Special situations
22 interviews, newest first.
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Fall 2024
Elie Mishaan
Bryant Street Capital Management
Elie came out of Lehman's M&A program and Corsair, where he covered companies going through change. He walks through Installed Building Products and SPX.
Special situationsBuilding a firm -
Spring 2024
Adam Patinkin
David Capital Partners
David Capital started in 2011 with $2 million. Adam explains his supply-side approach to shorts, with Brown-Forman as the example, and his value-plus-catalyst longs: Vistry, eDreams and Lifecore.
Short sellingSpecial situationsInternationalBuilding a firm -
Fall 2023
Michael Marone & John Rolfe
Crescent Rock Capital
A long/short firm whose ideas run from the US to Germany, the UK and Japan. Michael and John walk through KBR, Gerresheimer, Melrose, and owning Allegro through Sanken.
InternationalSpecial situationsAsia -
Fall 2023
Yaron Naymark
1 Main Capital
Yaron started 1 Main Capital in 2018. He covers sizing, why he sells purely on valuation, and two ideas: dentalcorp and IWG's move to a 15% management-fee model.
Special situationsPortfolio constructionInternational -
Spring 2023
Matthew Sweeney
Laughing Water Capital
Matt started Laughing Water in 2016 to run a concentrated small-cap book. He explains how he answers 'why does this opportunity exist?' and walks through Avid Bioservices, Thryv and Hilton Grand Vacations.
Small capsSpecial situationsBuilding a firm -
Fall 2022
Jacob Rubin
Philosophy Capital
Philosophy goes long and short across the capital structure. Jacob tells the Atlas Air and Bombardier stories, and how Avaya's converts jumped to 95 and then went wrong a couple of weeks later.
Special situationsDistressedShort selling -
Spring 2022
Mark Cohen & Raphael Rabin-Havt
Stone House Partners
Stone House traces back to driving around salvage auctions to research Copart. Mark and Raphi walk through Scientific Games and the management team that did it before at Aristocrat.
Special situationsJudging management -
Winter 2021
Arthur Young
Tensile Capital Management
Arthur was a litigator in Miami before he became an investor. He explains how that helps him study problems after they show up, and walks through Avalara, Valvoline's quick-lube business and Dick's Sporting Goods.
Special situationsTechnologyBuilding a firm -
Spring 2020
Mark Lee, John Hallowell & Greg Williams
Mountaineer Partners Management
Mark came from Contrarian Capital's distressed desk and started Mountaineer in 2012. The team reads EPA rules to size Ingevity's opportunity and explains why, after PG&E filed for bankruptcy, they found the better bet in Clearway's equity.
Special situationsDistressedSpin-offs -
Winter 2019
Dov Gertzulin
DG Capital
Dov invests across the capital structure in mid-sized companies: distressed debt, post-reorg equities and other special situations. He covers the tech bubble, buying distressed debt in 2008, and Contura, Tropicana Entertainment and Twin River.
DistressedSpecial situationsCredit -
Fall 2018
Scott Miller
Greenhaven Road Capital
Scott ran businesses before starting Greenhaven Road in 2011. He talks about autonomous vehicles, sizing, and Etsy, TripAdvisor, Fiat Chrysler and Scheid Vineyards, a family wine company whose land is worth twice the share price.
Small capsSpecial situationsPortfolio construction -
Fall 2017
Jeremy Weisstub & Damian Creber
Aryeh Capital
The two founders of Aryeh in Toronto on investing through cycles, deciding when to dig deeper or move on, and why they dug deep into ServiceMaster.
Special situationsBuilding a firm -
Winter 2017
Michael Blitzer & Guy Shanon
Kingstown Capital Management
Kingstown returns six years after its 2010 interview. Michael and Guy explain why a longer horizon helps in special situations, including overlooked international privatizations.
Special situationsInternational -
Winter 2017
Jared Friedberg
Mercator
How a family office uses permanent capital for special situations and long-term compounders, and invests across the capital structure to find value hidden by complexity.
Special situationsQuality compounders -
Spring 2016
Adam Wyden
ADW Capital
A fund started in 2011 by a 2010 CBS grad. Adam covers IDT and Howard Jonas, Ferrari, and why he found Fiat even more interesting.
Special situationsInternationalSmall caps -
Winter 2016
Craig Effron
Scoggin Capital Management
Craig moved from commodities to stocks. He talks about managing risk, creative ways to express a thesis with limited downside, event-driven case studies, and the distressed credit he saw in Puerto Rico and energy.
Special situationsDistressedCredit -
Spring 2015
Eric Yip & Mark Unferth
Alder Hill Management
Investing across the capital structure and bringing a credit view to equities. Eric shares what he learned working for Carl Icahn and David Tepper.
CreditSpecial situations -
Winter 2015
Jay Petschek & Steve Major
Corsair Capital Management
The co-PMs of Corsair, an event-driven long/short firm, walk through situations including Shaw Group and Chicago Bridge & Iron, Ralcorp, Clearwater Paper and LyondellBasell.
Special situationsSpin-offs -
Spring 2014
H. Kevin Byun
Kevin on special situations: spin-offs, liquidations and deals that reshape a company, with examples including Knowles, the Liberty spin-offs and Rayonier.
Special situationsSpin-offs -
Fall 2012
Joel Greenblatt
Gotham Capital
Joel on moving from special situations to a formula-based approach, why the market's focus on short-term results creates the biggest inefficiencies, and why he still thought stocks were cheap.
QuantitativeSpecial situationsCareer advice -
Spring 2012
Alex Roepers
Atlantic Investment Management
Alex went from 'Mr. Divestiture' at an industrial conglomerate to his own firm. He keeps a very concentrated portfolio inside his circle of competence and explains Joy Global and Owens-Illinois.
Portfolio constructionSpecial situations -
Fall 2011
Mario Gabelli
GAMCO Investors
'Think like an owner.' Mario on his approach to security analysis and his interest in Beam, National Fuel Gas and Madison Square Garden.
Special situationsDeep value