James Dinan: York Capital Management

It has been observed that change is a constant in human affairs and in the world at large. This is especially true in the business world. Driven by what Adam Smith called the “invisible hand,” mankind’s tendency to progress creates an
environment of corporate Darwinism, where companies that do not constantly act to improve their businesses will fail. This dynamic, rooted in human nature, is the foundation of event investing.

James Dinan’s York Capital Management was founded with a simple goal: to provide consistent, superior risk-adjusted profits relatively independent of the overall market. In the following years, the firm has pursued this goal through focused research and investment selection, and disciplined risk management.

The company has offices located in New York, Washington, DC, London and Hong Kong, York manages over 12 billion dollars worth of assets for institutions, endowments, foundations, fund of funds, wealthy individuals and their families.

Event Driven Investing

Efficient markets theory propounds that securities prices are always right. That is, prices reflect all known and knowable information perfectly, allowing no opportunity for incremental gain by being better, smarter or more informed than the market in general. Experience demonstrates otherwise. While the markets may be efficient in general, there are pockets of inefficiency that can be exploited by experts who know where to look. Often these inefficiencies are the result of significant corporate events, events
which are large enough to disrupt the status quo and to create an imbalance in the market place.

For almost twenty years, James Dinan’s York Capital Management has applied its knowledge and expertise to trading these event-driven opportunities, and reaping superior risk- adjusted returns independent of the overall market.

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