A lot has happened over the last few weeks for my 4 largest special situation investments:
Actelion / Idorsia
The original Actelion idea was very simple: Buy an M&A target at a small discount which is relatively safe and get something (the Idorsia spin-off) extra which no one seemed to have noticed.
Although the case played out exactly as I thought and Idorsia even seems to be worth more than I assumed, I only made around +4% on it. Not bad for around 5 months but not great either.
Looking back I think I made 3 mistakes: