AQR launches the diversified arb fund (ADANX). The Fund invests in a combination of arbitrage strategies such as merger arbitrage, convertible arbitrage, and (one of my favorites) closed end fund arbitrage. But seriously, talk about a low benchmark! 90-day Tbills…
Great PDF here from Witney Tilson – "Words of Wisdom"
"One way of dealing with information being more available is to stop playing the game and seek out securities or asset classes where there’s less information or competition."
Seth Klarman, 9.30.08
"There’s a clarity that comes with great ideas: You can explain why something’s a great business, how and why it’s cheap, why it’s cheap for temporary reasons and how, on a normal basis, it should be trading at a much higher level. You’re never sitting there on the 40th page of your spreadsheet, as Buffett would say, agonizing over whether you should buy or not."
Joel Greenblatt, 10.31.06
"We use a lot of grapevine ideas, asking people what they’ve finished buying that might be interesting. Why not look at what other great investors have found?"
Bruce Berkowitz, 4.28.06