Watch All Parts Of The Cycle

You own the cheap stock, it becomes the target of a deal, you do the arbitrage, they screw up the deal, it becomes a bankruptcy, and you play that. We don’t forget the companies we trade in. We try to watch the companies over all parts of that cycle. We watch the acquisitions, we think about whether they’re sensible, and we don’t lose track.

– Michael Price, The Vulture Investors