The Book ‘Special Situations in Securities’ is written by Maurece Schiller who used to work on Wall Street in the 1950s and 1960s
This book was originally published in 1961 and hence can be considered as a classic
In my personal investing journey, special situations have always held a special place and I have found it to be a profitable area of the market.
What is a special situation?It is basically where a corporate event is occurring and it’s possible to get profits independent of the general trends of the stock market.
Some of the events are spinoffs, mergers, acquisitions,special dividends,rights, ofs, buybacks, delistings, warrants etc
Another characteristic of a Special Situation is that the Exit is inbuilt into the operation.So you sell when the Corporate Action is completed.This is unlike ordinary stock purchases where the sell signal is not pre-determined.
The Book does a decent job of introducing the reader to the world of Special Situations but nothing more.
I would recommend this Book only to the Beginner Investor.