According To Sources

By Michael Samuels

What's According To Sources about?

Michael Samuels, Founder and Portfolio Manager of Broome Street Capital, talks M&A, activism and event-driven investing, all with a focus on the news-sources that cover them. @accordtosources

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According To Sources episodes:

11.07.2019
Tiffany / LVMH Xerox/HP
I'm joined by Joshua Goldberg to assess the various scenarios and outcomes in TIF, XRX, HPQ, WBA and many more. In addition we sum up 2019 and try to examine what made this year quite so difficult.
09.23.2019
Investing in Cannabis: One-Year Later
September 19, 2018: Shares of TLRY hit $300, marking a top for the entire sector. Where are we one-year later? I'm joined by Sean Stiefel of Navy Capital to discuss the macro-environment, the stocks to own and...
06.17.2019
The Aramark Episode
Following his success at CSX, press is reporting that Paul Hilal and his fund Mantle Ridge are now contemplating a move at food service/uniform giant Aramark. I'm joined by Nomura analyst Dan Dolev to discuss the possible outcomes. ...
05.21.2019
Cowen & Co. Merger/Event Strategist Aaron Glick
Aaron and I sit down to discuss the latest with Sprint/T-Mobile, speculate on the trade's war potential impact on Mellanox, weigh if the potential for HUM to disrupt the CNC/WCG deal is more smoke then fire, and lastly speculate on...
04.28.2019
The Anadarko Episode
I'm joined by merger-arb and event trader Joshua Goldberg to discuss the various scenarios and possible outcomes in the current battle for Anadarko Petroleum. Does Chevron need to match the OXY bid to win the deal? How...
04.15.2019
M&A Journalism in 2019: Greg Roumeliotis of Reuters News
APC/CVX, BMY/CELG, and BBT/STI are three mega-deals of 2019 with one common denominator: No major media outlets managed to scoop the story before it was press released. So what's changed in the world of m&a journalism in the...
04.09.2019
Wallachbeth Capital's Event Strategist Team: Brett Buckley & James Dileva
On this week's According to Sources, I sit down with Brett Buckley and James Dileva of Wallachbeth Capital. We discuss how event funds are coping with the current drought of deals, and later analyze AABA, COTY, and DELL
03.11.2019
BMY/CELG, ZAYO, BKS, WBC, RCII , SFLY
After lots of internal back and forth, I've removed CELG/BMY until further notice. The rest of the episode touches on BKS, the latest at ZAYO, WBC, RCII and why I've initiated a small position in SFLY
02.27.2019
Veda Partners Talks The China Deal + BMY/CELG
The possibility of a China/US trade agreement draws closer each day. Is this an overhang removed to be bought or a sell the news event? Henrietta Treyz of Veda Partners joins me to discuss the details around...
02.10.2019
Merger Masters Series: Drew Figdor of TIG Advisors
The Merger Masters Podcast series continues with Drew Figdor of TIG Advisors. We discuss his views on activism, his methods for assessing risk, and the role that both ego and fear play in the minds of fund managers....
01.26.2019
Merger Masters Series: John Bader
The Merger Masters podcast series continues with John Bader. Time Stamps: 1:25 Evolving as an investor 7:40 "I'm a seller of most asset classes" 8:50 Blockchain/Cryptos 10:05 Early career 12:40 Lessons learned from Martin Gruss 15:55 ...
01.21.2019
Merger Masters Series: John Paulson
INTRO: 2:28 It takes a sixth-sense 4:05 Choosing which deals to participate in 6:30 SKY ltd / Comcast / Disney 7:45: Early career 17:00 Hedge fund vs. family office 18:34 PFE/ AGN 25:17 BMY / CELG 32:08 Detour Gold 40:02 Merger -arbitrage post The...
01.13.2019
BMY / CELG : 6 Factors Driving The Deal Spread
On this week's episode I revisit Barnes & Noble after mixed holiday sales. I explain how I've adjusted my position in MLNX, quickly touch on QEP & ARNC, and end with the 6 factors driving the spread in...
12.23.2018
Sorting Through The Wreckage: ARNC BKS MLNX MDCA TSRO SHPG IDTI
Wall Street just experienced its worst selloff since 2008. In this week's podcast I sort through the wreckage and examine what I believe are the best opportunities in both merger-arbitrage and deal speculation. In addition, I delve...
