“If I was running $1 million today, or $10 million for that matter, I’d be fully invested. Anyone who says that size does not hurt investment performance is selling. The highest rates of return I’ve ever achieved were in the 1950s. I killed the Dow. You ought to see the numbers. But I was investing peanuts then. It’s a huge structural advantage not to have a lot of money. I think I could make you 50% a year on $1 million. No, I know I could. I guarantee that." - Warren Buffett

When I read this quote, I thought to myself, "surely there is a way for me to get 50% returns annually with my portfolio of less than $1 Million." This has prompted me to read the works of Maurece Schiller, the Father of Special Situations. Schiller's writings were extremely useful and actionable even though they were written over 50 years ago. I was particularly interested in his concept of risk. He talked often of reducing the risk profile of the investments in order to get "romance without risk".

On this page you will be able to see my performance as a tender offer investor. Tender offers are usually flags for other special situations that potential investors should pay attention to. I think of tenders as the seeds of special situations, often they germinate into other special situations that an investor should look for.