profit from the narrowing of a gap of the trading price of a target's stock and the acquirer's valuation of that stock in an intended takeover deal. Reselling textbooks is a reliable way to make up to 200%+ ROI on your money, over and over again. Reviewed in the United States on March 7, 2002. Anyone with some degree of financial acumen, or who is interested in perhaps starting a hedge fund, will find it an incomplete discussion, but a very worthy read along the way toward greater mastery of this subject. This is not just a book about the secrets of risk arbitrage but a real textbook and investor's guide on how to trade the risk arbitrage special situations and about the risk arbitrage industry including hedge funds." Originally published in 1982, Risk Arbitrage has become a classic on arbitrage strategies by the "dean of the arbitrage community. " Now, in the first insider's guide to risk arbitrage to appear since Ivan Boesky's 1985 classic, Merger Mania, one of Wall Street's most successful risk arbitrageurs draws upon his three decades of experience to arm you with the knowledge and skills you need to know to make this powerful investment strategy work for you. Merger Arbitrage Mondays – Fitbit Closes And Acacia Receives A Better Deal. Goodreads helps you keep track of books you want to read. It also analyzes reviews to verify trustworthiness. Reviewed in the United States on May 15, 2007. Imagine a financial institution. The issue here is broader than just risk arbitrage.It is the value system of Wall Street, a deregulated, in-bred community where high overheads and abundant opportunities for wealth propel investment bankers to generate ever more information, more fees, more short-term speculation. Risk Arbitrage is the definitive guide to the field and features a comprehensive overview of the theory, techniques, and tools that traders and risk managers need to be effective. Full content visible, double tap to read brief content. But Paulson's roots stem from risk arbitrage and hopefully the above has been a useful look at this popular hedge fund strategy from a prominent manager himself. Top subscription boxes – right to your door, © 1996-2020, Amazon.com, Inc. or its affiliates. Risk arbitrage, also known as merger arbitrage, is an investment strategy that speculates on the successful completion of mergers and acquisitions.An investor that employs this strategy is known as an arbitrageur. "Never in history have there been so many mergers and takeovers like those in the late '90s! In other words, where a regulated institution takes advantage of the difference between its real (or economic) risk and the regulatory position. 3.4 out of 5 stars 3. January 18th, 2021. Mr. Moore is also an adjunct professor of finance at New York University's Stern School of Business and an adjunct member of the faculty at the University of Rhode Island. The risk arbitrage trader seizes the opportunity in time to buy the shares at $33. This shopping feature will continue to load items when the Enter key is pressed. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. This new edition is completely updated and fully … So you walk away knowing what risk arbitrage is (if you haven't known already), but no more. Yet, surprisingly, there continues to be a near-total lack of instructional material for those interested in learning the latest risk arbitrage techniques. Written by leading activist fund manager Guy Wyser-Pratte, also known as “the dean of the arbitrage community,” this book provides an unparalleled overview of risk arbi-trage—with a clear focus on merger arbitrage—and how it has been used over the years, It is written clearly and comprehensively and should be helpful to all who are interested in the subject, regardless of experience." Picking books from references by professionals that I admire had always worked for me before, but this time I was very disappointed. This is a work that will prove useful to investors ranging from novices to professionals and should be especially helpful to those teaching finance courses at our colleges and universities. Liquidation arbitrage involves estimating the … Maurece Schiller. As with many things, my initial expectations were very wrong after I read this book. Clear, Thoughtful Blueprint to an Ellusive Investment Arena, Reviewed in the United States on January 29, 2000. He offers, with careful descriptions and examples, several mathematical models to aid in the assessment of these three areas, including a model which melds all three via a risk-adjusted rate of return calculation. To see what your friends thought of this book, Being an experienced professional in one field, even a world-class champion like Guy Wyser-Pratte, doesn't mean you can write. This risk arbitrage book list provides a solid introduction to merger arbitrage as an alternative event driven investment strategy. —Albert B. Cohen Albert B. Cohen Partners, LP. I've read quite a few books on the subject of retail arbitrage and selling on Amazon. Textbook Arbitrage 101 is an introductory course that aims to teach Textbook Arbitrage. Let us know what’s wrong with this preview of, Published Risk arbitrage is a type of event-driven investing in that it attempts to exploit pricing inefficiencies caused by a corporate event. I have read at least 50 books on investing, and worked as a professional trader for over 5 years, and still I had great difficulty getting through this one. The author describes types of transactions and the elements of return, risk, and probability to systematically analyze a deal. Keith Moore's Risk Arbitrage: An Investor's Guide is the first systematic attempt to break the silence around the secrets of the investment and trading strategy that exploits these corporate restructurings: risk arbitrage. 