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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


"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 entire industry.


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.


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.


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.


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 the 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.


Campbell Soup, Tesla, Athenahealth + My Worst Investing Habits

1) Tesla: Is Elon Musk settling with the SEC really an all-clear? 2) Campbell Soup: As the stock continues to drift back to 2018 lows, the 2018 annual meeting has become an extremely binary event. 3) Athenahealth: What does this mean for the Elliott brand? 4) Papa John's: Will they be the next restaurant to go private? 5) The top-5 biggest investing mistakes i make


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...


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?


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?"


Ed Hammond Part I / My Thoughts on IDTI (EP:13)

The event space is littered on a daily basis with rumors of deals and activism, the overwhelming majority of which are 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


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.


Whitney Tilson Part II: A Discussion of the Successes and Struggles of Bill Ackman & David Einhorn (EP:11)

Segment 1: I reveal my biggest holding, and what I believe to be the most intriguing deal situation on the board. Segment 2: Lehman Brothers. Allied Capital. Green Mountain Coffee. There was a moment in time where if David Einhorn shorted a stock, it was regarded as a possible death sentence for the shares. However, for both Einhorn and contemporary Bill Ackman, the last few years have proven to be difficult. In part II of my interview with Whitney Tilson, we discuss these two legendary...


Whitney Tilson Part I: Discussing Tesla + The Origins and Aftermath of Lumber Liquidators (EP:10)

Decoding the Short of the Decade: The origins, details, risks and aftermath of perhaps this decade's greatest short: Lumber Liquidators. I sit down with Whitney Tilson to discuss the process, and talk a little Tesla.


Scandal in the Chicken Industry: My Interview with Analyst Tim Ramey (EP:09)

Shares of Eli Lilly have exploded 14% since their announcment to spin-out its animal health division "Elanco". However, one of Elanco's divisons, Agri Stats, is at the heart of one of the largest class-action lawsuits in the country. If found guilty Elanco could face billions in damages. In this episode I interview Tim Ramey, analyst at Pivotal Research, who downgraded Tyson Foods in 2016 an lowered his price target from $100 to $40 after reading the accusations involving Agri Stats. Not...


Scandal in the Chicken / Pork Industry: My Interview with Analyst Tim Ramey

Shares of Eli Lilly have exploded 14% since their announcment to spin-out its animal health division "Elanco". However, one of Elanco's divisons, Agri Stats, is at the heart of one of the largest class-action lawsuits in the country. If found guilty Elanco could face billions in damages. In this episode I interview Tim Ramey, analyst at Pivotal Research, who downgraded Tyson Foods in 2014 and lowered his price target from $100 to $40 after reading the accusations involving Agri Stats. Not...


Interview with the Nomura Securities Event Team (EP: 08)

In this in-depth interview, Jason Varano, Executive Director at Nomura Securities who focuses on Special Situations / Risk-Arbitrage sits down to discuss NXPI/QCOM, AABA/BABA, DVMT/VMW, AKRX and a little CBS/VIAB (the interview was conducted July 26th, the day before the New Yorker article on Moonves) Time Cues: Open: Why I'm short CBS 3:47: NXPI/QCOM 16:47: AABA/BABA 21:00 DVMT/VMW 27:00 AKRX 33:00 CBS/VIAB 35:00 5 QUESTIONS


My Interview with Michael Batnick, author of Big Mistakes (EP: 07)

I sit down with Michael Batnick, author of "Big Mistakes: The Best Investors and Their Worst Investments." Some of Wall Street's greatest missteps are well documented: Bill Ackman's attempt at activism in JC Penny, or Warren Buffet's go-around with Salomon Brothers are two famous examples. However the great investors of the 19th, 20th and 21st centuries ALL have their own investment blunders. Some went on to thrive after, while others called it quits. Michael Batnick and I spend 30 minutes...


Trouble Ahead for Home Healthcare? (EP.06)

A recent change at the CMS (Center for Medicare and Medicaid Services) is going to revise the way medicare pays the HHA's (Home Health Agencies) starting in 2020. One of healthcare's hottest subsectors has seen AMED rise 71% ytd, LHCG +40%, and EHC +38%. However not all HHA's are created equal, and Spencer Pearlman of Veda Partners explains how EHC's revenue stream is MOST at risk.


Exploring SYNA /HAIN, NXPI Mailbag (EP.05)

Hedge fund manager Michael Samuels of Broome Street Capital explores the latest deal situation at Synaptics (SYNA) and examines what the future could hold for Hain Celestial Group (HAIN) now that Irwin Simon is out. Lastly an NXPI update and answers to some twitter questions. TWITER: @accordtosources