The Importance of Merger Arbitrage

Many trend following kind of funds have drifted towards these long term strategies and what they sacrifice then is this positive convexity where you have attractive beta in down markets as well as up markets. There's ways around this by, as you've done, have a range of horizons, the trend and then do this cross-sectional type strategies as well. And you publish a paper on this very kind of as well so people can refer to the paper where you go into much more detail to show the choice in the performance. Okay, so that sounds great. Let's move away from trying to a completely different strategy and I understand you do the strategy as well, merges and acquisitions, M