Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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Spinoffs and Special Situations

Investment styles

Event-driven investing where the edge comes from forced selling, index exclusion and structural neglect rather than better forecasting.

Books 9Experts 1Recommenders 10

Start here

  1. You Can Be a Stock Market GeniusJoel Greenblatt, 1997
  2. Dear ChairmanJeff Gramm, 2016
  3. Spin-Off to Pay-OffJoseph W. Cornell, 1997
You Can Be a Stock Market GeniusYou Can Be a Stock Market Genius
T1 You Can Be a Stock Market Genius
Joel Greenblatt · 1997
Open LibraryGoodreads

Where to find mispriced stocks: spinoffs, mergers, bankruptcies and restructurings.

“Joel Greenblatt wrote probably the best book ever 'You can be a Stock Market Genius'.” — Dan Loeb

Source: Loeb calling it probably the best book ever written on investing

Recommended by: Dan Loeb, Guy Spier, Mohnish Pabrai and 6 others

Risk ArbitrageRisk Arbitrage
T2 Risk Arbitrage
Guy P. Wyser-Pratte · 1971
Open LibraryGoodreads

The mechanics of merger arbitrage as practised by a family arbitrage firm.

Dear ChairmanDear Chairman
T2 Dear Chairman
Jeff Gramm · 2016
Open LibraryGoodreads

Eight activist letters over a century, from Graham in 1927, and what lay behind them.

Recommended by: Mohnish Pabrai

Merger Masters
T2 Merger Masters
Kate Welling, Mario Gabelli · 2018
Open LibraryGoodreads

Interviews with the leading arbitrageurs on process and risk.

Breakup!Breakup!
T3 Breakup!
David Sadtler · 1997
Open LibraryGoodreads

The case for demerger argued from the parent company's side.

Spin-Off to Pay-OffSpin-Off to Pay-Off
T3 Spin-Off to Pay-Off
Joseph W. Cornell · 1997
Open LibraryGoodreads

How to value and trade corporate spin-offs, step by step.

Merger ArbitrageMerger Arbitrage
T3 Merger Arbitrage
Thomas Kirchner · 2009
Open LibraryGoodreads

Modern manual covering deal types, financing risk and hedging.

Special Situation InvestingSpecial Situation Investing
T4 Special Situation Investing
Brian J. Stark · 1983
Open LibraryGoodreads

Hedging, arbitrage and liquidations practised together as one investing discipline.

The Manual of Ideas
T4 The Manual of Ideas
John Mihaljevic · 2013
Open LibraryGoodreads

Where small-cap and special-situation ideas actually come from.

“John Mihaljevic outdid himself and released a second edition of his terrific, The Manual of Ideas, a superb read on investment idea generation” — Christopher Bloomstran

Source: Semper Augustus 2025 Letter to Clients, 'Books and Music', p. 88

Recommended by: Christopher Bloomstran, Guy Spier and 2 others

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