12.09.2018
"Merger Masters" Series: Roy Behren & Michael Shannon of Westchester Capital
In conjunction with the release of Kate Welling & Mario Gabelli's book "Merger Masters" According to Sources continues it's interview series this week with Westchester Capital Management. Michael Shannon and Roy Behren have worked in tandem at WCM...
12.04.2018
CNBC Contributor and Author Ron Insana
Steven Tusa of JP Morgan has claimed superstar status for his call to sell General Electric in 2016 when it was $29 a share. At near $7 now, Tusa continues to press GE, saying shares are worth $6. ...
11.24.2018
"Merger Masters" Series: Karen Finerman of Metropolitan Capital
Inspired by Kate Welling & Mario Gabelli's new book "Merger Masters," the According to Sources Podcast is interviewing each participant from the book, starting with Karen Finerman of Metropolitan Capital. In this incredibly honest and candid interview, we discuss...
11.18.2018
Rocky (Caldera) vs. Apollo and the Battle for the Control of AEL
Sujeet Indap, journalist at the FT wrote the following in July, 2018 " Apollo’s life insurance affiliate Athene Holding (ATH) and Caldera are battling each other for control of American Equity Investment Life, an Iowa retirement annuities specialist that said...
11.11.2018
The Cowen & Co. Merger & Event Team
Aaron Glick and Eric Rose from Cowen & Co. join the podcast this week to discuss Shire/Takeda, Aetna/CVS, ESRX/CI and several other large transactions. They describe the methods in which their team gains an edge on the...
11.04.2018
"Merger Masters" By Kate Welling & Mario Gabelli: My interview with the Author
Paul Singer, Michael Price and John Paulson are just a few of the great merger-arb investors and corporate titans of industry that are interviewed by Kate Welling in the new book "Merger Masters." With contributions by Mario Gabelli,...
11.02.2018
ATHENAHEALTH: My Final Thoughts and Why I Believe RBC Has It Wrong
A quick summary before the weekend of why I believe ATHN is a long into the weekend, and why RBC and the market is misinterpreting the news.
10.29.2018
Why Real Estate is the IDEAL
In what I consider to be one of the best interviews thus far on According to Sources, Jason and I do a deep-dive into the situation between DVMT, VMW and Carl Icahn. What are the downside risks? Has Carl Icahn...
10.22.2018
Jason Varano of the Nomura Securities Event Desk: DVMT, COL, FOXA, CPB, ATHN, PZZA
In what I consider to be one of the best interviews thus far on According to Sources, Jason and I do a deep-dive into the situation between DVMT, VMW and Carl Icahn. What are the downside risks? Has...
10.14.2018
The 7 Questions on the Minds of Deal Speculators
What deal is most at risk from a market downturn? How does one handicap and source various deal approvals such as DOJ or MOFCOM and then gauge what each is worth for pending deals? In this week's...
10.05.2018
Barnes & Noble Going Private? Why This Time is Different
John Malone, Ron Burkle, Jana Partners, Tom Sandell: Each of these investors have either taken a stake or bid for Barnes & Noble (BKS). Now that the company has finally turned the review process over to an...
10.01.2018
Campbell Soup, Tesla, Athenahealth + My Worst Investing Habits
1) Tesla: Is Elon Musk settling with the SEC really an all-clear? 2) Campbell Soup: As the stock continues to drift back to 2018 lows, the 2018 annual meeting has become an extremely binary event. 3) Athenahealth: What...
09.23.2018
Investing in Cannabis: Interview with Sean Stiefel of Navy Capital
On October 17th, marijuana goes fully legal in Canada. This event, combined with the Canopy Growth Corp investment made by Constellation Brands / Stories of Coca-Cola entering CBD beverages have made the cannabis space the most discussed sector...
09.16.2018
AthenaHealth, Yum China, CBS, AEL & ESL
Athenahealth shares have tumbled following recent media coverage that strategics such as UNH and Cerner are walking away from the process. Perhaps Elliott buying ATHN isn't the best-case-scenario for investors, but it's still a scenario that is worth examining. Yum...
09.10.2018
Ed Hammond Part II: Why do deals die midway through the process? (EP: 14)
