{"product_id":"warren-buffett-and-the-art-of-stock-arbitrage-mary-buffett-david-clark-9781439198827","title":"Warren Buffett and the Art of Stock Arbitrage: Proven Strategies for Arbitrage and Other Special Investment Situations | Mary Buffett \u0026 David Clark","description":"\u003cdiv style=\"font-family: inherit; color: #333; line-height: 1.6;\"\u003e\n  \u003csection style=\"margin-bottom: 25px;\"\u003e\n    \u003cp style=\"font-size: 1.1em; font-weight: 500; margin-bottom: 20px; line-height: 1.5; color: #2c3e50;\"\u003eFor the first time ever, discover how Warren Buffett has made unheard-of profits in the world of arbitrage and special investments, and how to be a player in these ventures.\u003c\/p\u003e\n    \n    \u003ch2 style=\"color: #2c3e50; font-size: 1.5em; border-bottom: 1px solid #eaeaea; padding-bottom: 5px; margin-top: 20px;\"\u003eBook Overview \u0026amp; Synopsis\u003c\/h2\u003e\n    \u003cp style=\"margin-bottom: 15px;\"\u003eInvestors around the world recently learned that from 1980 through 2003 Warren Buffett’s arbitrage operations produced an astronomical average annualized rate of return of 81.28%. Even more amazing, this incredible rate of return was produced with very low rates of risk.\u003c\/p\u003e\n    \u003cp style=\"margin-bottom: 15px;\"\u003eLong considered one of the most powerful and profitable of Buffett’s investment operations, but the least understood, these special types of investments have been the edge that made Warren Buffett so phenomenally successful. \u003cem\u003eWarren Buffett and the Art of Stock Arbitrage\u003c\/em\u003e is the first book to examine Buffett’s special brand of arbitrage investing.\u003c\/p\u003e\n    \u003cp style=\"margin-bottom: 15px;\"\u003eBuffettologists Mary Buffett and David Clark explore the previously secret domain of Warren Buffett’s stock arbitrage investments. They explain how Buffett finds deals, evaluates them, picks the winners from the losers, and when he is willing to use leverage to help boost his performance in these investments to make amazing profits. Basic mathematical equations are included to help readers determine the projected rate of return, evaluate risk, and determine the probability of the deal being a success.\u003c\/p\u003e\n    \u003cp style=\"margin-bottom: 15px;\"\u003eBuffett and Clark provide detailed explanations and examples of Warren Buffett’s methods for arbitrage, and for investing in tender offers, liquidations, spin-offs, and reorganizations. They take readers step by step from the initial public announcement to tendering shares, explaining how Buffett evaluates risk and maximizes his profit at every step.\u003c\/p\u003e\n  \u003c\/section\u003e\n\n  \u003csection style=\"margin-bottom: 25px;\"\u003e\n    \u003ch2 style=\"color: #2c3e50; font-size: 1.5em; border-bottom: 1px solid #eaeaea; padding-bottom: 5px;\"\u003eAbout the Authors\u003c\/h2\u003e\n    \u003cp style=\"margin-bottom: 15px;\"\u003e\u003cstrong\u003eMary Buffett\u003c\/strong\u003e is the coauthor of Scribner’s bestselling \u003cem\u003eBuffettology\u003c\/em\u003e series, a contributor to HuffPost and Thrive Global, and founder of the Buffett Online School. As a former member of the Buffett family, she brings unique first-hand insight into Warren Buffett's daily life and economic philosophy.\u003c\/p\u003e\n    \u003cp style=\"margin-bottom: 15px;\"\u003e\u003cstrong\u003eDavid Clark\u003c\/strong\u003e is internationally recognized as the world’s leading authority on Warren Buffett’s investment methods. His international bestselling books have been translated into more than twenty languages and are considered investment classics worldwide.