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REP.: Your firm originally started out as a merger-arbitrage shop, but now you've broadened to "event-driven investing." What is that?
Gregg Loprete: Merger-arbitrage and event-driven investing is really defined by specific events. A merger is announced, we see the headlines go out there, and it basically says that if this deal closes in six months, the shareholders are going to get $30 a share. So the team goes out and does all the research on the transaction, looks at all the risks, builds a position, and tries to capture a spread there. The stock will be trading at $29, let's say. The team will try to capture that last dollar of that spread, and that's...