In part II of my interview with Bloomberg M&A reporter Ed Hammond, we discuss how deals can get off the ground, and why so many times the process can die out midway through. In "Five Questions" I ask Ed...
09.02.2018
Ed Hammond Part I / My Thoughts on IDTI (EP:13)
The event space is littered on a daily basis with rumors of deals and activism, the overwhelming majority of which are false. In Part 1 of what I consider to be a MUST-LISTEN interview, Bloomberg M&A reporter Ed Hammond...
08.24.2018
The Top 10 Most Intriguing Deal Situations (EP:12)
As it's Episode 12, it's time for a quarterly review. I examine the the Top 10 most intriguing situations in the world of deals, activism and merger arbitrage. Companies discussed include Yum China, Tribune, Mattel, Nielson & Arconic.
08.19.2018
Whitney Tilson Part II: A Discussion of the Successes and Struggles of Bill Ackman & David Einhorn (EP:11)
Segment 1: I reveal my biggest holding, and what I believe to be the most intriguing deal situation on the board. Segment 2: Lehman Brothers. Allied Capital. Green Mountain Coffee. There was a moment in time where...
08.12.2018
Whitney Tilson Part I: Discussing Tesla + The Origins and Aftermath of Lumber Liquidators (EP:10)
Decoding the Short of the Decade: The origins, details, risks and aftermath of perhaps this decade's greatest short: Lumber Liquidators. I sit down with Whitney Tilson to discuss the process, and talk a little Tesla.
08.05.2018
Scandal in the Chicken Industry: My Interview with Analyst Tim Ramey (EP:09)
Shares of Eli Lilly have exploded 14% since their announcment to spin-out its animal health division "Elanco". However, one of Elanco's divisons, Agri Stats, is at the heart of one of the largest class-action lawsuits in the country. ...
07.29.2018
Interview with the Nomura Securities Event Team (EP: 08)
In this in-depth interview, Jason Varano, Executive Director at Nomura Securities who focuses on Special Situations / Risk-Arbitrage sits down to discuss NXPI/QCOM, AABA/BABA, DVMT/VMW, AKRX and a little CBS/VIAB (the interview was conducted July 26th, the day before the...
07.23.2018
My Interview with Michael Batnick, author of Big Mistakes (EP: 07)
I sit down with Michael Batnick, author of "Big Mistakes: The Best Investors and Their Worst Investments." Some of Wall Street's greatest missteps are well documented: Bill Ackman's attempt at activism in JC Penny, or Warren Buffet's go-around with Salomon...
07.15.2018
Trouble Ahead for Home Healthcare? (EP.06)
A recent change at the CMS (Center for Medicare and Medicaid Services) is going to revise the way medicare pays the HHA's (Home Health Agencies) starting in 2020. One of healthcare's hottest subsectors has seen AMED rise 71% ytd, LHCG +40%,...
07.02.2018
Exploring SYNA /HAIN, NXPI Mailbag (EP.05)
Hedge fund manager Michael Samuels of Broome Street Capital explores the latest deal situation at Synaptics (SYNA) and examines what the future could hold for Hain Celestial Group (HAIN) now that Irwin Simon is out. Lastly an NXPI update and answers...
06.25.2018
Kraft for Campbell/Education Realty Trust / DIS/FOXA (EP.04)
This week on According to Sources, I analyze why the Kraft Foods for Campbell Soup story seems to be fairly weak. I explain how a lesson from the past can be a guide for trading Education Realty Trust (EDR). And...
06.18.2018
NXPI: The Never-Ending Saga (EP.03)
Henrietta Treyz of Veda Partners joins According to Sources to discuss the important upcoming dates for clarity regarding ZTE sanctions. She handicaps the odds for the Rubio/Schumer bill as it stands in the senate, and I give my take on...
06.11.2018
Trading the Time Warner Ruling (EP.02)
According to Sources devotes the entire episode to trading strategies ahead of AT&T/Time Warner ruling on June 12. Questions such as "is AT&T a short on both outcomes?" and "where should foxa trade on win/loss?" will be addressed along with...
06.04.2018
Envision Health, Convergys & USG (EP.01)
In episode one, i examine why i'm so skeptical of a EVHC takeover. In segment two, I explain why i think Convergys (CVG) will yield Elliott Associates another winner. And in segment three i examine why USG is the safest...

