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Special Situation Investing
1 Introduction to Special Situations Investing
Welcome (6:30)
1 What Kind of Investor do You Want to Be? (8:09)
2 My Investing Blueprint (6:33)
3 What Are Special Situations?
4 Why Invest in Special Situations? (6:46)
5 Resources
2 Fundamental Analysis
1 Introduction (4:51)
2 Balance Sheet (8:45)
3 Historical Operating Performance (4:24)
4 Unlevered FCF and ROIC (6:45)
5 Putting it Together (6:02)
6 Exercises
Slides
3 Valuation
1 Introduction (2:28)
2 The Ultimate Equalizer (7:06)
3 Growth and Cost of Capital (9:38)
4 Intrinsic Value (6:00)
5 Get Growth for Free (4:59)
6 Triangulate and Invert (10:07)
7 Case Study: Intertrust (11:29)
8 Reading
9 Exercises
Slides
4 Operational Transformations
1 Introduction (1:34)
2 Management Changes (3:20)
3 Change in Governance and Incentives (4:02)
4 Restructuring (7:09)
5 Olympus Case Study (10:21)
6 Vivendi Case Study (12:52)
7 Slides
5 Corporate Transformations
1 Introduction (4:47)
2 Pre-Announcement M&A (9:55)
3 Wincor Nixdorf Case Study (16:17)
4 Pro Forma M&A (10:27)
5 Accretion Dilution Analysis (10:15)
6 Paysafe Case Study (15:36)
7 Spin Offs (12:22)
8 Fiat Restructuring Case Study (10:30)
9 Fiat Industrial and Ferrari Spin Offs (10:17)
10 Adient Case Study (14:28)
11 Time Inc Case Study (15:20)
12 Relative Value Trades (10:17)
13 Renault Nissan Case Study (6:22)
14 IAC Case Study (18:47)
14A IAC Case Study Part 1 (6:19)
14B IAC Case Study Part 2 (11:31)
15 Merger Arbitrage (12:17)
16 Shire Case Study (11:06)
Resources
6 Capital Structure Transformations
1 Capital Structure Transformations Introduction (11:54)
2 Capital Return Methods (10:18)
3 NOS Case Study (15:19)
4 Capital Issuance (9:46)
5 Post-Bankruptcy Equities (11:34)
6 Beware SPACs (10:19)
7 Resources
9 Fiat Industrial and Ferrari Spin Offs
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