In short: A closed winner, and the clearest example this week of the microcap-spread edge the product is built on. "There's also a microcap spread which we talked about in the Discord, which we thought was an easy layup, which was LPSN. As you recall, we bought it in the 280s. It rallied up to 316 and it looks like the deal has now closed. So that was a very quick, almost like a two-day trade — and now the shares were halted, but it looks like the deal is done." A ~13% gross move on a sub-$5 name in days, sized and alerted to the Discord rather than the weekly call — the type of spread institutions cannot trade and the reason he keeps a microcap sleeve at all.
LivePerson makes customer-service chat software. It agreed to be taken over, and once a takeover is agreed the shares stop trading on business prospects and start trading on one question: will the deal actually close, and when? The buyer's price is fixed, so the shares sit slightly below it — the gap being the market's price for the risk and the wait. Buying that gap is called merger arbitrage.
Here the gap was unusually wide for how safe the deal looked, because LivePerson is a tiny company. Large funds cannot buy a meaningful position in a stock trading near $3 without moving the price, so the spread stays wider than the risk deserves. That is precisely the kind of inefficiency an individual investor can take and an institution cannot — which is why Singh keeps a microcap sleeve at all.
The trade lasted days: bought in the $2.80s, out at $3.16 as the deal closed and the shares were halted — around 13% in what he calls "almost like a two-day trade." Note where it was communicated: not on this weekly call but in the real-time Discord alerts, because a spread this short-lived is gone by the time a weekly recording goes out.
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