We continue our discussion of Joel Greenblatt's classic book, You Can Be A Stock Market Genius, with a focus on chapters 3 and 4.Chapters 3 and 4 of the book are the ones everyone remembers, especially re: spin-offs. The principles Greenblatt lays out - shareholder mismatch, the opportunity to find overlooked ideas, the chance to do close reading - all seem to be relevant today, and yet spin-offs don't seem to be as attractive a category. We break that down as well as risk arbitrage and merger securities.