I guess the other thing on these special situations was I started to calculate the gain per hour spent researching. This metric moved me away from them quickly.

You spend five hours looking at an odd lot tender that nets you $500, so $100/hr. But to get that $500 you need to invest $6,250. Alternatively you can invest $6,250 in some company that has the potential to appreciate 50% and pays a 3% dividend over two years. So you get $375 in dividends and $3,125 in gains. Maybe it takes 20 hours to research said company, that's $175 an hour. But the math is skewed because in the odd lot you're limited to $500 structurally, whereas you can invest $12,500 and double your hourly rate, or invest $62,500 and 10x your hourly rate.

The best special situations (which aren't around anymore) were ones were you could invest in a scalable way and still scalp the 8-10% return.

Although at that point you're now competing with well funded professionals for the same positions.

It's a game of diminishing returns.

The best special situations are the ones that appear during a financial crisis or after when there isn't much liquidity. I'll be looking for them again once we hit a crash, which probably won't be for another 30 years...ha!