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Andrew Cohen

Co-Founder & CIO, Difesa Capital

February 2023 · 19 min

The three-legged stool between fixed income and equities.

Andrew Cohen spent 23 years across corporate-finance hedge fund strategies before co-founding Difesa Capital. His special-situations approach, SPAC securities, convertible bonds, and equities, targets equity-linked convexity with limited market beta: returns that bridge fixed income to equities while protecting the downside. A masterclass in explaining a nuanced strategy clearly.

In this conversation

  • The 'three-legged stool': SPACs, converts, and equities
  • Limited downside, upside optionality, how the book is built
  • Risk management at the position and portfolio level
  • Small-cap orphaned companies and the 2023 opportunity set

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