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I've long been a big fan of spin-offs, particularly industrial ones: AdvanSix (ASIX), Versum Materials (VSM), Fortive (FTV) and others have been strongly profitable opportunities that we have taken advantage of over the past several years. Investing in these kinds of corporate events has become immensely popular in recent years, so much so that perhaps a lot of the easy alpha that they tend to generate has been taken out. Once plagued with indiscriminate selling as major funds and shareholders rebalanced, trading now tends to be orderly - particularly