\u003c\/p\u003e\n  \u003c\/section\u003e\n\n  \u003csection style=\"margin-bottom: 25px;\"\u003e\n    \u003ch2 style=\"color: #2c3e50; font-size: 1.5em; border-bottom: 1px solid #eaeaea; padding-bottom: 5px;\"\u003eCore Audience \u0026amp; Intended Use\u003c\/h2\u003e\n    \u003cul style=\"padding-left: 20px; margin-bottom: 15px;\"\u003e\n      \u003cli style=\"margin-bottom: 8px;\"\u003e\n\u003cstrong\u003eArbitrageurs \u0026amp; Value Investors:\u003c\/strong\u003e Readers seeking tactical frameworks for corporate mergers, tender offers, spin-offs, and liquidations.\u003c\/li\u003e\n      \u003cli style=\"margin-bottom: 8px;\"\u003e\n\u003cstrong\u003eFinancial Professionals \u0026amp; Traders:\u003c\/strong\u003e Practitioners looking to master risk asymmetry, probability math, and capital velocity strategies.\u003c\/li\u003e\n      \u003cli style=\"margin-bottom: 8px;\"\u003e\n\u003cstrong\u003eBuffettology Completionists:\u003c\/strong\u003e Collectors and students of investment history desiring an authoritative guide to Berkshire Hathaway's advanced trading desk mechanics.\u003c\/li\u003e\n    \u003c\/ul\u003e\n  \u003c\/section\u003e\n\n  \u003csection style=\"margin-bottom: 25px;\"\u003e\n    \u003ch2 style=\"color: #2c3e50; font-size: 1.5em; border-bottom: 1px solid #eaeaea; padding-bottom: 5px;\"\u003eProduct Specifications\u003c\/h2\u003e\n    \u003ctable style=\"width: 100%; border-collapse: collapse; margin-top: 15px; font-size: 0.95em;\"\u003e\n      \u003ctbody\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left; width: 35%;\"\u003eFull Title\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003eWarren Buffett and the Art of Stock Arbitrage: Proven Strategies for Arbitrage and Other Special Investment Situations\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003eAuthor(s)\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003eMary Buffett and David Clark\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003ePublisher \u0026amp; Imprint\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003eScribner (An imprint of Simon \u0026amp; Schuster)\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003ePublication Date\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003eDecember 14, 2010\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003eBinding Format\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003eHardcover (HC) with Dust Jacket\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003ePrint Length\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003e192 Pages\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003eLanguage\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003eEnglish\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003eISBN-13 \/ ISBN-10\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003e9781439198827 \/ 1439198824\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003ePrimary Genre (BISAC)\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003eBUS051000 \/ BUSINESS \u0026amp; ECONOMICS \/ Personal Finance \/ Investing\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003eSub-Genres (BISAC)\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003eBUS036060 \/ BUSINESS \u0026amp; ECONOMICS \/ Investments \u0026amp; Securities \/ Options; BUS103000 \/ BUSINESS \u0026amp; ECONOMICS \/ Long-Term Investments; SEL021000 \/ SELF-HELP \/ Personal Growth \/ Success\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003eItem Condition\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003ePre-Owned \/ Very Good\u003c\/td\u003e\n        \u003c\/tr\u003e\n        \u003ctr\u003e\n          \u003cth style=\"border: 1px solid #ddd; padding: 10px; background-color: #f9f9f9; text-align: left;\"\u003eDimensions \u0026amp; Weight\u003c\/th\u003e\n          \u003ctd style=\"border: 1px solid #ddd; padding: 10px;\"\u003e5.00 x 0.70 x 7.50 inches | 8.8 oz (approx. 