The Manifestation of Value Over Time Change Leads to Uncertainty

Dislocations and the Resulting Impact on Securities

We don’t have a discernible edge determining whether IBM’s earnings are going to beat the Street by a nickel. But there are a wide variety of situations in which there are dislocations – like mergers, spin offs, short-term bad news, legal issues – where we think we understand why there might be a huge disconnect between supply and demand for a given security.