Distressed Investing: Coal, Gold, And Paper vs. Things

Distressed Investing: Coal, Gold, And Paper vs. Things by Jared Dillian, Mauldin Economics

When most people think of distressed investing, they think of buying CCC-rated bonds at 20 or 30 cents on the dollar, then maybe sitting in bankruptcy court to divvy up the capital structure, making healthy risk-adjusted returns in the end. You just need to hire a few lawyers.

Distressed investors are a different breed of cat. It’s one of those countercyclical businesses, like repo men, who do...

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