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'Give a man a fish and he eats for a day. Teach him to arbitrage, and he will eat for a lifetime' Warren Buffett Warren Buffett and the Art of the Stock Arbitrage is the first book to explore the secret world of Buffett's arbitrage and special situations investing. Long considered one of the most powerful and profitable of Buffett's investment operations, but the least understood, these special types of investments have been the edge that has made Warren Buffett the world's greatest investor. This book examines Buffett's special brand of arbitrage investing, which involves taking advantage of short term price discrepancies that often occur when one company offers to buy another company. Though these discrepancies are small they offer him almost risk free investment opportunities that have given him an average annual rate of return of 23% on his invested capital. In the years that Buffett's normal portfolio of long term investments has done poorly it is his investments in arbitrage situations that have lifted his performance to the record levels that have made him the second richest man in the world. Mary Buffett and David Clark, the authors of four best-selling books on Warren Buffett's investment methods, take the reader deep into the world of Buffett's arbitrage and special situation operations, giving us his strategies, his equations for determining value, and dozens of examples of his investments in this very lucrative segment of Buffett's investment operations. They offer detailed analysis and explanations of Buffett's arbitrage and special situations operations and techniques for the first time ever.
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About the Author

Mary Buffett is an international bestselling author and speaker on the investment methods of Warren Buffett. She gained her unique insight while married to Warren's son Peter for twelve years. David Clark holds degrees in both finance and law, and in the late seventies was the founding member of the original Buffettologists - a small group of early Berkshire shareholders who studied the investment methods of Warren Buffett. He is now the Managing Director of a private partnership that invests primarily in arbitrage situations.

Reviews

The latest exploration of Warren Buffet's financial prowess from his former -daughter-in-law Buffett and Clark, authors of six previous books on his investment strategies, takes the reader into the world of arbitrage and special situation investing. Arbitrage, the practice of taking advantage of a price difference between two markets by buying in one market and selling in another, has been one of Buffett's strongest financial operations, but almost nothing has been written about his methodology. Aimed at the casual investor, the book explains how anyone can use these strategies in his or her own portfolio. The writing is concise and straightforward, the examples are current and clear, and there are simple formulas on how to determine risk in both arbitrage and valuing liquidations. They also simplify the complicated situations of mergers, acquisitions, hostile takeovers, securities buybacks, and corporate liquidations to give readers an idea of how to find and understand their investment potential. VERDICT This book will appeal to investors looking for an introduction to arbitrage and special situations. The authors successfully outline this complicated world and explain how Buffett has harnessed these events for profit. Recommended.-John Rodzvilla, Emerson Coll., Boston (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.

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