Now Rosenfeld figured there was no one better to offer Long-Term’s merger portfolio to than Buffett. The billionaire liked to deal in size. He had done risk arbitrage before. And thanks to widening deal spreads, prices were attractive. Buffett listened attentively. But he quickly noted that he hadn’t been involved in merger arbitrage in a while and wasn’t up to speed. No sale. Graciously, he asked if there was anything else he could do.