What's According To Sources about?

Download our free app to listen on your phone

According To Sources episodes:

Tiffany / LVMH Xerox/HP

Investing in Cannabis: One-Year Later

The Aramark Episode

Cowen & Co. Merger/Event Strategist Aaron Glick

The Anadarko Episode

M&A Journalism in 2019: Greg Roumeliotis of Reuters News

Wallachbeth Capital's Event Strategist Team: Brett Buckley & James Dileva

BMY/CELG, ZAYO, BKS, WBC, RCII , SFLY

Veda Partners Talks The China Deal + BMY/CELG

Merger Masters Series: Drew Figdor of TIG Advisors

Merger Masters Series: John Bader

Merger Masters Series: John Paulson

BMY / CELG : 6 Factors Driving The Deal Spread

Sorting Through The Wreckage: ARNC BKS MLNX MDCA TSRO SHPG IDTI

"Merger Masters" Series: Roy Behren & Michael Shannon of Westchester Capital

CNBC Contributor and Author Ron Insana

"Merger Masters" Series: Karen Finerman of Metropolitan Capital

Rocky (Caldera) vs. Apollo and the Battle for the Control of AEL

The Cowen & Co. Merger & Event Team

"Merger Masters" By Kate Welling & Mario Gabelli: My interview with the Author

ATHENAHEALTH: My Final Thoughts and Why I Believe RBC Has It Wrong

Why Real Estate is the IDEAL

Jason Varano of the Nomura Securities Event Desk: DVMT, COL, FOXA, CPB, ATHN, PZZA

The 7 Questions on the Minds of Deal Speculators

Barnes & Noble Going Private? Why This Time is Different

Campbell Soup, Tesla, Athenahealth + My Worst Investing Habits

Investing in Cannabis: Interview with Sean Stiefel of Navy Capital

AthenaHealth, Yum China, CBS, AEL & ESL

Ed Hammond Part II: Why do deals die midway through the process? (EP: 14)

Ed Hammond Part I / My Thoughts on IDTI (EP:13)

The Top 10 Most Intriguing Deal Situations (EP:12)

Whitney Tilson Part II: A Discussion of the Successes and Struggles of Bill Ackman & David Einhorn (EP:11)

Whitney Tilson Part I: Discussing Tesla + The Origins and Aftermath of Lumber Liquidators (EP:10)

Scandal in the Chicken Industry: My Interview with Analyst Tim Ramey (EP:09)

Interview with the Nomura Securities Event Team (EP: 08)

My Interview with Michael Batnick, author of Big Mistakes (EP: 07)

Trouble Ahead for Home Healthcare? (EP.06)

Exploring SYNA /HAIN, NXPI Mailbag (EP.05)

Kraft for Campbell/Education Realty Trust / DIS/FOXA (EP.04)

NXPI: The Never-Ending Saga (EP.03)

Trading the Time Warner Ruling (EP.02)

Envision Health, Convergys & USG (EP.01)