Long/Short strategies involve buying equities that are expected to increase in value and shorting equities that are expected to decrease in value.  Long and Short exposure can be achieved using equities as well as options.

Special situations are events that impacts the value of a company’s stock, including the restructuring of a company or corporate transactions including spin-offs, share-buy-backs, security issuance/repurchase, asset sales, or other catalyst-oriented situations.