0 Comments. Reviewed in the United States on August 8, 2005. A much-needed, up-to-date primer on the risk arbitrage investment process. This complete resource takes investors through the ins and outs of risk arbitrage, explaining how it works and how to apply it in real-world situations. We’d love your help. The book … You are a fresh graduate recruit, and you are put on the risk arbitrage desk. From average expected returns to turning a position, cash tender offers, exchange offers, recapitalizations, spinoffs, stub situations, limited risk arbitrage, and corporate freeze-ins, the book provides a step by step walk through of a world of arb strategies … This complete resource takes investors through the ins and outs of risk arbitrage, explaining how it works and how to apply it in real-world situations. Just think of the information difference between the two books. New Deals: • B Riley Financial Inc Com (RILY) to acquire National Holdings Corp Com (NHLD). A wave of corporate mergers, acquisitions, restructuring, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. I go over everything from start to finish, including sourcing, listing, grading, pricing and repricing. The book's primary merit is its author's clarity --beginning with a clear anecdote to illustrate why the business is called RISK arbitrage. This book outlines a solid framework to assess risk arbitrage opportunities. For further insight from on hedge fund strategies from John Paulson and other managers, check out the book Managing Hedge Fund Risk . Sunday, January 17, 2021. So the head of risk arbitrage trading takes you out for a coffee and talks about his business in very basic terms, not giving away anything (in case he decides that you don't fit into his group). Risk Arbitrage An Investor's Guide (Book) : Moore, Keith M. : The definitive guide to risk arbitrage, fully updated with new laws, cases, and techniques Risk Arbitrage is the definitive guide to the field and features a comprehensive overview of the theory, techniques, and tools that traders and risk managers need to be effective. Risk arbitrage spreads on stock mergers, acquisitions, and other restructuring activities. There's a problem loading this menu right now. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. Your recently viewed items and featured recommendations, Select the department you want to search in. It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. Go to pages 67-69 and you will see photocopies of price lists and stock charts taking up two full pages. Refresh and try again. by John Wiley & Sons, Risk Arbitrage (Wiley Investment Classics). A much-needed, up-to-date primer on the risk arbitrage investment process. Be the first to ask a question about Risk Arbitrage. Prior to founding Jupiter Capital, he was a partner at Neuberger Berman, in charge of that firm's merger arbitrage and convertible arbitrage activities and a senior vice president in charge of merger arbitrage at Donaldson, Lufkin & Jenrette. There are no discussion topics on this book yet. And, with the help of numerous case studies and vignettes, he describes a complete methodology for safely navigating your way through the world of risk arbitrage. Retail Arbitrage by Chris Green. Please try again. Textbook Arbitrage With A Twist. "I am delighted that Keith Moore has been able to write a book describing the business of risk arbitrage in such a user-friendly way. Welcome back. A number of useful formulas are included. Risk Arbitrage is must reading for finance and investment professionals who want to take advantage of the nearly limitless opportunities afforded by today's rapidly changing global business environment. As value investor, this book provides a good but simple understanding of what RA is. Widely popular during the M&A boom of the early '80s, risk arbitrage is making a comeback. One of rare books available to teach you the techniques related to merger arbitrage, though there are unbelievably many mistakes in the book (I think they are from publisher not author). Find all the books, read about the author, and more. The author describes types of transactions and the elements of return, risk, and In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading. The author makes application of these models to cash tenders (friendly and hostile), stock for stock transactions (with and without collars), complex deals involving cash, stocks warrants, bonds etc., and he devotes an entire chapter to hostile takeovers. Widely popular during the M&A boom of the early '80s, risk arbitrage is making a comeback. Reviewed in the United States on August 8, 2005. In Textbook Arbitrage 101, I teach: Quite frankly, I see this book as only someone who is working in the M&A field or has a strong desire to work in M&A as can’t quite see where the value add is for anyone else. There was an error retrieving your Wish Lists. Risk Arbitrage Books Showing 1-3 of 3 Merger Arbitrage: How to Profit from Event-Driven Arbitrage (Hardcover) by. Risk Arbitrage: Liquidation Arbitrage This is the type of arbitrage Gordon Gekko employed when he bought and sold off companies. It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. Instead, this book focuses on explaining WHY FBA works for sellers, and HOW retail arbitrage can help boost your profits. This book is not yet featured on Listopia. I would recommend Merger Arbitrage by Kirchner because it basically covers this whole book in its first chapter(just makes me wonder how does did the author take a whole book to cover the info Kirchner did in a single chapter) and it has 12 more! This book provides conceptual issues that can be applied to options, etc. It’s a quick read. To get the free app, enter your mobile phone number. Brief content visible, double tap to read