0.55 lbs)\u003c\/td\u003e\n        \u003c\/tr\u003e\n      \u003c\/tbody\u003e\n    \u003c\/table\u003e\n  \u003c\/section\u003e\n\n  \u003csection style=\"margin-bottom: 30px;\"\u003e\n    \u003ch2 style=\"color: #2c3e50; font-size: 1.5em; border-bottom: 1px solid #eaeaea; padding-bottom: 5px;\"\u003eFrequently Asked Questions About Warren Buffett and the Art of Stock Arbitrage\u003c\/h2\u003e\n    \n    \u003cdetails style=\"margin-bottom: 10px; border: 1px solid #eaeaea; padding: 10px; border-radius: 4px; background-color: #fcfcfc;\"\u003e\n      \u003csummary style=\"font-weight: bold; cursor: pointer; color: #2c3e50; outline: none;\"\u003eWhat is the main narrative hook and core financial focus driving the book?\u003c\/summary\u003e\n      \u003cp style=\"margin-top: 10px; margin-bottom: 0;\"\u003eThe book serves as a scrupulous, technical deep-dive revealing one of Warren Buffett’s most highly guarded and lucrative wealth engines: merger and stock arbitrage. While the public views Buffett strictly as a passive buy-and-hold value investor, authors Mary Buffett and David Clark unmask his mathematical blueprint for capitalizing on corporate mergers, tender offers, spin-offs, and liquidations to lock in near-guaranteed, short-term double-digit returns.\u003c\/p\u003e\n    \u003c\/details\u003e\n\n    \u003cdetails style=\"margin-bottom: 10px; border: 1px solid #eaeaea; padding: 10px; border-radius: 4px; background-color: #fcfcfc;\"\u003e\n      \u003csummary style=\"font-weight: bold; cursor: pointer; color: #2c3e50; outline: none;\"\u003eWhat specific structural layout does the author use to explain arbitrage math?\u003c\/summary\u003e\n      \u003cp style=\"margin-top: 10px; margin-bottom: 0;\"\u003eMoving past the incredibly dry, intimidating equations of academic corporate finance textbooks, the book uses an elegant, chronological and step-by-step case study structural layout. The authors carefully guide readers through the exact formulas Buffett uses to calculate risk profiles—breaking down how to evaluate announcement dates, spread margins, transaction timelines, and regulatory antitrust hurdles into highly scannable, standalone mathematical blocks.\u003c\/p\u003e\n    \u003c\/details\u003e\n\n    \u003cdetails style=\"margin-bottom: 10px; border: 1px solid #eaeaea; padding: 10px; border-radius: 4px; background-color: #fcfcfc;\"\u003e\n      \u003csummary style=\"font-weight: bold; cursor: pointer; color: #2c3e50; outline: none;\"\u003eWhat primary technical and strategic investment themes are explored in the text?\u003c\/summary\u003e\n      \u003cp style=\"margin-top: 10px; margin-bottom: 0;\"\u003eThe text delivers a profound investigation into risk asymmetry, arbitrage math, and capital preservation. The book breaks down Buffett's famous predictive checklist for special situations, which answers four critical questions: How likely is the event to happen? How long will capital be tied up? What are the odds of a better offer? And what happens if the deal collapses? The narrative teaches readers how to generate high annualized returns independent of the direction of the broader stock market.\u003c\/p\u003e\n    \u003c\/details\u003e\n\n    \u003cdetails style=\"margin-bottom: 10px; border: 1px solid #eaeaea; padding: 10px; border-radius: 4px; background-color: #fcfcfc;\"\u003e\n      \u003csummary style=\"font-weight: bold; cursor: pointer; color: #2c3e50; outline: none;\"\u003eDoes the guide distinguish between traditional retail investing and arbitrage?