Returning to the podcast, Luke Cummings—CIO of Harvest Lane Asset Management—details his funds’ core strategy of trading mergers and acquisitions. Step-by-step, Luke explains his methods of assessing a takeover bid when it first hits the market, initiating a position, monitoring news flow, and ultimately, booking a profit/loss when the change of control takes place (or the deal falls through).

01:21:02

Topics & Timestamps

Please note: Exact times will vary depending on current ads.

• 01:55 – Assessing Takeover Announcements.
• 06:50 – Binding vs Non-Binding.
• 14:40 – Major Shareholders.
• 24:15 – Following the Story.
• 30:55 – Bid Price (Premium).
• 38:45 – Deal Terms.
• 48:20 – Initiating a Position (Entry).
• 52:40 – Price Drift.
• 1:01:35 – Key Milestones.
• 1:05:00 – Corporate Law.
• 1:10:30 – Booking a Profit/Loss (Exit).
• 1:14:00 – Bidding Wars.