The Manulife / John Hancock game theory merger arb play

The other day I got asked, “what’s your best trade ever?”

Think about that for a moment. Answering that question is not as easy as might appear at first blush.

Do you go with your largest win? But that might have just been dumb luck. Often the difference between two trades is just random chance.

There is a story about a trader on the CBOE who had an e…

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