\u003c\/summary\u003e\n      \u003cp style=\"margin-top: 10px; margin-bottom: 0;\"\u003eYes, explicitly. The volume demonstrates how stock arbitrage functions as an active short-term mathematical operation rather than long-term equity speculation. It contrasts traditional value investing—which requires waiting years for the market to realize a company’s true worth—with arbitrage operations, where the profit timeline is rigidly dictating by corporate binding legal agreements and close dates, maximizing capital velocity.\u003c\/p\u003e\n    \u003c\/details\u003e\n\n    \u003cdetails style=\"margin-bottom: 10px; border: 1px solid #eaeaea; padding: 10px; border-radius: 4px; background-color: #fcfcfc;\"\u003e\n      \u003csummary style=\"font-weight: bold; cursor: pointer; color: #2c3e50; outline: none;\"\u003eWhy is this book uniquely significant to the authors and their broader literary decoding of the Berkshire Hathaway legacy?\u003c\/summary\u003e\n      \u003cp style=\"margin-top: 10px; margin-bottom: 0;\"\u003eThis work represents an extraordinary, definitive milestone because it marks the precise moment where Mary Buffett and David Clark pivoted away from basic introductory handbooks to expose Berkshire Hathaway's complex trading desk mechanics. Having spent years documenting Buffett’s general consumer philosophies, the authors realized that the mainstream public completely misunderstood how Buffett survived down-market cycles. This volume is structurally vital to their collection because it traces his intellectual evolution back to Benjamin Graham's original “special situations” playbook, proving that Buffett used arbitrage profits early in his career to fuel his initial partnerships and systematically shield his capital from inflation, turning a highly specialized institutional hedge fund strategy into an accessible roadmap for serious portfolio resellers and library collections.\u003c\/p\u003e\n    \u003c\/details\u003e\n\n    \u003c!-- BDB DISCLAIMER --\u003e\n    \u003cdetails style=\"margin-bottom: 10px; border: 1px solid #eaeaea; padding: 10px; border-radius: 4px; background-color: #f4f6f8; border-left: 3px solid #2c3e50;\"\u003e\n      \u003csummary style=\"font-weight: bold; cursor: pointer; color: #2c3e50; outline: none;\"\u003eCondition Notice: Pre-Owned \/ Second-Hand Product\u003c\/summary\u003e\n      \u003cp style=\"margin-top: 10px; margin-bottom: 10px;\"\u003e\u003cstrong\u003eAll books, box sets, and multi-volume collections\u003c\/strong\u003e offered by Bust-Down Books are sold in pre-owned, used, and second-hand condition, unless explicitly designated as new in the individual product listing.\u003c\/p\u003e\n      \n      \u003cp style=\"margin-top: 10px; margin-bottom: 5px;\"\u003e\u003cstrong\u003eCondition Details \u0026amp; Grading:\u003c\/strong\u003e\u003c\/p\u003e\n      \u003cul style=\"padding-left: 20px; margin-bottom: 10px;\"\u003e\n        \u003cli style=\"margin-bottom: 6px;\"\u003e\n\u003cstrong\u003ePrevious Ownership:\u003c\/strong\u003e These items have been previously owned, handled, and read. As such, copies may exhibit typical signs of shelf wear, including but not limited to minor creasing, scuffing, edge wear, bent page corners, remainder marks, or spine softening. Paperback editions may show minor cover curling, spine creasing, or edge rubbing.\u003c\/li\u003e\n        \u003cli style=\"margin-bottom: 6px;\"\u003e\n\u003cstrong\u003eMarkings \u0026amp; Personalization:\u003c\/strong\u003e Items may occasionally contain inscriptions, library stamps, owner names, marginalia, or highlighting. Individual item descriptions reflect significant deviations from standard acceptable condition.\u003c\/li\u003e\n        \u003cli style=\"margin-bottom: 6px;\"\u003e\n\u003cstrong\u003eSupplemental Materials:\u003c\/strong\u003e Secondary and digital components—such as publisher access codes, CD-ROMs, bonus inserts, registration keys, or workbook activity pages—are not guaranteed to be included, active, or unredeemed unless specifically stated in the product description.