Created by the Value Team at Schroders, the Value Perspective podcast takes a look at decision making in complex and uncertain environments.
Episodes
Monday Jul 24, 2023
Monday Jul 24, 2023
This week we’re delighted that Rich Howe joins us on the Value Perspective podcast. Rich specialises in special situation investing, mainly corporate spin-offs, hence the name of his popular blog Stock Spin-off Investing. You can also find him on Twitter. If you’re not familiar with spin-off stocks, a spin-off is a new and separate company that’s created when a parent company distributes shares in a subsidiary or business division to the parent company shareholders. Many famous investors have made terrific track records by following this type of investing and probably the most famous is Joel Greenblatt who managed Gotham through the end of the 80s into the 90s, investing in special situations with some great results. Greenblatt them went on to immortalise this journey and teach other investors when he wrote his book You Can Be a Stock Market Genius. We touch on that title later in the episode, where we also discuss: special situation investing, particularly in the role of spin-offs; how behavioural biases impact special situations; what special situations look like outside of the US; and finally, the challenge of special situation investing in a world where there is a lack of price discovery. Enjoy!
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