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Clint Edgington  

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  • Where Can I Find Safe Income For Retirement? [View article]
    re: the research on risk arb during tough times, do I understand your answer correctly if I interpret it as 'generally speaking risk arb would not provide ballast in the storm, but there are a few practicioners/shops that do well in those periods'?
    Sep 2, 2015. 08:42 AM | 1 Like Like |Link to Comment
  • Where Can I Find Safe Income For Retirement? [View article]
    HI Chris, as a HPH myself, I have gotten pitched by innumerable wholesalers and sat through hedge fund presentations about the next "bond substitute". With paltry yields, all of us HPH'ers want the magic beans- "the struggle is real".

    Do you have any analysis on how merger arb has held up during periods of market stress? Has it given the diversification benefits that bonds do?

    I can think of a graveyard of "bond substitutes"- MLP's are the most recent to come to mind, but there are others.

    Keep in mind, one of the most important things a HPH does is keep an investor in their seats during market stress. That is a very difficult thing to do as an investor opens their statements month after month with a smaller and smaller balance.

    If our "bond substitute" doesn't substitute so well, they sell their investments out en masse, lose the benefit of future growth, and potentially sue their HPH. Their will be another HPH there to help convince them of that, to be sure.
    Sep 2, 2015. 08:19 AM | 2 Likes Like |Link to Comment
  • Brown-Forman: A Once In A Lifetime Arbitrage Opportunity [View article]
    anybody have good luck getting a borrow? From where?
    Aug 17, 2015. 02:06 PM | Likes Like |Link to Comment
  • Merger Arbitrage Blog- Part Three [View instapost]
    That's my math as well. Assumes PFLT NAV constant since 6/30 (less a divvy pmt).

    Quite a large discount to NAV for PFLT.
    Aug 17, 2015. 02:05 PM | Likes Like |Link to Comment
  • 3 BDCs Selling At Deep Discounts To NAV [View article]
    HI Philip- I've not done a lot of work with BDC's. Is there a good resource to review the historical discount to NAV a particular BDC, or a class of BDC's has experienced?

    Thanks
    Aug 17, 2015. 08:30 AM | Likes Like |Link to Comment
  • 56% Annual Return With LRR [View article]
    maybe I should start charging people to look at their arbs
    Aug 12, 2015. 01:24 PM | 5 Likes Like |Link to Comment
  • 56% Annual Return With LRR [View article]
    everytime I look at a deal the spread evaporates
    Aug 12, 2015. 11:10 AM | 3 Likes Like |Link to Comment
  • 6% Yield From Intel's Deal With Altera [View article]
    Assuming this has enough eyeballs on it to be efficiently priced; is it just the weight of the 30% or so of sales coming from China what we can assume has kept a wide spread?
    Aug 12, 2015. 11:03 AM | Likes Like |Link to Comment
  • ALJ Regional Holdings: A Nice Acquisition, Expect More [View article]
    Nice article, thanks for your thoughts. I agree it's undervalued.

    That said, have you been able to glean anywhere what the trend has been in Phoenix Color's revs & earnings?
    fd: long
    Aug 11, 2015. 05:48 PM | Likes Like |Link to Comment
  • 8% Yield With Interest Rate Protection From PennantPark Floating Rate Capital [View article]
    Does it change anyone's voting now that HC2's stock is off some 30%-40% since? At this point, I believe the PFLT offer makes sense. Doesn't give value to the NOL's, but we don't have corporate costs, etc.
    Aug 11, 2015. 09:45 AM | Likes Like |Link to Comment
  • 13% Annual Return From Rentech [View article]
    got it- thx. current spread makes me think the mkt must think there's some significant value in the Pasadena facility...
    Aug 10, 2015. 05:32 PM | 2 Likes Like |Link to Comment
  • 13% Annual Return From Rentech [View article]
    Hi Chris- how are you getting to a "double digit spread" or an "13% Annual Net Return"?
    At RNF closing $13.25 and UAN closing of $10.328, I'm getting a .9% spread. Annualize it to something like 2%. My simple math .9%=(($10.38*1.04) +$2.57))/$13.25

    Add a dividend assuming you go unhedged and don't have to net out UAN divvy? Or are you adding in your estimate of the valuation of the Pasadena facility?

    thx for thoughts
    Aug 10, 2015. 05:12 PM | 2 Likes Like |Link to Comment
  • Merger Arbitrage Blog- Part Three [View instapost]
    previous PR's have alluded to a 30% Israeli withholding unless you fill out the Israeli withholding form. This is also consistent with my (only other) experience with previous Israeli companies being acquired.
    Aug 7, 2015. 04:32 PM | Likes Like |Link to Comment
  • Merger Arbitrage Blog- Part Three [View instapost]
    Re: ELN; I haven't received anything from Interactive Brokers. I haven't found a presser
    Aug 7, 2015. 01:03 PM | Likes Like |Link to Comment
  • Welcome To The New M&A Daily [View article]
    Email alert is great-look forward to it. Just my $.02 though, if there is nothing to report, I would love to NOT get the email.
    Aug 7, 2015. 01:02 PM | 3 Likes Like |Link to Comment
COMMENTS STATS
352 Comments
103 Likes