\u003c\/li\u003e\n      \u003c\/ul\u003e\n\n      \u003cp style=\"margin-top: 10px; margin-bottom: 5px;\"\u003e\u003cstrong\u003eFirst Sale Doctrine \u0026amp; Non-Affiliation Statement:\u003c\/strong\u003e\u003c\/p\u003e\n      \u003cp style=\"margin-top: 5px; margin-bottom: 10px;\"\u003eAll items sold on this platform are original, lawfully acquired copies being resold under the protection of the First Sale Doctrine (codified under U.S. copyright law, 17 U.S.C. § 109, and applicable international equivalents permitting the secondary resale of lawfully manufactured goods).\u003c\/p\u003e\n      \u003cp style=\"margin-top: 5px; margin-bottom: 0;\"\u003eBust-Down Books, LTD. is an independent, secondary-market bookseller. We are not affiliated with, endorsed by, authorized by, or sponsored by the original authors, copyright holders, publishers, or trademark owners of the titles offered for sale. All registered trademarks, author names, book titles, and publisher imprints remain the sole property of their respective owners and are used strictly for nominative identification and descriptive purposes.\u003c\/p\u003e\n    \u003c\/details\u003e\n  \u003c\/section\u003e\n\u003c\/div\u003e\n\n\u003cscript type=\"application\/ld+json\"\u003e\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@graph\": [\n    {\n      \"@type\": [\"Product\", \"Book\"],\n      \"name\": \"Warren Buffett and the Art of Stock Arbitrage: Proven Strategies for Arbitrage and Other Special Investment Situations\",\n      \"author\": [\n        {\n          \"@type\": \"Person\",\n          \"name\": \"Mary Buffett\"\n        },\n        {\n          \"@type\": \"Person\",\n          \"name\": \"David Clark\"\n        }\n      ],\n      \"isbn\": \"9781439198827\",\n      \"sameAs\": \"1439198824\",\n      \"bookFormat\": \"https:\/\/schema.org\/Hardcover\",\n      \"numberOfPages\": 192,\n      \"publisher\": {\n        \"@type\": \"Organization\",\n        \"name\": \"Scribner\"\n      },\n      \"datePublished\": \"2010-12-14\",\n      \"inLanguage\": \"en\",\n      \"image\": \"https:\/\/cdn.shopify.com\/s\/files\/1\/0855\/2077\/7531\/files\/9781439198827.jpg?v=1789717849\",\n      \"url\": \"https:\/\/bustdownbooks.com\/products\/warren-buffett-and-the-art-of-stock-arbitrage-mary-buffett-david-clark-9781439198827\",\n      \"offers\": {\n        \"@type\": \"Offer\",\n        \"priceCurrency\": \"USD\",\n        \"price\": \"12.99\",\n        \"availability\": \"https:\/\/schema.org\/InStock\",\n        \"itemCondition\": \"https:\/\/schema.org\/UsedCondition\"\n      },\n      \"about\": [\n        {\n          \"@type\": \"Thing\",\n          \"name\": \"BUS051000 \/ BUSINESS \u0026 ECONOMICS \/ Personal Finance \/ Investing\"\n        },\n        {\n          \"@type\": \"Thing\",\n          \"name\": \"BUS036060 \/ BUSINESS \u0026 ECONOMICS \/ Investments \u0026 Securities \/ Options\"\n        },\n        {\n          \"@type\": \"Thing\",\n          \"name\": \"BUS103000 \/ BUSINESS \u0026 ECONOMICS \/ Long-Term Investments\"\n        },\n        {\n          \"@type\": \"Thing\",\n          \"name\": \"SEL021000 \/ SELF-HELP \/ Personal Growth \/ Success\"\n        }\n      ]\n    },\n    {\n      \"@type\": \"FAQPage\",\n      \"mainEntity\": [\n        {\n          \"@type\": \"Question\",\n          \"name\": \"What is the main narrative hook and core financial focus driving the book?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"The book serves as a scrupulous, technical deep-dive revealing one of Warren Buffett’s most highly guarded and lucrative wealth engines: merger and stock arbitrage. 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