Event-driven investing was a golden era because complex transactions created dislocation, opacity, and management incentives to sandbag numbers, creating alpha for informed investors.

We call it event-driven investing. It was really less focused on the quality of business, more focused on very complex transactions, takeovers, spin-offs, risk or arbitrage, bankruptcies, privatizations, demutualizations. And these transactions created unbelievable opportunities for Alpha because of the confluence of dislocation, opacity, kind of time, but also this goes, and nothing changes. And I always quote this Jesse Livermore line, there's nothing new under the sun. A real focus on management incentives. So in all these different kinds of transactions, management was incentivized to sandbag their numbers during a time when there was an excess supply of securities where their options were being set. And we as co-investors got to come in with these depressed projections and ride along not just the... greater transparency and understanding of the business, coverage, companies that delivered a top line and margins and ROE and everything else better than expectations. So it was really a golden era for that type of investing.

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