Financial innovation, new laws and regulations, and the financial meltdown of 2007-2008 are just a few of the forces that have shaped, and continue to shape, today's distress investment environment. Combine this with the fact that the discipline of distress investing doesn't always follow what conventional wisdom says, and you can see why it is one of the most challenging areas in finance.
Nobody understands this better than Martin Whitman - the legendary founder of Third Avenue Management LLC and a pioneer in the field of distressed markets - and leading academic Dr. Fernando Diz of Syracuse University. That's why they decided to write Distress Investing. As an outgrowth of annual distress and value investing seminars the two have taught together at Syracuse University's Martin J. Whitman School of Management, this reliable resource will help you gain a better understanding of the essential principles and techniques associated with distress investing and show you how to effectively apply them in the real world.
Divided into four comprehensive parts - the General Landscape of Distress Investing, Restructuring Troubled Issuers, the Investment Process, and Cases and Implications for Public Policy - this book comprehensively covers the practice of buy-and-hold investing in distressed credits, whether it be performing loans or the reinstated issues of a reorganized issuer.
From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, you'll quickly learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Along the way, case studies of both large and small distress investing deals - from Kmart to Home Products International - will give you a better perspective of the business.
©2009 Martin J. Whitman and Fernando Diz (P)2012 Audible, Inc.
Having read Moyer's Distressed Debt Analysis (a solid book), I was hoping for something similar but the author is kind of all over the place going from hokey (spending too much time on "bear raiders" and fumbling explanations for why EMH does not hold at all, not just in distressed debt) to highy technical (sometimes using absurd acronyms that no industry participants really use) with little warning. It could also be possible that my standards are too high -- this book does give some general intro on to what distressed investing is and how some people go about it.
No, there are plenty of other good ones although I'm beginning to question whether an audiobook is the best format for this type of material.
Detailed textbook like book on distressed investing.
College lecture like
Professional distressed investing.
Great book, love the perspective.
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