This is the first of many special situations real results that I will be posting as a part of my live study of this strategy.

#1 - GE Shipping open-market buyback

GE Shipping announced an open-market buyback of up to 4.12% of shares at a maximum price of ₹1,530.

I entered at ₹1,301 and exited on the 18th at ₹1,434. That's roughly 9.8% in 19 days after expenses, which works out to around 502% ARR. I exited early because I found a better opportunity elsewhere.

The trade worked out, but I still think open-market buybacks are a bit iffy. There are a few things that make them structurally different from tender buybacks, and I'm not completely comfortable relying on them yet.