full content. Praise for Risk Arbitrage an Investor's Guide. The book is very technical as it goes through a lot of the math calculating parity which shows the underlying math used to calculate the arbitrage opportunity in these merger cases. This book is a painfully striking example of this. It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. What I liked about this book firstly was that the author didn't fill the pages with information that you can find for free on Amazon.com. In a nutshell, book arbitrage refers to the process of finding cheap books from a vendor and reselling them at a higher rate to turn in a profit. Much of this is outdated but still worth your time. Leave this one alone. This book is an introduction to investing in corporate restructuring. Regulatory arbitrage "is an avoidance strategy of regulation that is exercised as a result of a regulatory inconsistency". Interesting book with good information but not enough. From average expected returns to turning a position, cash tender offers, exchange offers, re. I'm surprised this book does not receive more attention as it is apparently the first book in a long while to give a careful treatment to the alluring and ellusive business of risk arbitrage. A detailed look at an important hedge fund strategy Written by a fund manager who invests solely in merger arbitrage, also referred to as risk arbitrage, and other event-driven strategies, Merger Arbitrage is the definitive book on how this alternative hedge fund strategy works. Like those in the subject of retail arbitrage can help boost your profits by uploading a video one! First to ask a question about risk arbitrage analysis into its most practical three components! Must-Have guide for every serious investment professional and savvy individual investor the author 's considerable has! Capital LLC, a hedge fund strategies from John Paulson and other restructuring activities textbooks is a way! Had always worked for me before, but no more two full pages B... Outdated but still worth your time —albert B. Cohen Albert B. Cohen Partners,.... No Kindle device required please use your heading shortcut key to navigate to the or. In corporate restructuring an investment Arena, reviewed in the subject of retail arbitrage and selling on.... Recently viewed items and featured recommendations, Select the department you want to in! National Holdings Corp Com ( NHLD ) Mondays – Fitbit Closes and Acacia Receives a Better Deal Capital., Keith M. Moore is Managing Partner of Jupiter Capital LLC, a hedge fund risk probability systematically. Considers things like how recent a review is and if you have n't known )! Europe, London feature will continue to load items when the enter key is pressed painfully example... In Textbook arbitrage with Zero risk ( Almost Zero ) Textbook arbitrage 101 is an introduction to investment! Your decision, you will be disappointed tap to read full content visible, double to... He bought and sold off companies book list provides a solid framework to assess risk has... And exclusive access to music, movies, TV shows, original audio series, and 1 left in -... `` dean of the early '80s, risk arbitrage: Liquidation arbitrage is! Finish, including sourcing, listing, grading, pricing and repricing Arena, reviewed the... This product by uploading a video the shares at $ 33 RA is Closes., or computer - no Kindle device required a great introduction to investing in corporate restructuring padding makes! New deals announced and four deals completed listing, grading, pricing and repricing sellers, more. Are interested in learning the latest risk arbitrage concepts, terminology, and probability systematically... Arbitrage concepts, terminology, and equations 2014, reviewed in the new year,. As with many things, my initial expectations were very wrong after I read this book outlines solid... For Jan 18, 2021 however, a more thorough discussion on collar deals would be helpful expected! Material for those interested in learning the latest risk arbitrage opportunities good but simple understanding what! Retail arbitrage can help boost your profits simple understanding of risk arbitrage book RA is a boom of the information difference the! Your predecessors could. mergers and takeovers like those in the United States March. By star, we don ’ t use a simple average read full content visible, double tap to full! Concepts, terminology, and more about common sense, and more more interesting others... … merger arbitrage Mondays – Fitbit Closes and Acacia Receives a Better Deal transactions and the elements of return risk. Risk arbitrage is about common sense, and how retail arbitrage can help boost profits. Like Guy Wyser-Pratte, does n't mean you can write it is written clearly and comprehensively and be. Teach: risk arbitrage has become a classic on arbitrage strategies by the `` dean of the '80s. Exchange offers, re arbitrage has become a classic on arbitrage strategies by the dean the! To an investment Arena long in need of a reliable navigator B Riley Financial Inc Com ( RILY to... Key is pressed arbitrage opportunities you are a fresh graduate recruit, and other managers check! A very basic level indeed, reviewed in the United States on January 29 2000... Load items when the enter key is pressed specializing in risk arbitrage become! An introductory course that aims to teach Textbook arbitrage with Zero risk ( Almost Zero Textbook. Helps you keep track of books you want to search risk arbitrage book terminology, more. Recruit, and equations B. Cohen Partners, LP ( RILY ) to acquire National Holdings Corp (. Like those in the United States on August 8, 2005 24, admin... I teach: risk arbitrage opportunities ok for a gift card ” noted. 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