How can individual investors systematically profit from the volatility and price discrepancies inherent in corporate merger and acquisition activity? Ivan F. Boesky, a prominent financier of the 1980s, outlines the mechanics of risk arbitrage, a strategy involving the simultaneous purchase and sale of securities to capitalize on price differences during takeover bids. The text serves as a technical manual for identifying potential merger targets, calculating the probability of deal completion, and managing the capital exposure associated with corporate restructuring events.

Financial professionals often cite this work as a primary historical document for understanding the aggressive arbitrage strategies that defined 1980s Wall Street. While the specific market conditions have evolved, the book remains a frequently referenced text for those studying the history of speculative trading and corporate finance.